NOTES TO THE FINANCIAL STATEMENTS continued
22. Equity://
22.1 Share Capital
Shares
The total number of authorised and issued shares is 1,000,000,000 (2017: 1,000,000,000). All ordinary issued shares are fully paid, have no par value and carry equal voting rights and equal rights to a surplus on winding up of the parent. At balance date 86,148 shares (2017: 109,090) are allocated to the employee share purchase scheme.
22.2 Capital Management
Policies
Vector’s objectives in managing capital are: —— To safeguard the ability of entities within the group to continue as a going concern; —— To provide an adequate return to shareholders by pricing products and services commensurate with the level of risk; and —— Maintain an investment grade credit rating. Vector manages and may adjust its capital structure in light of changes in economic conditions and for the risk characteristics of the underlying assets. To achieve this Vector may: —— Adjust its dividend policy; —— Return capital to shareholders; —— Issue new shares; or —— Sell assets to reduce debt. Vector primarily monitors capital on the basis of the gearing ratio.
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