Sweeping shakeup across SOEs

Michael Cullen will join the board of NZ Post. Photo / Mark Mitchell

The new Government has made its mark on the boards of energy sector state-owned enterprises which it has targeted for underperformance.

The changes across the SOE portfolio have been described as a cautious recalibration rather than strongly politically driven, evidenced by former Finance Minister Michael Cullen's appointment to the NZ Post Board.

Among the generating companies, out goes former Labour Party president Mike Williams from Genesis and former Labour MP Jim Sutton from Transpower, although he stays on as chairman of Landcorp Farming.

Former National leader Don Brash has been appointed a director at Transpower at about $50,000 a year.

Mark Tume, who had a tilt at the Telecom board as an independent last year, is no longer on the Transpower board but has been appointed to NZ Railways Corporation.

At Meridian Energy director David Shand, a Labour candidate in the 1970s, goes.

Joining is NZX director Chris Moller, a former deputy chief executive of Fonterra and NZ Rugby Union chief executive.

Deutsche Bank chief executive Brett Shepherd also joins Meridian, subject to due diligence.

Former Fairfax chief executive Joan Withers, who has previously been on the Meridian board, has been appointed a director of Mighty River, also subject to due diligence.

Paula Rebstock, who recently stood down as Commerce Commission chairwoman after some business agitation, has been appointed deputy chairwoman of New Zealand Railways Corporation with former National Prime Minister Jim Bolger reappointed as chairman.

State Owned Enterprises Minister Simon Power announced 22 new appointments, one elevation of a deputy chair to chair, three elevations of a director to deputy chair, and 20 reappointments.

"Shareholding ministers have previously stated that we are looking for more commercially focused boards, and a change in the governance of the SOE portfolio will help achieve that," Power said.

"This range of strong directors will help promote the National Government's focus on SOE performance."

Chairmen and chairwomen of all SOEs will meet shareholding ministers Power and Bill English tomorrow evening where expectations of improved performance will be set out.

Three new chairmen and chairwomen of SOE boards are David Clarke (Kordia), Phil Lough (Quotable Value), and Sarah Astor (MetService - promoted from deputy).

Outgoing are Wayne Brown (Kordia although he stays on at the top of Transpower), Kay McKelvie (Quotable Value), and Francis Small (MetService).

Joanna Perry (Genesis), Polly Schaverien (MetService) and Ian Donald (Transpower) have been elevated to deputies.

Power said there had been 46 appointment or reappointments made out of 115 positions and there would be a number of other changes when terms expired in October.

- NZPA