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Sail-World.com : America's Cup: Emirates Team NZ announce new and expanded Board
America's Cup: Emirates Team NZ announce new and expanded Board

'Emirates Team Zealand Day 14, San Francisco'    Luna Rossa - Carlo Borlenghi ©    Click Here to view large photo

The world's most successful professional sailing team has announced the formation of a new five-member board of directors to govern Emirates Team New Zealand.

The new Board was announced by retiring chairman of Emirates Team New Zealand, Gary Paykel.

Paykel said he had consulted widely to assemble a board made up of passionate New Zealanders with a range of skills and in-depth experience in many areas of New Zealand business and technology as well as past experience with the team and the America’s Cup.

Mr Paykel said Dr Keith Turner, a former chief executive and experienced company director, would chair the board.

The board’s immediate tasks are to review the Protocol (the document which governs the conduct of the America’s Cup), assess the possibility of mounting a credible challenge from New Zealand and prepare a business case for the NZ Government. Oracle, the defender of the America’s Cup, is expected to make the Protocol public within the next few days.

This is a strong group of Directors who will work closely with all stakeholders, including the Government, as we make an assessment of mounting a challenge in 2017.

'Should the Board determine that a challenge is credible, I expect the Government will then decide whether to invest in a challenge and if so, seek a further appointment to the board,' said Dr Turner.

While details of the management structure and the operating model will be worked through as part of preparing the business case for any challenge, Grant Dalton will assume the position of CEO, reporting to the Board.

The board met for the first time today (Monday April 7).

The previous Board consisted of three members, being Gary Paykel, Grant Dalton and Jim Farmer QC. At the time of the Artemis Racing inquiry, Farmer was appointed to that review panel and resigned from the Board as a recognition of a possible conflict of interest. However in the end the life of the Panel was short-lived due to liability issues surrounding any recommendations it may have made.

To the surprise of some, Farmer, widely regarded as being Auckland's top corporate lawyer, was not re-appointed back to the Board after the AC Review Panel was disbanded, despite having considerable America's Cup, sailing and legal expertise. To see the TV3 report from March 26, 2014 right click here

For the rest of the 2013 America's Cup campaign, the Emirates Team NZ's Board consisted of Grant Dalton and Gary Paykel.

After the 2013 America's Cup, that Board of just two long-time friends was criticized in some quarters as being a closed shop.

The Board announced today, has retained none of the former Board members, although two have previous America's Cup experience. The role of former Managing Director, Grant Dalton, was not disclosed in the statement issued today, Sail-World was advised that he will be the CEO of the new team.

Previously it was announced that the major operational decisions would be undertaken by a six person Executive Committee comprising Dalton, Kevin Shoebridge, Nick Holroyd, Glenn Ashby, Dean Barker and Dan Bernasconi.

A condition of any additional investment by NZ Trade and Enterprise into the team and future America's Cup or other related sailing activities, was that a new Board was put in place, which was acceptable to the Minister of Economic Development, Steven Joyce. With high quality Board announced today, it is assumed that this condition of future involvement by NZ Inc has been met.

Board Profiles:

Chair, Dr Keith Turner:

Dr Turner is an experienced professional director. He is currently the chairman of Fisher & Paykel Appliances Limited, deputy chairman of Auckland International Airport, and a director of Chorus. In Australia he is a director of ASX listed Spark Infrastructure Ltd. As part of his Spark responsibilities he is a director of South Australia Power Networks and Victoria Power Networks.

He is a former chair of Solar City Limited and has significant experience with small, technology start-up ventures.

Dr Turner has extensive experience in the energy sector, most recently as chief executive officer of Meridian Energy Limited from 1999 to 2008. Prior to that, he worked as a private energy consultant advising a range of large corporate clients and Government.

Dr Turner has a practical bent, having built an 11.5m cruising yacht and a 250sq m replica colonial home. He is now based in Tauranga.


Director, Sir Stephen Tindall:
Businessman, philanthropist and investor Sir Stephen Tindall, founder and director of the Warehouse Group, has had a long association with Emirates Team New Zealand.

As an investor in New Zealand enterprises, he has made substantial investments through K1W1 and other vehicles as seed and venture capital into a large number of start-up and early stage businesses from biotech, environmental technology, electronics, high tech, software and other businesses with high export potential.

Sir Stephen and his wife Lady Margaret established the Tindall Foundation to focus New Zealand on improving the performance of families and social services; supporting community-based initiatives that create employment and encourage enterprise; supporting the environment and preserving biodiversity; promoting generosity and giving.

In 2009, he was made a Knight Companion of the NZ Order of Merit, 2007 Distinguished Companion of the NZ Order of Merit; 2006 The Sir Peter Blake Leadership Medal.

Director, Greg Horton:

Greg Horton is one of the founding directors of Harmos Horton Lusk, an Auckland-based specialist corporate legal advisory firm.

In his legal practice, he specialises in M&A transactions (public and private), takeovers, corporate law, governance, strategic and board advice and also structures and advice for high net worth families.

He is a director of Fulton Hogan Limited, New Zealand Funds Management Limited and Tappenden Holdings Limited, and is a trustee, director and investment committee member of a number of other entities.

Director, Tina Symmans:
Tina Symmans has more than 25 years’ experience in advising companies most particularly in the fields of strategic communications and corporate and government relations.

Tina operates her own practice and has had significant experience and connectivity with the corporate sector and government.

She is a director of Forsyth Barr, a member of the Takeovers Panel and chairs Williams Warn, a private company. Tina was previously a director of PSIS (Co-operative Bank) and Turners & Growers.

Prior to 2012 Tina was a member of the senior management team at Telecom as director of corporate relations and was on the team that ran the successful demerger program forming Telecom and Chorus.

Director, Bob Field:
Bob Field recently retired from a successful career in the international motor industry, including 30 years as managing director and chair of Toyota New Zealand.

He has a strong record of governance with national organisations involved in conservation, road safety and best business practice.

Former roles include chair of the NZ Business Council for Sustainable Development, Chair of WWF and president of the Motor Industry Association.

Current roles include chair of CMD Nominees and directorships of Kiwirail and NZRU.Bob has been closely involved with Team New Zealand for 25 years and six successive Americas Cup campaigns as a sponsor, an advisor and a mentor for the team.


by Richard Gladwell/Sail-World.com/nz


  

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1:35 AM Mon 7 Apr 2014GMT


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