Summerset Group Holdings' (ASX:SNZ, NZE:SUM) board has pulled a resolution on higher director pay from its annual shareholder meeting scheduled for April 21, according to a Monday filing with the New Zealand bourse.

"With fuel and other goods seeing marked price increases we don't feel it's appropriate for the board to seek an increased remuneration pool while Summerset's people, residents and shareholders are managing very challenging issues," Summerset Board Chair Mark Verbiest said.

The company's shares were more than 1% lower in recent Australian trading.