NTHC's reputation concerns Stone

Boardroom turmoil at Ngai Tahu Holdings Corporation (NTHC) must not be allowed to affect the business performance of the South Island iwi's multimillion-dollar trading company, deposed chairman Wally Stone says.

Stone chairman of Whale Watch Kaikoura and a two-term chairman of Tourism New Zealand spoke publicly for the first time yesterday, following his shock dumping from the chairmanship of NTHC.

Stone was ousted at last weekend's Te Runanga O Ngai Tahu (Tront) board meeting after 2 1/2 years.

Linda Constable was appointed as interim chairwoman of NTHC.

Stone told The Press he had been surprised by the move, but was not keen to talk about it.

"I have a very simple view, that all directors serve at the sole discretion of the shareholder, and I'm no different," Stone said.

"Obviously, at a personal level I'm disappointed but the shareholder has made its decision. For me really right now what I'm more concerned about is some of the negative effect on the reputation of Ngai Tahu Holdings Corporation."

Stone said the assets of Ngai Tahu had been managed prudently during his stewardship.

The operating performance of all the tribe's companies was acceptable and the holdings company had a very healthy balance sheet, he said.

"We are at a conservative level of debt, and to be honest we are probably better positioned than most companies to sail into the economic storm we are in now.

"I think that is a reflection of the board and management team at Ngai Tahu Holdings Corporation."

The 2008 Ngai Tahu annual report noted the NTHC had grown the tribal asset base to more than $600 million, and that it had its most successful operating performance result to date with an operating surplus of $31.77m.

Property revaluations helped create a net surplus of $58.22m.

However, in his chairman's note, Stone said the effects of the global recession would see tribal tourism and property businesses struggle and the value of shares held by the tribe would also be affected.

Yesterday, Stone singled out chief operating officer Andrew Harrison for praise.

A secret report for the Tront board in November 2008 and seen by The Press shows moves were afoot to depose Stone, and indicated Harrison could also be removed.

Stone said any criticism of the NTHC should be directed at him, rather than staff.

"It would be wrong for their reputation in any way to be smeared by some of the comments."

Stone has had a turbulent relationship with Ngai Tahu kaiwhakahaere Mark Solomon. He publicly criticised Solomon in 2007 during a failed attempt by several Ngai Tahu leaders to have Solomon relinquish his position.

Stone would not comment when asked if he felt the events of two years ago had been a factor in his dismissal.

On Monday, Solomon told The Press that Stone had stabilised the NTHC, but Tront was about to introduce a new set of governance documents and it was felt "a fresh face and a fresh perspective in the chairmanship" was needed.

Stone has retired as CEO of Whale Watch but remains chairman of the acclaimed tourism venture.

 EditorialA8

- © Fairfax NZ News