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Steven Joyce Nominated As NZME Board Candidate
Gyles Beckford, Business Editor
- NZME board taps former National cabinet minister Steven Joyce as candidate.
- Board proposes adding tech specialist and retaining three current directors.
- NZME list a pushback against activist Jim Grenon.
- Grenon and three associates bidding for seats, as are three others.
The struggle for the boardroom of media company NZME has taken a new twist.
Former National cabinet minister Steven Joyce has been nominated for the NZME board and touted as a candidate to replace the current chair Barbara Chapman, who would stand down if he was appointed.
The company's board has also proposed its own list of candidates in addition to Joyce comprising of current directors Carol Campbell and Guy Horrocks, and technology specialist Bowen Pan.
Current director Sussan Turner has not decided whether to stand for re-election but would be supported by the other directors if she did.
In a statement to the stock exchange (NZX), the NZME board said it had approached Joyce - a former national government Finance Minister and owner or regional radio stations - because of his broad experience.
"The NZME Board initiated the approach to Mr Joyce and his nomination as a director, and believes that his expertise in media, politics and governance will be highly valuable to the NZME Board."
The board said its proposed board composition would bring expertise and stability to NZME.
"The NZME Board believes that the alternative board composition proposal is in the best interests of the Company and its shareholders"
The proposal has not been discussed with activist shareholder Jim Grenon, who has been promoting himself and three others to take control of the NZME board because of dissatisfaction over the company's financial and business performance.
Grenon has also mooted changes to manage the editorial direction of the company's flagship NZ Herald brand.
Other director nominations received so far were two from institutional shareholder Osmium Partners, and a self nomination by individual shareholder Louis Joseph.
The company's shareholders meet in early June to select a new board.
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