The Herald reports that "Dame Ann Hercus, the TVNZ board member accused by National of informing the Government of the new $800,000 pay deal for newsreader Judy Bailey, is understood to have offered her resignation from the board".
Very strange. Normally, a controlling (or even major minority) shareholder will have access to board minutes. This was standard practice in the various private firms that I've been a director of. Also, we had an investor appointed director whose job, in addition to normal fiducary duties, was to report formally and informally to the investor firm. TVNZ is a 100% government owned company, so there are no minority shareholders. As far as I can see the government, as major shareholder can do anything it likes (subject to not breaking the law and not running up debts that cannot be met).
Thursday, December 16, 2004
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Well, I was at one stage told to avoid taking part in certain actions on a board situation, to avoid being a deemed director if anything bad happened at the said subsidiary.
Apart from any commercial separation of power stuff, perhaps they're just worried they'll get fried in court.
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