Certainly would be.!!..lol.
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Angry and hurt: Fletcher Building chairman Ralph Norris speaks out in his own defence
https://www.stuff.co.nz/business/ind...is-own-defence
Fletcher Building's Sir Ralph Norris - master or martyr?
https://www.stuff.co.nz/business/101...ster-or-martyr
poor board governance is really endemic in nz i reckon , no accountabilty really.
need the aussie class action firms to set up in nz , that make some useless directors more accountable and make a lot of them take there jobs more seriously instead of in nz directorship is considered a cushy gig with great pay.
Restaurant probably gets plenty of business from Ralphy & his old boys' club - shrewd PR on their part?
Must say that I have held Ralph in high regards for the job he did at ASB, CBA and then, stepping up to sort out Air NZ. This third massive profit downgrade of FBU and his attempts to deflect accountability and blame to others have wiped out most of the respect I had for him.
He has been a director since April 2014 (3.75 years ago) and Chairman since October 2014 (3.25 years ago) - long enough on the Board to have an impact.
Fact is that the worse of the project (NZCCC) was awarded in October 2015 - one year after he was made Chairman. Certainly not a contract he can say happened under someone else's watch.
Anyway, he has earned the better part of over $1.6m in fees to console his pride.
Shareholders should have taken heed of the fact that he owns less than 30,000 shares in FBU?
lol trying to blame auditors. seriously !
I agree that's absolutely laughable and another nail in the coffin for his reputation. Auditors are there, (I have done some auditing in my career) to check the veracity of the financial assertions in the financial statements and the underlying reasonableness of the basis of their preparation and have nothing whatsoever to do with the abysmal performance of any particular division and nor are they engaged to recommend business strategies to help turn and business division around. Good that he's standing down.
Do you think the government would bail them out?