Sir Ralph Norris's solo performance at Fletcher Building's AGM meeting yesterday will go a long way to assuaging immediate shareholder concerns about the company's troubled construction division.
Norris was at his stellar best - holding the floor for 90 minutes from a dais which reached well out towards the audience - rather than standing among the row of seated directors.
It is notable that as chair he personally apologised to shareholders, announced the directors would take a 20 per cent hair cut on their fees for one year and unveiled details of the new CEO's pay package to them before he even takes up the job.
Atmospherics are important at shareholder meetings.
Norris's solo act essentially sheltered management from any potential shareholder wrath over the mounting construction arm losses - which would have been pointless in any event as the relevant executives (including former Fletcher Building CEO Mark Adamson) have been 'let go'.
Likewise fellow directors who he defended without overly stretching credulity.
But it was the level of concrete detail in his financial presentation that was most telling for those shareholders who wanted real insight into their company's outlook.
It is obvious that Fletcher Buildings's B+I division is not out of the woods. Far from it, with confirmation that the prize contract to build Auckland's new convention centre will not result in a profit to Fletcher.
Fletcher Building has taken a further $125 million provision against its problematic construction contracts including the Convention Centre and the Justice Precinct in Christchurch and said its B&I unit would report a full-year loss of $160m, including $35m of overhead costs.
It said the large B+I projects still have some time to complete.
"In recognition of this, Fletcher Building intends to provide regular updates to shareholders on the performance of the B+I business and progress on the key projects.
Earnings guidance for the remainder of the Group is informed by trading results across all of Fletcher Building's divisions for the first quarter of FY18, and the current outlook for the remainder of the financial year."
In essence, Fletcher has put a ring around the affected projects which it will report separately.
This is very much a banker's response - which Norris was for most of his career - roping off the impaired assets while the rest of the company focuses on its core and profitable businesses.
But the board has gone further than that announcing a much more rigorous approach to assessing risk within its own audit and risk committee; and strengthened management controls.
Importantly, Norris made clear that Fletcher would walk away from building trophy assets if they did not give an appropriate return to the company.
I wrote yesterday that Norris must do three things to retain shareholder confidence in Fletcher Building and himself as chairman.
First, that he must unveil credible guidance for the 2018 financial year which the market accepts is likely to stick.
Second, he must announce a first-class chief executive who has an inclusive leadership style and the management breadth to take a complex company forward.
Third, he must present a calm exterior as he explains the rationale behind the changes at director level, outlines new governance at the top of the vital audit and risk committee, and, (without prostrating himself) delivers a public mea culpa to shareholders for the debacle at Fletcher's construction arm.
All this without showing any signs of prickliness at having his commercial acumen impugned - as it surely will be.
In my view he delivered on the second and third points.
Most of the militancy at the Auckland War Memorial Museum - the venue for its annual shareholder meeting - came from protesters outside the meeting.
But the jury is right out on the first point - providing credible financial guidance which the markets accepts.