NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Companies / Energy

Mark Binns: 'Read my lips' - no interest in leading Fletcher Building

By Pattrick Smellie
BusinessDesk·
24 Aug, 2017 12:10 AM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Meridian chief Mark Binns has ruled himself out of taking over Fletcher Building. Photo / Richard Robinson

Meridian chief Mark Binns has ruled himself out of taking over Fletcher Building. Photo / Richard Robinson

Retiring Meridian Energy chief executive Mark Binns definitively ruled himself out of interest in either taking over the leadership of Fletcher Building or of becoming a director of the troubled construction company.

Binns was a respected senior manager at Fletcher Building before he left to lead Meridian in January 2012 ahead of the state-controlled renewable electricity generator and retailer's partial privatisation in 2013.

He was widely touted as a possible contender to replace Mark Adamson, who was fired by the Fletcher board last month after the company announced a second major earnings downgrade in the current financial year and the publication of an internal email in which Adamson expressed pithy views about the company's culture and executives in parts of the business.

"There's been a lot of speculation that I might be going to Fletcher Building either as CEO or as a director. Read my lips: the answer is that I will not be," said Binns.

"I am retiring. I will be taking some director positions and will have some outside business interests, but I agreed with my wife about six months ago what those were and Fletcher Building is not in the tea-leaves".

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Speaking at a briefing on the company's earnings for the year to June 30, Binns said that while he was not leaving Meridian until the end of the year, he would hand over the day to day running of the company to the CEO-elect Neal Barclay, who has served in senior management positions across the business in the last nine years, from Nov. 1.

In specific comments on the company's performance in the last year, Binns said it was notable that there was almost no discussion of the potential for the Rio Tinto-controlled aluminium smelter either to announce its closure or a reduced demand for electricity.
The smelter is Meridian's largest single customer, consumes around one-seventh of the country's total electricity production and has been subject in recent years to constant speculation as to its commercial viability.

Binns said that "the smelter is now in my view in a far better position than it has been in my five and a half years".

Advertisement
Advertise with NZME.

In answer to questions, Binns acknowledged Australian media speculation about metals giants Glencore and US-based Century Aluminium were "circling" the Australasian smelters and other aluminium production assets owned by Pacific Aluminium, the bundle of assets that Rio Tinto has sought a buyer for in the past.

There's been a lot of speculation that I might be going to Fletcher Building either as CEO or as a director. Read my lips: the answer is that I will not be.

"We will just have to wait and see how that all goes," said Binns. "If I was going to own a smelter, I would rather own a smelter in New Zealand than Australia."

That was less because of the volatility of Australian energy prices than the potential for Australian metals producers not to be able to secure the energy supplies required to maintain operations.

"There are real issues around energy security in Australia", where he said energy policy had become "incoherent", with renewable energy target planning apparently bogged down and the volatility in prices and threats of retail price regulation in Victoria potentially leading to a slow down in growth in its Powershop operations, which launched in Queensland during the last financial year.

Discover more

New Zealand

Decision looms on Easter trading

23 Aug 05:00 PM
Opinion

Why, why, why does Winston Peters peddle this madness?

23 Aug 06:29 PM
Opinion

Smalley: Two most engaging leaders are not who you'd expect

23 Aug 11:03 PM
Investment

New Auckland house-in-a-day from Fletcher

23 Aug 10:52 PM

Meridian reported flat earnings for the year to June 30, reflecting a strong first-half performance offset by dry conditions in the South Island that limited its ability to generate electricity from its southern hydro dams.

Net profit was $197 million, up from $185 million the year before, but on its preferred measure of earnings before interest, tax, depreciation, amortisation and changes in the value of financial instruments (ebitdaf), earnings were just 5 per cent up on the previous year at $653 million.

The result was achieved on total revenues of $2.319 billion, from $2.375 billion the previous year and total expenses of $1.666 billion, compared with $1.725 billion.

The shares edged up 0.2 per cent to $2.95.

Save

    Share this article

Latest from Energy

Premium
Energy

NZ's LNG import plan could cost up to $1b, report reveals

10 Jul 04:00 AM
Premium
Energy

Mercury inks long-term power deal to support NZ packaging giant

08 Jul 12:35 AM
Energy

Genesis AI trial cuts energy use by 10% with smart hot water control

07 Jul 11:27 PM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Energy

Premium
NZ's LNG import plan could cost up to $1b, report reveals

NZ's LNG import plan could cost up to $1b, report reveals

10 Jul 04:00 AM

Smaller LNG options would cost more per gigajoule but need less infrastructure.

Premium
Mercury inks long-term power deal to support NZ packaging giant

Mercury inks long-term power deal to support NZ packaging giant

08 Jul 12:35 AM
Genesis AI trial cuts energy use by 10% with smart hot water control

Genesis AI trial cuts energy use by 10% with smart hot water control

07 Jul 11:27 PM
'Actively exploring options': Genesis eyes new fast-start plant

'Actively exploring options': Genesis eyes new fast-start plant

30 Jun 11:31 PM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP