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INSTITUTE OF DIRECTORS

Directors up the Ante

Enabling senior directors to have a voice on critical areas of governance in New Zealand is the aim of a Significant Interests Group (SIG) launched by the Institute of Directors (IoD) in Auckland last night.

Headed by Air New Zealand chair John Palmer, the SIG will meet regularly to discuss topical issues and concerns relevant to directors. It will also act as a voice for directors and an advocate for excellence in governance practice across the economy.

“The IoD welcomes the establishment of this group and I am delighted that John Palmer has agreed to act as chair,” says IoD President Denham Shale. “It is vital that directors’ interests are well represented at this level. Ultimately the SIG aims to promote excellence in corporate governance in New Zealand, something that is crucial to business and to the country as a whole.”

Acknowledging the challenges ahead, Palmer says, “Recent high profile court cases and the emphasis on developing a regulatory framework have put a strong focus on director responsibility and performance. If this new focus leads to better company governance and better performance that will be a great outcome, but this will only happen if directors feel sufficiently confident to exercise the judgement and risk-taking that is central to good governance.”

On the SIG committee with John Palmer, are senior directors Denham Shale, Michael Stiassny, Joan Withers, Prue Flacks and John Waller.

Around 120 directors have expressed an interest in joining the group, open to IoD members who are non-executive directors of companies and SOEs with total assets of at least $200 million or revenue of at least $100 million. To be eligible, they must sit on a board of at least four directors, of whom no less than two should be non-executive directors.

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