FNHL - "Businesslike, commercial and straight down the line"

Businesslike, commercial and straight down the line – that’s what Far North District Council Mayor Wayne Brown expects of the council’s restructured trading arm, Far North Holdings Ltd.

The council has today announced the appointment of Far North business analyst and financial restructuring specialist Tony Norman as Chair of the company (a position he has held on an interim basis since January) with Hokianga businessman and tourism operator Shane Lloydd and Okaihau civil construction contractor and property trader Ken Rintoul as directors.

They replace former Chair Malcolm Nicolson (who will retain his management role with the company) and director Richard Dimmock, who has already stated that he does not wish to renew his contract. The changes are effective from Monday, April 14.

Mayor Brown, who also chairs the Council Controlled Trading Organisation (CCTO) Committee, said the committee had reviewed 24 applications for the directors’ positions and had chosen the successful candidates from a shortlist of eight.

“We have selected three directors who have business backgrounds, strong commercial skills and a geographical spread across the district,” he said.

They had accepted a three-year term of office, subject to termination by the shareholders at any time. Their fees were set within a total package of $60,000 ($30,000 for the chair and $15,000 per director) considered to be within the standard range for a company of FNHL’s size.

“We were inspired by the number and calibre of applicants within our region,” Mayor Brown said. “The council has been very disappointed by the lack of locals appointed to various bodies within the Far North and we will be seeking to change this situation by establishing a data base of skilled local people to be held for consideration for future positions. We will be advising MPs, the Northland Regional Council and local trusts that there are plenty of local candidates and there is no need to go further afield”.

Regarding FNHL’s Statement of Intent, Mayor Brown said the council would determine its content, but he expected the company to be run along the lines of a State owned Enterprise with requirements to

fix a dividend policy
fix a debt to equity ratio
provide a return on investment at least equal to weighted average cost of capital.

 

The company would be asked to submit a list of strategic assets that should not be sold on this basis, he said.

In addition, FNHL would need to develop an agreed business plan and Statement of Corporate Social Responsibility, reflecting its statutory requirement to also take into account the public good.

“The company wilI be required to behave as a rational commercial business would behave,” he said. “The council and the company will have an open and clear line of communications so that each knows what the other expects and there are no surprises.

“In this way we will work together to achieve financial results that ratepayers and residents have a right to expect from the commercial operations run on their behalf.”

Far North Holdings Ltd – Directors’ biographical details 

Tony Norman (FNHL Chair)

Tony Norman has settled in Mill Bay, Mangonui, after 30 years’ overseas work experience as a chief financial officer and financial restructuring adviser for multinational corporations.

He worked for 15 years as chief financial officer for multinational corporations in the United Kingdom, South Africa, Papua New Guinea and Australia; and 15 years as an adviser in financial restructuring.

In this position, he developed and implemented recovery strategies for failed corporations in Australia, Thailand and Singapore, involving debt in excess of USD25 billion and hundreds of international banks.

Tony returned to New Zealand seven years ago, settling in Mill Bay with his wife Anette where they operate a small-scale luxury tourist accommodation and sailing charter business, known as Mill Bay Haven.

In terms of community service, Tony has served on the Northern (Te Hiku) Community Board of Far North District Council, and is currently deputy chairman of the Board of Trustees of Oruaiti School and a member of the Northland District Health Board.

Shane Lloydd (Director)

Based in Omapere, Shane was born in Kawakawa, attended Bay of Islands College and has lived in the Hokianga with his family for 24 years.

He has developed, with his late father Max, businesses in the tourism, retail and farming industries and these have brought him into contact with a wide range of community and commercial organisations, as well as central and local government. This has helped him expand his businesses, understand the dynamics of economic development in Northland, and develop new skills.

Shane’s business interests include the Copthorne Hotel & Resort Hokianga at Omapere; the Opononi Hotel; Gas Alley service station, Omapere; Andrewes Four Square, Opononi; Andrewes Butchery, Opononi; Footprints Waipoua; Crossings Hokianga and Lloydd Farms.

He holds directorships on 12 companies and has business allegiances and associations with Millenium hotels and resorts; Inter-City Group; Northland Tourism Development Group; Te Hau O Te Kawariki Trust and Te Tai Tokerau Maori and Cultural Tourism Association.



Ken Rintoul ( Director)

Okaihau-based civil construction contractor and property trader Ken Rintoul has a long association with the Far North and wants to use his commercial expertise to benefit the community he has lived in for 20 years.

A self-made businessman, he has extensive management experience and he and his wife Phyllis have been successful in all of their business ventures, which include property trading, civil contracting and agricultural interests.

Ken has progressed from being a small-scale sole proprietor to his current position as director and shareholder of three substantial companies which have completed around 700 contracts over 20 years.

One of his construction companies, Rintoul Civil Ltd, won Contractor of the Year 2000 for slip remediation works on the Brynderwyns and was main subcontractor for the Northland Corrections facility.

In terms of other interests, Ken is a proud sponsor of local sport and community events and has been a member of the Okaihau Primary School Board of Trustees for eight years.