shake-up in the country's boardrooms - home appliance manufacturer

by:Yovog     2019-08-23
shake-up in the country\'s boardrooms  -  home appliance manufacturer
Fisher & Paykel Appliances will take the first step toward the board reshuffle on Monday --up.
Two delegates from China's home appliance maker Haier are expected to vote on the board as part of a financial bailout --
Haier acquired a stake in the New Zealand company.
Meanwhile, former Air New Zealand chief executive Norm Geary will withdraw from the board, and former Fletcher Building chief executive Ralph Waters says he wants to leave elsewhere by the end of this year for additional reasons
These duties include the waters in which Fletcher Building chairs, a move that has drawn attention from the investment industry.
Fletcher is also undergoing restructuring, with two new Australian directors joining the board next month
Current chairman Rod Dean retired in the third quarter.
The telecom revolution has been going on for some time.
Marketing staff Kevin Roberts and Japanese telecom entrepreneur Sachio Semmoto joined the company this year after it rejected Elliott International, the US hedge fund manager)
According to William Whitaker, research and policy manager at the director's Institute, change and turnover is a good thing.
Others are not surprised, they say the directors are under the highest pressure in more than a decade.
"The board is dealing with levels of stress that have not been seen for a while, and some boards that have never experienced this economic cycle find it really tough," says Cherry Maier ,", specialized in remuneration and recruitment of consultants for independent directors.
Maier said that the economic environment of the past 18 months has made decision-making difficult because there is not much information and guidance on the market.
"They will not make a decision unless the company has to make a decision.
Everyone is like a deer frozen by the lights.
At the same time, Maier said, the board is very closely watching who has contributed to the business and who has not.
"If they don't have the skills or abilities they need --
At good times, you can stand it, and at these times, you can't afford it.
Members of the board.
"She also believes that some people will weigh the personal risks of being a director at this time.
"Some directors will say --
Taking into account personal responsibility and low fees-
This is not worth it at all to me.
"They will now think it is a good time to go to the door.
Simon O'Connor, EY's partner, fully agrees with the assessment.
"It is clear that in New Zealand, our board of directors is aging, and this may have gone through quite a good period.
The risk return is reasonable and a figure that has accumulated between 9 and 10 board members proves too much.
"Their goal now is five or six zeros. in on.
O'Connor, who works closely with the board, said that directors with financial experience have faced a high workload over the past year.
The need for more financial experience is the main criticism of Fisher and Pike Electric this year, as it reveals a lot of debt from the decline in sales.
Institutional Shareholder Brook Asset Management has called for a new director to be added to the board with financial expertise, and other market commentators are instigating changes to the board and management.
Haier's appointment, Zhou Yunjie and Tan Lixia, is expected to bring the experience and knowledge of the Chinese market to the table, and Fisher and Pike are still looking forward to it --
Find more directors.
A market commentator said many board changes were not directly linked to the economic age, but the environment forced companies to focus on efficiency.
"This means that the board must redouble its efforts to make cuts and ensure that the balance sheet is sound and sustainable.
There, people feel the greatest pressure to change.
"Nuplex, another company facing debt issues and management criticism this year, recently appointed Peter Springford to add experience to the board.
Springford held senior executive positions at Carter Holt Harvey, Fletcher Challenge and Winstone group.
This is a welcome addition to investors, but not all recent board changes have been so smooth.
Fletcher Building has appointed Waters Building, and given that he has served as chief executive of the company, he has some concerns about governance.
"It's not ideal, but getting a really good chairman is one of the things to live with," said one fund manager . ".
"Whittaker, the board of directors, said it was fine.
"Many successful directors and chairs have held executive positions in their careers.
This is a recognized career path.
"But others say that this can add a dynamism at the board level, where it is difficult for other directors to confront the chair.
Whitaker said that in general, the separation between New Zealand's management and board of directors is much greater than in countries such as the United States, where the role of chairman and chief executive can usually be played by the same person
But it may depend on the ownership of the company itself.
Some companies like Contact Energy, which is 51 cents owned by Origin Energy in Australia, are under very strict control, Whittaker said.
"Origin is not only able to ensure that the chairman is Grant King, CEO of Origin, but they also have a strong representation on the board.
They also have an impact on the appointment of independent directors, which raises the concern of minority shareholders about the impartiality and true independence of independent directors.
"It seems that no matter what the minority shareholders want, unless the existing board of directors and the chairman are on the side, it may be a difficult battle to have new faces on board.
Last year, when Elliott International, the US hedge fund, proposed New Zealanders Tume and Cross to the Telecom board, few believed it would succeed.
Tume, an experienced
On multiple boards including Infratil and Ngai Tahu Holdings, the performance of the Wellington Internet directors is superior to that of the former Cross directors
Pat Kiwi, he wants to break into the position of director.
But none of them got the support they needed.
A market observer said the telecom situation showed that it could still be a "somewhat closed club" when it went public in New Zealand ".
Rebecca Thomas, head of asset management at Mint, believes this is a "job in the boy market" in New Zealand ".
