Association hails director's public stands

Tony Gibbs joked that he thought he was set to follow in the footsteps of his boss, Sir Ron Brierley, and receive the Shareholders' Association's annual wooden spoon award, the Golden Glob.

Instead, Guinness Peat Group's New Zealand director was yesterday bestowed with the small shareholder lobby group's annual Beacon Award, for leadership and guidance on corporate practice.

Chairman Bruce Sheppard said both the Shareholders' Association, and financial markets in general, had overlooked Gibbs' contribution for too long.

He was being rewarded both for his contribution as a corporate leader and for taking admirable public stands.

Sheppard cited Gibbs' resignation from the Vector board on a matter of principle and his speaking out about it. He also pointed to Gibbs battling the Government over its plans to tax investors on unrealised share price gains from overseas investments.

"There is virtually no leading business figure in New Zealand who is prepared to head butt the Govern- ment of the day over an issue they feel strongly about," Sheppard said. "It was courageous and brave."

Gibbs said it was very humbling to win the award.

"I thought I was the candidate for the Golden Glob. I know Ron Brierley got one," Gibbs joked.

He pointed out he was not alone in quitting Vector's board as two other directors, Greg Muir and John Goulter, also departed after clashing with chairman Michael Stiassny.

Of his battle with the Government, Gibbs said when confronted with something you knew was wrong, you had to act or you became "a mouse and disappeared under the door".

It was wrong to tax someone on something they did not have and would never get, Gibbs added.

The association dished out its annual Golden Glob last week to the ANZ Bank for its role as banker to Feltex and reluctance to hand over banking records to the failed carpetmaker's liquidator.

The Glob is awarded for what the association deems less than upstanding behaviour by a company or director.