The secret to being a good company director from Wayne Boyd, the man who's been on 167 boards
'Well, you have to first persuade them that you're not the CEO of the company because that's their immediate default position,' he says.
But his definition is very much to the point: 'Keeping an eye on managers, just as simple as that really.'
Boyd grew up working-class in Wanganui. His father was a cooper (barrel maker) at the local freezing works. His mother worked at the hospital as a nurse's aide.
It instilled a strong understanding of the value of money, which he carried with him as a director.
'I saw myself as a steward of other people's money. I made a decision to invest in the companies that I was chairing. And so I took that responsibility heavily. You want to get them an appropriate return for the investment they made.'
Since stepping down from Vulcan Steel last November, Boyd, who was named a companion of the New Zealand Order of Merit in the King's Birthday Honours List, has been enjoying retirement.
Boyd was never interested in management.
His career started with a job as a lawyer in Hamilton for 16 years.
A love of hockey led him to become the coach of the New Zealand women's team for the Olympics in 1984 and the World Cup in 1986.
That experience inspired a career change to investment banking in Auckland in 1987 – not exactly the greatest timing.
But he stuck with it and eventually his skills led to being offered board roles by the Government of the day.
As an adviser first to the NZ Māori Council on the first major Treaty of Waitangi settlement, the 1992 'Sealord deal', he came to know Sir Tipene O'Regan and was a close adviser to Ngāi Tahu Holdings.
Corporate roles followed.
So what makes a good company director?
'You've got to have an open mind,' Boyd says. 'You don't learn the business by just reading the board papers.'
You've got to get out and talk to the staff and ask them what keeps them awake, he says.
'You've got to have the ability to bring a diverse group of people at the board table together so that they're in a safe environment where they can actually say what they really do want to say about whatever the issue is of the day.
'I've always said you've got to have the courage to speak up.'
Listen to the full episode to hear more from Wayne Boyd.
Money Talks is a podcast run by the NZ Herald. It isn't about personal finance and isn't about economics – it's just well-known New Zealanders talking about money and sharing some stories about the impact it's had on their lives and how it has shaped them.
The series is hosted by Liam Dann, business editor-at-large for the Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.
Money Talks is available on iHeartRadio, Spotify, Apple Podcasts, or wherever you get your podcasts.
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