"The pool has been very small.
"Thomas believes that some independent directors have too many Director positions and said that in a more regulated market like the UK, the director position is limited to five.
"What they're saying is that it's a job where you have the same responsibility as an executive, and in order to do it well, you shouldn't have a portfolio of more than five directors.
There are a few children here, and I think they are too many.
"There is also a problem with the proportion of men and women.
Whitaker said that given that the director position has always been male in history, it is not surprising for men --dominated.
"Also, people tend to look for people who are comfortable with them and who have some kind of affinity for them.
Whittaker said that when there is a vacancy in the board of directors of listed companies, most boards conduct a comprehensive search and often employ external agencies.
"But if you have two equally qualified candidates, you know and trust one, which one might you choose?
The one you know or a stranger?
This is a delicate balance.
"Part of the problem, he said, is the lack of independent directors. and medium-
Enterprises of scale
Many of these companies do not have independent directors.
"Access to the conference room can be difficult because there are some unacceptable situations in experience and appointment.
"Ernst & Young's O'Connor believes that this is a situation that may lead to problems with new regulations to ensure that directors are" appropriate "to join the board company after the financial closure
"I think that with the introduction of regulations and the introduction of" fit and fit "requirements, we will be significantly thinner.
There are a lot of people who are willing to be directors, but finding the right person is a challenge, says Mr.
She thinks part of the problem is wages.
Problems that neither the public nor shareholders like.
"Raising the cost is almost a non-
Start now.
"This is a public relations nightmare," she said . "
"But if you really need to improve the quality of the directors, how will you do that without cash?
"In New Zealand, Maier says it is a cultural thing for professionals to leave the legal partner or accounting track at the end of their career.
"They were not involved for money.
But it is hard work and valuable work.
"If they don't get paid properly, it will depreciate.
If we want the company to perform well, we need to have good people to manage.
O'Connor also believes that in New Zealand, compensation is a problem, especially in terms of the level of risk that the directors bear.
"If you look at a lot of the compensation for board positions, some of them are highly paid and some are not --
This is not particularly rewarding in terms of returns and risks.
"But James Miller, a chartered accountant who recently joined the vector board, said the money was never a problem for him.
"If you were really honest, you wouldn't be a director for money --
In order to make more money, you can do a lot of other startup things.
"I think the director does take a significant personal risk and it's a fair comment if it really goes bad [based on]
The amount of work they end up doing to protect their reputation gets 2c per hour.
The recession has become a wake-up call, Miller said.
Call the directors who think the job is easy.
"The recession is just a wake-up call --
Be under constant pressure.
The situation will always deteriorate and the capital structure needs to be able to withstand these situations.
My point is that this is always a real scene.
"Joining the board involves serious responsibility and responsibility, and anyone who is not prepared to take this risk should think twice before it is taken home in the past few years.
Director's duties * management company day-to-day business.
* Must act honestly in the best interests of the company.
* Business may not be operated in a manner that may cause significant loss risks to the company's creditors.
* Must comply with 1993 solvency tests of the company law that require the company to have more assets than liabilities and to be able to pay all accounts when due.
Source: Company Office website salary income as of May 2009: * average salary of chairman of listed company: $65,000 * Average growth last year: 7.
1 * median wages of unlisted companies
Executive director: $40,000 * median increase last year: 3.
Source: joint survey of strategic compensation and Directors Association.
It's never been a thing to be a director at boardjames miller. year-
James Miller, the old chartered accountant, considered it in his early career, but when he got the position of vector board this year, he snapped it up.
"When I used to work in a power company, I wanted to be CEO, but things were different," Miller said . " Who is the head of the investment department of the agency ABN Amro craig.
The vector quote was made while ABN was waiting for the change, and Miller thought it was a logical part of his career to grab new things.
"I believe you should re-invest in an industry that gives you a lot of things.
"I have a lot of experience in this industry that goes back 20 to 25 years, especially the issues that they have to deal with in terms of regulation.
I think I can add some value.
"For a director, Miller believes that young directors do not lack young directors because the board is not welcoming.
"Maybe a lot of people don't have time --
Most young people are doing other things.
They have families or are working.
But he thinks more people need to pass.
"It would be nice to think that every board would direct someone.
Philip dunfi said it was not difficult for her to join the board as a woman, but it was crucial to have the support of the chair.
Deng Fei, from a financial background, got her first board job at the Earthquake Commission by learning about the then assistant energy minister.
Her next director position invitation at the ACC board of directors was suddenly issued three years after she retired --time.
But Deng admitted that as a director, she had no special plans to enter.
"It's not very special, but I'm not the kind of person who wants to retire.
This is a way to keep your hands.
"She thinks it should be a skill to choose a board --related.
"They should be able to do this if they have relevant skills.
It is often difficult to find women with financial skills, said Deng.
"Do these people exist?
I think this is a fair question.
But she believes there are many potential women in the business world that can be used by the board.
"I think more and more people can do the job --
The challenge is diversity.
Get new blood.
Chat Online
Chat Online
Chat Online inputting...