Webcast
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CPD
Join us for this discussion and debate with Hayden Wilson, Linda Robertson & Murray Taggart.
Purpose seems to be at the core of how companies and incorporated societies should be governed. This is reinforced in a new publication from the US National Association of Company Directors (NACD), “The Future of the American Board: A Framework for Governing into the Future” which has 10 principles, the first of which is purpose.
NACD comments: “The company’s purpose, as defined by the problems addressed and the needs filled by its goods and/or services, should drive its behaviour, shape its governance and position the company to create sustainable long-term value.”
For that reason, organisations should reflect on why they exist and be clear with their shareholders and wider stakeholders on what types of value they intend creating. Best practice governance encourages organisations to embrace a long-term view and develop strategy that results in sustainable business. All businesses have a purpose reflected in the “best interests” of organisation. We should reframe “purpose-led” businesses as an organisational focus on achieving multiple environmental, social and financial/investment outcomes, supported by best practice governance.
How might this happen? One way might be to follow the lead of the private members Bill introduced Duncan Webb MP that gives directors formal licence to consider a wider range of matters than profit in their decision-making.
Another way to do this is to require boards of companies and incorporated societies to produce a “best interests” statement (potentially through legislation). Boards could develop this statement by consulting with shareholders/ investors on medium-long term, high level outcomes and potentially track progress against. This might also be developed through engagement with stakeholders.
Hayden Wilson from Dentons will provide the case for and against this proposition, followed by a panel discussion with experienced directors, and questions and comments from the participants.
Hayden Wilson is the New Zealand Board Chair and Partner of Dentons Kensington Swan. He leads the Wellington dispute resolution team, specialising in public, regulatory, and commercial litigation. Hayden also plays a key role in the Firm’s relationships with government agencies. He is a member of the Global Board and Global Advisory Committee of Dentons, the world’s largest global law firm, made up of 30 individuals from across the firm globally.
Hayden has most recently been named by NZ Lawyer as one of New Zealand’s Most Influential Lawyers for 2023. He is recognised by both Chambers and Legal 500 as one of New Zealand’s leading lawyers in litigation and dispute resolution and was included in Legal 500’s Australasian Arbitration Powerlist. Hayden is a member of the New Zealand Institute of Directors and a Distinguished Fellow of the International Academy of Mediators.
Linda is professional company director with over 20 years governance experience, combined with 30 years senior financial management experience having worked in both the banking and energy sectors in New Zealand.
Linda holds a Bachelor of Commerce Degree and a Diploma in Banking. Linda is a Distinguished Fellow of the Institute of Finance Professionals New Zealand (INFINZ), a Graduate Member of the Australian Institute of Company Directors, a Charted Governance Professional and a Certified Fellow of the Institute of Directors in New Zealand.
Linda is currently chair of Crown Irrigation Investments, Central Lakes Trust and Central Otago District Council’s Audit and Risk Committee. She is a director of the Local Government Funding Agency, Horizon Energy Group, Invercargill City Holdings, Kordia, Alpine Energy and SBS Bank. Linda is also a member of the Capital Markets Advisory Committee and the Risk and Audit Committee of The Treasury; and a member of the Audit and Risk Committee of the Office of the Auditor General.
Following an early career with ANZ Bank, Murray went into business and farming near Oxford in North Canterbury. He was a Nuffield Scholar in 1996 and has been heavily involved across the primary sector with past roles as National Meat and Fibre Chair of Federated Farmers and as a director of number of companies across the rural sector, including Ballance Agri-Nutrients Ltd and CRT Society Ltd. Currently he chairs Alliance Group Ltd and Taumata Plantations Ltd, and is a director of FMG Insurance.
Kristyn Chandler-Yates
National Sponsorship and Events Manager
+64 27 207 2592
Kristyn.Chandler-Yates@iod.org.nz
