Wednesday 28th June 2017
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I have always been fascinated by the way Boards work and what makes them successful and otherwise.
There is a very high co-relation between high performing Boards and high performing organizations.
I have been fortunate to be on Boards with some excellent Directors.
There is no doubt that any review of NZX’s performance would show that it has underperformed in many areas despite it being a Government Legislated monopoly.
NZX is great for a few companies but most parties who we speak to have a complaint about the Company and the way they have been treated by NZX .
Personally I believe that NZX have mostly competent, capable, decent staff. However most people believe NZX has been they have been poorly led and they are confused as to what their role is and who their clients are.
There is no doubt that compliance is critical in this crazy world, however the key to any business is to attract clients who value and appreciate the service you offer. NZX is not achieving that.
Mr. Tony Falkenstein is standing for the Board of NZX. The meeting will be held on Friday the 30th of June 2017.
It is interesting to note how direct the current Chairman has been in discouraging shareholders from supporting Mr. Falkenstein.
I personally support Mr. Falkenstein’s appointment.
My reasons are as follows:
1) The current Board of Directors is too small. With only 6 Directors there is insufficient diversity to allow for debate and alternate views.
Mr. Falkenstein can be elected without anyone missing out. This will increase the size of the Board and add to diversity.
2) The Board does not have a Director who has been on a listed small company Board.
3) Mr. Falkenstein has been a client of NZX and he understands how the business works from the client perspective.
4) The current Board is too compliance focused and it is not focusing on developing its business and particularly early stage companies.
5) NZX’s has had 3 separate attempts to run a smaller Cap Board (NCM,NZAX,NXT) but it has simply not succeeded in gaining any real momentum. There needs to be real commitment at Board level to this sector.
6) I have known Mr. Falkenstein for a number of years and I believe he would be a valuable asset to any Board that he was interested in joining. His business knowledge, social conscience, entrepreneurial skill plus his ability to analyze and debate make him a valuable addition to any Board.
I am a little perplexed at the way NZX has handled this.
I am not sure why there are not 8 Directors on the NZX board with a variety of backgrounds.
We all simply want a high performing quality New Zealand Exchange.
Everybody would win if we could achieve this.
I am sure that adding Mr. Falkenstein to the Board there will be a higher chance achieving this.
If you are a NZX shareholder I strongly recommend that you consider voting in favour of Mr. Falkenstein as I believe he will be an excellent addition to the NZX Board and I also believe the quality of decision making will improve.
I am happy to interact with anyone about this matter.
You are welcome to contact me on Brent.King@IRG.co.nz
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