Vector chairman Michael Stiassny won't seek re-election to the energy and electricity company's board after losing the support of the firm's biggest shareholder.
One of New Zealand's highest profile corporate directors, Stiassny has been on the Vector board since 2002. However, majority shareholder Entrust today said that it would not support his re-election at the company's annual shareholder meeting in September.
Entrust, which owns a majority stake in Vector on behalf of some 320,000 households and businesses, said it "acknowledges the dedication and significant contribution Mr Michael Stiassny has made to Vector during his time as a director and chair of Vector".
"Mr Stiassny has led Vector's diversification and growth strategy, with the result that Vector is in a strong position today," Entrust chairman William Cairns said in a statement.
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"At an Entrust meeting this week, the re-election of Mr Stiassny as a director of Vector at the September 2018 Vector AGM was discussed, and a decision was made to not support his re-election."
Stiassny told the Herald he had always served Vector with the full support of the majority shareholder.
"I've confirmed that I've not been asked to step down, however it appears I no longer have the support of Entrust trustees," Stiassny said. "I will not be seeking re-election."
Asked if it was a sad way to end a long chairmanship, Stiassny said: "Not at all we are here at the behest of shareholders, that's what boards do."
Stiassny is the chairman of Ngati Whatua Orakei Whai Rawa and Tower, and a former President of the Institute of Directors.