Pyne Gould Corporation has finally nailed down its new board structure, with Bruce Irvine set to replace Sam Maling as the chairman of the South Island finance company.The company announced in October it was establishing new boards for Pyne Gould Corp and
Pyne Gould Corporation has finally nailed down its new board structure, with Bruce Irvine set to replace Sam Maling as the chairman of the South Island finance company.
The company announced in October it was establishing new boards for Pyne Gould Corp and its subsidiaries Perpetual and Marac in the wake of its $273 million capital raising programme.
While it originally hoped to have new boards established before the end of last year, the company has only just finalised the make-up of the boards and will now take its selections to the shareholders.
Under the proposal, Mr Irvine will head a five member team that has been selected to lead Pyne Gould Corp into the new decade, with George Gould named as the one new appointment, while George Kerr, Bryan Mogridge and managing director Jeff Greenslade will make up the rest of the board.
The Marac board will see John Harvey and Michelle Smith join as two new independent directors, joining Messrs Irvine, Mogridge and Greenslade.
Mr Irvine will also serve as chairman of Marac.
Perpetual chief executive John Duncan has been appointed to the Perpetual board, with Messrs Kerr, Irvine, Mogridge, Greenslade and Duncan also serving.
A separate corporate trust board – made up of Keith Familton, Euan Abernethy and Keith Rushbrook – has also been established and will oversee the corporate trust business of Perpetual Trust.
Messrs Irvine and Gould have been confirmed as the company’s appointees to the board of PGG Wrightson.
Mr Maling confirmed at the annual meeting in October that he would be stepping down at the conclusion of the board review, with directors Richard Elworthy, Warwick Steel and Stephen Montgomery also deciding to step away from the company.
A special shareholders meeting will be held on March 4 to seek approval of the new boards.
There are few surprises in the new appointees, with Mr Gould – a founding family member - serving as a director of PGC from 1990 to 2004.
Ms Smith is a professional director who previously held senior positions with Goldman Sachs and Ernst and Young in London and had extensive experience in banking, particularly risk management and transactional processing.
Mr Duncan was appointed chief executive of Perpetual Asset Management in August after serving as an executive director at Macquarie Group, while Mr Harvey was a partner of PricewaterhouseCoopers for 23 years and managing partner in Auckland for eight years before retiring in June to concentrate on directorships.
