Pot, Kettle, Weldon II
Eye on the ball Mark
While Mark Weldon is trotting around doing his best John Key mini-me impersonations, usurping Bill English as the Key Boy, and making populist demands about CEO's pay, it appears first that his own house is in need of a little commercial order in the KPI department.
This industry circulated letter was forwarded to me by what I presume to be an unhappy industry insider. Other correspondents have also written in recently in comments sections.
The average punter won't have a clue what the letter actually says so I leave an open forum for people to anonymously comment in. They are alleging Weldon is a bully-boy, with horrendous staff turnover of his own so I can understand their need to remain anonymous. Brokers who have spoken up are informing me that any dissent is dealt with by drowning them in technical points affecting their business and Weldon telling them that he is in charge with complete control and they can basically lump it.
This attitude to dealing in his own industry appears to conflict with his politicised role of neutrally and respectfully leading a Jobs Summit across all industries for the National Government.
From the outline of this letter and one I was sent previously, it looks very much like Weldon hasn't delivered yet on a promised platform that he has a financial stake in. The FASTER upgrade appears to be anything but. Brokers are going to be lumbered with the high cost of a system that has not been delivered as detailed in the letter of just December 2008.
Of concern to a right-wing political supporter is that NZX is a listed company, a market regulator, has interests in a share registry, runs it's own funds management business and NOW wants to control the whole settlement system. The free market seems to be anything but. Weldon's own conflicts as well as that of the NZX in general need to be looked at.
In addition to all of that are: employee share schemes (which allegedly compliance staff even participate in..something I find a tad outrageous), Weldon's own little nest egg, increasing costs, lower trading volumes and a threat that up to five brokers will shortly be forced to pack up shop and leave.
While the forum can be robust, I will delete any comments that are defamatory towards Weldon, of a too personal nature or mention names of others in the same way.
SIA Letter to NZX 10 Dec
While Mark Weldon is trotting around doing his best John Key mini-me impersonations, usurping Bill English as the Key Boy, and making populist demands about CEO's pay, it appears first that his own house is in need of a little commercial order in the KPI department.
This industry circulated letter was forwarded to me by what I presume to be an unhappy industry insider. Other correspondents have also written in recently in comments sections.
The average punter won't have a clue what the letter actually says so I leave an open forum for people to anonymously comment in. They are alleging Weldon is a bully-boy, with horrendous staff turnover of his own so I can understand their need to remain anonymous. Brokers who have spoken up are informing me that any dissent is dealt with by drowning them in technical points affecting their business and Weldon telling them that he is in charge with complete control and they can basically lump it.
This attitude to dealing in his own industry appears to conflict with his politicised role of neutrally and respectfully leading a Jobs Summit across all industries for the National Government.
From the outline of this letter and one I was sent previously, it looks very much like Weldon hasn't delivered yet on a promised platform that he has a financial stake in. The FASTER upgrade appears to be anything but. Brokers are going to be lumbered with the high cost of a system that has not been delivered as detailed in the letter of just December 2008.
Of concern to a right-wing political supporter is that NZX is a listed company, a market regulator, has interests in a share registry, runs it's own funds management business and NOW wants to control the whole settlement system. The free market seems to be anything but. Weldon's own conflicts as well as that of the NZX in general need to be looked at.
In addition to all of that are: employee share schemes (which allegedly compliance staff even participate in..something I find a tad outrageous), Weldon's own little nest egg, increasing costs, lower trading volumes and a threat that up to five brokers will shortly be forced to pack up shop and leave.
While the forum can be robust, I will delete any comments that are defamatory towards Weldon, of a too personal nature or mention names of others in the same way.
SIA Letter to NZX 10 Dec
posted by Cactus Kate at 8:54 AM
13 Comments:
I think the picture best sums up Weldon than the letter.
Wolf in sheep's clothing indeed.
That he is heading a Jobs summit is a complete joke when his own shop needs urgent attention at this time.
On the second to last page it suggests that the NZX has sunk $5m into this project to date,with obviously more to come if it progrsses at all. As a publicly listed company shouldnt there have been some sort of disclosure to shareholders regarding expenditure and a project of this nature? There is no indication of either in the annual report
Perhaps someone should ensure that Key gets the message. Weldon has been underwelming in his attitude and performance.
