Three CEOs of NZ's biggest companies. All foreign (although one later added a New Zealand citizenship). All paid a huge whack. All left under a cloud. Is there a pattern here that should make directors sit up and take notice next time they go to the global market for, as the cliche says, a "world-class executive" to run a major New Zealand company?

Certainly, shareholders should be on guard when the next international chief executive — complete with gilt-edged CV — sweeps in to run a top-tier firm. They could start with asking directors, is this person all they


ANZ: David Hisco


Fletcher Building: Mark Adamson

Fonterra: Theo Spierings