Tainted Directors

[mondograss]

One should ask where will the $36 mil come from , is the award collectively and severally ?, will J S resign from her high flying directorships ?

Shipley, Gomm and Tilby owe $6m each of the $36m total. Richard Yan has to pay the rest because he was responsible for influencing the other directors.

[percy]

independant 17th dec 2007.
The Dead Hand Director award.
the 2009 award goes in chalkie,s opinion to ruth richardson.
as chair of the IMP diversified income fund she headed one of the many financial type of syft she presided over a board companies that had to tell investors in moratorium that they wouldn,t be getting all their money back as previously promised.
as chairwoman of syft she presided over a board where you have to question if self-interest fractions effectively handicapped the chances of a successful refinancing of the business in late 2008,
as a synlait director she has seen the IPO pulled.the board must take some blame for the issue,s unrealistic pricing.

I posted the above on 19/12/2009.
Appears a lot of people missed it.

[Chanchay]

Pretty shocking for a former Prime Minister. Sounds like she was convinced into doing some incredibly dodgy business activities by a con man (Richard Yan).

I find it hard to believe there wasn't some form of enticement. She can't be that gullible.

As a former National MP, this will give more credence to those that say National are heavily influenced by the Chinese and have been for a long time. Crusher and Orivida, various donors, Don Brash's Directorship, Jian Yang etc

Not to mention selling a position as a List MP for a measly 50k donation, pretty good deal, too bad I'm indian, National Party not at all interested in me

[macduffy]

It seems that insurance may not cover the full $36m.

https://www.nzherald.co.nz/business/...ectid=12207440

[airedale]

I would view ex politicians who become company directors in the same light as ex all blacks who give financial advice. Avoid

[Sgt Pepper]

I would view ex politicians who become company directors in the same light as ex all blacks who give financial advice. Avoid

In so far what Jenny Shipley personal liability may be if directors insurance does not cover the full $6miilion I would note that starting from 2009 when she was appointed Chairman of Genesis was paid, according to the annual report $69000. Last year, according to the Annual, report ahe was paid $177000. As a board member of China Construction Bank she was also remunerated but it was was in denominated in Renimbi. I dont know what her renumeration was for Mainzeal.Former NZ Prime Minister also apparently are paid a life long entitlement

[blackcap]

In so far what Jenny Shipley personal liability may be if directors insurance does not cover the full $6miilion I would note that starting from 2009 when she was appointed Chairman of Genesis was paid, according to the annual report $69000. Last year, according to the Annual, report ahe was paid $177000. As a board member of China Construction Bank she was also remunerated but it was was in denominated in Renimbi. I dont know what her renumeration was for Mainzeal.Former NZ Prime Minister also apparently are paid a life long entitlement

Can the Official Asignee (OA) presuming it gets that far, get their hands on that life long entitlement? That would be sweetly ironic and delicious.

[macduffy]

Can the Official Asignee (OA) presuming it gets that far, get their hands on that life long entitlement? That would be sweetly ironic and delicious.

It probably won't come to that. Must be some nice income from interests in those extractive exports (kauri tabletops; bottled water) to China.

[Joshuatree]

Not to mention selling a position as a List MP for a measly 50k donation, pretty good deal, too bad I'm indian, National Party not at all interested in me

I think they would be for $100 grand.

[Felonius]

Jenny Shipley was on the board of Richina Pacific when it effectively disenfranchised minority shareholders by delisting in New Zealand. The register was moved to Bermuda.

As a shareholder, how do you extract your money from Bermuda ?
What were Shipley (and the NZ Stock Exchange) thinking when they approved such a move ?
She is not unintelligent so draw your own conclusions ...

As for Richard Yan, whom I have reported before was sponsored out of China by Rotary as a boy, given accommodation and support by well-meaning NZ families, and assisted all the way through his education years including at Harvard in the United States.
I will also leave you to draw your own conclusions from his story.

With regard to Insurance, why should the directors be protected if they were found to have traded "recklessly" ?
I believe that this was one of the terms used by the judge.

If I was in the insurance company's boots I would NOT be protecting them. Trading recklessly clearly falls outside the gambit of "reasonable" behaviour.