NZSA Disclaimer
The appointment of Andrew Reding as CEO of Fletcher Building Limited (FBU) is cause for celebration. However, this event may signify something more profound – a pattern that speaks to the core of New Zealand’s identity and values.
Andrew Reding, John Hawkins, and I, Bruce Sheppard, share a remarkable commonality. We are all past Chairs of the New Zealand Shareholders Association (NZSA), and after our tenures, we each transitioned into roles serving others in government, business, and regulation.
My journey began when I was asked to help form the Financial Markets Authority (FMA), serving on its establishment board and continuing for a foundation term. John Hawkins joined the board of the NZX regulatory body upon retiring as NZSA chair. Andrew Reding takes on the monumental task of leading Fletcher Building – a company facing significant challenges in its business model, governance, and organisational culture.
Our paths converged during the NZSA’s formative years. Despite our diverse backgrounds, experiences, and approaches, we shared crucial traits: courage, determination, and resilience. We were willing to make unpopular decisions and tackle seemingly insurmountable challenges. Interestingly, while we lacked the gender, racial, and age diversity coveted today, we exemplified diversity in thought and experience.
To my knowledge, no other country has seen multiple leaders from a shareholder advocacy group transition into such pivotal leadership roles. This phenomenon appears unique to New Zealand.
Several factors may contribute to this distinctive pattern. New Zealand’s egalitarian society allows for greater vertical and horizontal mobility than many other countries. Our culture is generally tolerant, quick to adopt new ideas, and often embraces those who question the status quo – a trait we share with our Australian neighbours.
The NZSA itself may be a crucial factor. Its mission – protecting investors, educating the public, and striving for better outcomes – attracts individuals driven by a higher purpose. This environment fosters growth and mutual learning among like-minded individuals passionate about solving complex problems.
Regardless of the exact reasons, this pattern is something to celebrate. It reflects positively on New Zealand’s societal values, the NZSA’s impact and influence, and the individuals who have dedicated themselves to these causes.
For FBU, Andrew Reding’s appointment brings hope. His values, beliefs, and sense of purpose, honed through his NZSA and other experiences, will undoubtedly benefit the company as it navigates its challenges.
I extend my gratitude to every member of the NZSA. Your ongoing commitment enables the organisation to continue its vital work: making investments safer, improving business practices, and fostering knowledge and connections within our community.
Bruce Sheppard
The author is the founder (member #2) of the NZ Shareholders’Association