If we want sence then listen to Gilbert Ulrich, Kerry MacDonald others like them who are the real successes of NZ productive wealth creation.
Weldon has way too much power to be sure.
However his attitidue towards brokers is to be commended.
As I am sure you are aware, they are the white shoe car salemen of the finance industry and we would all be well rid of them.
Mum and Dad investors would make more money as well without their sticky hands on everything.
I for one am very pleased to see this letter appear. I wish I had posted it! This is an ill conceived disaster of a project that has been massively mismanged by the NZX. At least two of the project managers have departed NZX during the project so far. NZX is using their monopoly position to force their customers into massive system change for no benefit to the customers.
Now if only someone would dish the dirt on the disaster that is NZX Regulation. A gross conflict of interest if ever I saw one.
Ruth, how can you "commend" Weldon's arrogant attitude towards brokers, that is, their clients base also know in marketing terms as a customer?
In my experience in business the customer is always right!!
I laughed out loud when I heard Mark Weldon was heading the jobs summit. He is one of the most arrogant and unpleasant people I have ever dealt with in business. He is sucking up for public visibility with John Key, and letting his own shop fall to pieces. This is typical of many CEOs who are enamoured with their own importance. It is ironic that he recently suggested that under-performing CEOs should be booted out. He should fall on his own sword and set a good example.
You have left out one of the sources of market power that the NZX manipulates to the detriment of market transparency - its publication of NZX notifications from listed companies, which are available immediately to anyone willing to pay a price, but are undisclosed for a further 20 minutes for the hoi-polloi. How this assists a well-informed market, especially given that these notifications are made in response to regulatory disclosure and transparency requirements.
Great to see this post higlighting incompetency and conflict of interest by the NZX has finally hit the mainstream media today Kate. Well done girl.
Perhaps now we have the MSM attention, may we suggest they actually do some in depth investigative journalism and uncover all the issues with the NZX & Weldon's leadership. This includes his:
*poor management style (dictatorial & arrogant),
*inappropriate shareholding/remuneration,
*conflict of interest,
*non-transparent spending (non-disclosure) on the Faster project of over $5M
* non-delivery after having spent $5M on a project
* high staff turnover,
* disrespect of industry players,
* inability to led the industry effectively through influence.
As we all know if was Weldon himself who raised the issue about CEO performance - "If [chief executives] aren't coming through, get rid of them because companies are at risk."
Perhaps the NZX board should address their CEO's performance, using Weldon's own criteria, and address his poor/non performance on the issues above, and review his remueration & suitability to the role accordingly.
It's all part of Weldon's bid for global domination (or at least NZ domination). In this instance you take a settlement system that works, NZX participants pay their cost of it, and you replace it with one that NZX participants are suddenly paying cost plus additional fees to Weldon's empire. And you also get another CEO salary to pay for. Surely it just means Weldon gets to inflate his income (something he objects to others doing) and it comes at the expense of brokers and then their clients.
This on top of all of the compliance cost, or rather revenue grabbing, that is lumped on brokers. Efforts should be made to reduce transaction costs for everyone and not increase them.
Good job Kate. Finally the MSM are sitting up and taking notice
www.stuff.co.nz/4843744a13.html
Your publication of the SIA letter has finally forced the NZX to review their ways, which will now be transparent to all, and lets hope under constant monitoring and review by the MSM. Unless of course Weldon continues to yield influence over them to keep them quite so the full story isn't told.
Where are the NBR on this???!!!
I seem to recall you wrote something recently about the NBR being a shit publication.
Ball less as well.
For all the debating going on it is clear that Weldon is well connected politically. His letter to the SIA pays lip service only and the NZX/Masters of the Universe will push ahead regardless as they have invested a ton of cash in a new system that they did not seek consultation from the industry on in the first place! Why in God's name would you appoint Weldon to a jobs summit when the organisation he leads has one of the worst staff turnover rates in the country?
Post a Comment
Links to this post:
Create a Link
<< Home