NZME owns the NZ Herald, Newstalk ZB, BusinessDesk, OneRoof and a suite of regional news titles and entertainment radio stations.
An NZME board nominee has given insight into how a Jim Grenon-led board would approach the company’s editorial endeavour, saying the NZ Herald needs to embrace being a curator rather than a gatekeeper of content to help improve quality and trust.
Board nominee Philip Crump says Grenon, a businessman and expatriate Canadian who has been living in New Zealand since 2012, is neither a “political extremist” nor would the Herald serve the same purpose as Grenon’s earlier media venture, Centrist.
Lawyer and blogger Crump, writing on his ‘Thomas Cranmer’ Substack page on Monday morning, also took a swipe at the existing NZME board, saying it was surprising to see most of the directors “resisting a refresh that aligns with both shareholder sentiment and governance norms”.
Crump said much of the media commentary since early March, when Grenon’s NZME board nominees’ names became public, had focused on Grenon’s “motivations and intentions for the company, and in particular, what this might mean for the editorial direction of the New Zealand Herald".
Until now, the Grenon camp had focused on engaging with shareholders and issues such as financial performance and disclosure matters, Crump said.
But beyond the financials, he said, there was a “broader conversation to be had about NZME’s role in New Zealand’s media landscape and its responsibility as a cornerstone of the Fourth Estate ...”
“NZME, through the New Zealand Herald and its other platforms, provides news, analysis, and commentary essential for our democracy to function and thrive,” Crump said.
“We are keenly aware of this public function and are committed to improving the quality of the content.
“Jim has publicly confirmed his agreement with NZME’s current editorial conduct and ethics policy, as well as his intention to raise editorial standards. Contrary to much of the media commentary, this is not about an individual pushing a political agenda or upending the newsroom - it’s about ensuring that NZME’s journalism is robust, balanced, and trusted by New Zealanders.”
To achieve that, Crump wrote, the nominees proposed establishing an editorial board that he would chair.
“This board would work on a consensual basis to guide editorial strategy, ensuring decisions uphold NZME’s commitment to balanced and trusted journalism. Already, we’ve had approaches from well-known senior Kiwi journalists eager to contribute to this vision. Our intention is for this board to encompass a range of views and experiences - it won’t be any single individual’s bully pulpit.”
He said he had no doubt the editorial board could operate in a manner that supported and enhanced the newsroom.
He also said: “We want to restore the editor-in-chief of the New Zealand Herald to NZME’s executive leadership team."
Crump is a board member of NZ on Air and a Waitangi Tribunal member. He was also the launch editor of the ZB Plus platform in the NZME newsroom from September 2023, and he said it was clear from his time at the media company that the “downgrading of editorial leadership was not taken well by staff”.
“I understand that at the time, several senior journalists lobbied chief executive Michael Boggs to restore that role to the ELT [executive leadership team] but were unsuccessful.
“This reinstatement would ensure that editorial perspectives are embedded in the company’s strategic decisions, fostering a culture where journalism is not just a product measured by clicks but a public good.”
NZME has declined so far to comment.
Crump said there were a range of other issues that also needed to be addressed, including the recruitment and training of journalists, comment moderation and reader engagement.
“News organisations are no longer gatekeepers but curators of content - this is a new paradigm that, in my view, the New Zealand Herald has yet to embrace.
“In a small market such as New Zealand, it will always be challenging to balance subscription and advertising revenue as the news continues to migrate from print to digital. However, sustainable journalism will continue to hinge on one thing: earning and keeping readers’ trust at the heart of the New Zealand Herald’s mission."
Concerned about the financial performance and other operational matters at NZME, Grenon, who holds 9.97% of the company’s shares, is seeking to overhaul the board of NZME at the annual shareholders’ meeting on June 3.
He and his team are confident they will have the majority of voter support.
In a recent letter to NZME to outline a new proposal, Grenon relinquished majority control of the board, in an attempt to seek a compromise with the company’s existing directors and to gather as much support as possible from other shareholders.
NZME’s largest shareholder, Australian fund Spheria Asset Management, which holds just under 20%, says it backs Grenon’s intentions but has also reserved the right to change its position.
“To clarify, we have not made any commitments to Mr Grenon. However, we have indicated our intention to support his nominations, as we currently believe they align with the best interests of our clients,” Spheria Asset Management portfolio manager Matt Booker said earlier this month.
“That said, we reserve the right to reassess our position as developments unfold and we continue to follow Mr Grenon’s proposed board-reshaping with interest.”
Another shareholder, Roger Colman, has withdrawn his support, claiming the Grenon team does not have the necessary media skills to improve the company’s performance.
The company’s existing board says it has concerns despite Grenon’s latest proposal.
It is concerned that editorial independence will be undermined, a view shared by the journalists’ union, E tū.
“We note that, under Mr Grenon’s latest proposal, any directors would need to pre-agree certain matters, including acknowledging editorial policy as the responsibility of the NZME board,” NZME chair Barbara Chapman said earlier this month.
“We have clearly outlined our concerns regarding the risks of Mr Grenon gaining editorial control, of having no alternative plan, of minority shareholder control of the boardroom and poor governance.
“These concerns remain.”
Crump wrote on Monday Grenon was not a “political extremist”.
He was a significant shareholder who cared about NZME’s performance and its role in New Zealand society, he said.
“His critiques of NZME’s financial and operational performance stem from a desire to see the company thrive, not from some hidden political motive. The suggestion otherwise is a distraction from the real issues: financial underperformance, declining trust in media, and the need for a clearer strategy in a rapidly changing industry.”
Crump said he came to know Grenon after the businessman reached out to him in early 2023 “as someone who enjoyed my writings on Substack and was interested in discussing some of the topics that I was exploring”.
“For all his success, I’ve found Jim to be a humble and well-grounded individual and I’m very confident that he’s in this for the right reasons.”
Crump said he was motivated to stand as a board member to help “deliver balanced, diverse journalism (including a range of political views) that bolsters New Zealand’s democracy”.
He said the nomination process was not just about adding “a few new faces - it’s about a necessary and thorough board refresh”.
He highlighted board member David Gibson’s resignation, with immediate effect, last week, and the tenures of three other board members - chair Barbara Chapman and Sussan Turner (both appointed in 2018) and Carol Campbell (2016).
“While the current board has navigated NZME through some challenging times, these tenures approach or exceed the upper limit of most corporate governance best practices, which typically recommend rotation after seven to nine years for independent directors to ensure fresh perspectives and to avoid entrenchment.”
He said institutional shareholders had “clearly signalled” a desire for change with “significant support for our slate”.
“It’s surprising, then, to see the majority of the current board dig in, resisting a refresh that aligns with both shareholder sentiment and governance norms.”
He said “clinging to board positions in the face of clear calls for change risks undermining NZME’s credibility and governance, and, objectively, is not in the best interests of the company”.
He said he, Grenon and the two other Grenon board nominees, Des Gittings and Simon West, combined “financial acumen, governance, business and legal experience, and a commitment to journalistic excellence”.
“As we move towards the shareholder vote on June 3, I encourage everyone - shareholders, journalists, and readers - to engage with our vision for NZME. Of course, we also hope the existing board acknowledges the need for change and works with us to facilitate an orderly transition before the AGM.”
Editor at Large Shayne Currie was the NZME managing editor (editor in chief) until March 2023. That role came off the NZME executive team after he moved to the editor-at-large role. Currie has a small shareholding in NZME.
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