Alan Robb - You are FIRED!
Quality senior business reporter Fran O'Sullivan has risen to the challenge with a piece analysing the proposed acquisition of Countrywide by New Zealand's 5th sexiest businessman* Mark Weldon and his personal ATM machine NZX.
To date most journos have disappointingly missed or glazed over the important wider-ranging regulatory issues and conflicts involving NZX, and focused on their own knitting which is editorial independence in a proposed purchase of Countrywide. As I have a particular personal dislike for bully-boy regulators, and come from this angle as I deal with them frequently in my line of work, I was quite gruff about this until I see O'Sullivan and the Herald have gone and retrieved what I can't - the money quote from the usually media savvy, slick, cut and polished 5th sexiest businessman in New Zealand*:
Herald: "Would the exchange protect the editorial integrity of its publications?"
Weldon: "The answer to that is, without question, yes. There is, I have to say, a fair degree of disappointment from myself and internally that we've got this person Alan Robb whom we now pay who apparently has issues with presuming what our level of integrity about editorial is."
Speaks volumes.
I had to double-check with a source that Weldon actually said that. Was he being sarcastic? Was "Lucy" out on a long lunch when the Herald called? The comments were confirmed. Outrageous. And a great example to students of "one sentence too many".
If so Alan Robb - I imagine that you are FIRED! Insiders in the industry tell me this is how Weldon handles conflict, or even the slightest questioning of what he is doing, again disbelieving at how blatant it was until I saw this. So again what role is this man having in the NZ capital markets? Donald Trump or a fair market regulator?
So hands up how many journalists now want to work in New Zealand's 5th sexiest businessman's* new "press release processing" centre? Or will he outsource that to India in the true spirit of the success of the jobs summit to date?
posted by Cactus Kate at 11:46 AM
8 Comments:
Cactus, what an absolute legend.
You are clearly very astute and have an accurate perspective on the key issues with the NZX and their obvious conflict of interest in the manner in which they operate.
I love the line ..."Mark Weldon and his personal ATM machine NZX". Never a truer word said. How can the board be SO thick?
On a side issue you posted earlier about CEO salaries I guess you do have to look at the remunerations committee of the board as it rests with them. Bearing in mind you do have Chris Moller (ex NZRFU), Henry van der Heyden (Fonterra)& Andrew Harmos (ex Russell McVeagh) who are used to being paid or paying the big bucks...maybe that's why they've got it so wrong with Weldons remuneration package.
Yes Kate, that's exactly how Weldon handles conflict or critism - that's why the staff turnover is so high.
The place is a joke but Weldon's so far up Key's arse and the Securities Commission, MED and Commerce Commission so lame I think we can all expect the situation to continue - except for Mr Robb - sorry to say the writing's on the wall for that chap.
Weldon is for Weldon noone else. He has conned his way taking over the Exchange when it was on its knees and persuading a dumbarse government to let him branch out into conflicting activities whilst engaging in a monopolists wet dream of gouging listers.
NZ has 40% listers by population as Oz and is dropping and will drop off listers big time over the next year.
Weldom has done nothing to lift the standards of corproate governance and refuses to adopt good governance principles into the Listing Rules.
The ASX and ASIC think hes a joke.
Whats left of the NZX will be absorbed into the ASX in 5 years
gd
I would have thought better of Alan Robb. He has compromised his ability to be impartial.
I do wonder about Key and his apparent close association with Weldon.
What is with this felching photo of Weldon in the Herald? Has the NZX bought the Herald as well?
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10571035&pnum=0
Cactus,
I think that you were the first to bring this Weldon rubbish out into the public. Your readers should be grateful. I think it is your crusading that has prompted the senior commentators to follow this matter up.
Please keep up the good work.
Tu-O-Mo
Not entirely true, others have had a hack in the past years ..... only to have been strangely and curiously silenced.
Stay tuned for next week then....
Crikey! Weldon wants to be a playah across the ditch.
"NZX wants to take control of Australia's NSX"
http://www.theaustralian.news.com.au/business/story/0,28124,25449984-36418,00.html
No doubt about it, the man has plans.
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