Joan Withers wins Shareholders' Association award

Joan Withers Chair of Mighty River Power and winner of the Shareholders Assn's annual Beacon Award. Photo / Greg Bowker

Mighty River Power chairwoman Joan Withers has become the first ever female recipient of the Shareholders Association's Beacon Award.

The investor group says its annual gong recognises outstanding governance skills, leadership, fairness, respect for the rules and the avoidance of self-interest.

"For us that describes Joan Withers to a tee," said Shareholders Association chairman John Hawkins.

Withers left school at 16 to become a BNZ bank teller before rising through the ranks in the media industry to become one of the most high-powered figures in corporate New Zealand.

She is the former chief executive of media firms The Radio Network and Fairfax New Zealand and was chairwoman of Auckland Airport until last year.

Withers guided energy generator and retailer Mighty River Power through its transition from a state-owned enterprise to an NZX-listed business.

"This process was a first and it certainly needed a very talented person to successfully and seamlessly work through a very complex process," Hawkins said.

Mighty River shares, which listed at $2.50 in May 2013, spent most of this year and last year languishing below the offer price.

But the stock rallied following National's election win in September - which swept away regulatory risk associated with opposition policies - and recently traded at $3.045.

Hawkins said an important factor in Withers' selection was her championing of board diversity, especially around closing the gender gap through assisting more women into senior management and board positions.

Past recipients of the Beacon Award include former Financial Markets Authority chief executive Sean Hughes, Ryman Healthcare boss Simon Challies, former Air New Zealand CEO Rob Fyfe and jewellery magnate Sir Michael Hill.

The award will be presented at a dinner in Auckland this evening.