Pay for Failure: Hall of Shame
Directors who received pay increases while their companies underperformed
Important: This analysis compares director compensation changes to company performance. Pay increases may be justified by changes in roles, committee responsibilities, or other factors not captured in this data. See methodology section below for full context and disclaimers.
31
Total Red Flags
13
🔴 Critical
12
🟠 Warning
6
🟡 Caution
Serial Offenders
Directors with multiple pay-for-failure instances across different years
Neville Mitchell
3 red flags across 1 company (FPH)
3
incidents
Lisa McIntyre
2 red flags across 1 company (FPH)
2
incidents
Dame Therese Maria Walsh
2 red flags across 1 company (AIR)
2
incidents
Michael Daniell
2 red flags across 1 company (FPH)
2
incidents
Scott St John
2 red flags across 1 company (FPH)
2
incidents
Dean Bracewell
2 red flags across 1 company (AIR)
2
incidents
Larry De Shon
2 red flags across 1 company (AIR)
2
incidents
Philippa Mary Greenwood
2 red flags across 1 company (FPH)
2
incidents
All Pay for Failure Instances
Sorted by severity and compensation increase percentage
🔴CRITICAL
EBOJulie Tayat EBOS Group Limited
FY2024: $21,692 → $176,400 (+713.2%)
- └─Net profit declined -100.0%
Context: Note: This increase may reflect a partial year in the previous period (e.g., mid-year appointment).
🔴CRITICAL
FPHGraham McLeanat Fisher & Paykel Healthcare Corporation Limited
FY2025: $93,475 → $191,150 (+104.5%)
- └─Revenue declined -27.2%
🔴CRITICAL
FPHLisa McIntyreat Fisher & Paykel Healthcare Corporation Limited
FY2023: $90,886 → $181,841 (+100.1%)
- └─Net profit declined -33.6%
🔴CRITICAL
AIRDame Therese Maria Walshat Air New Zealand
FY2020: $120,000 → $222,375 (+85.3%)
Benchmark Comparison: Stock -48.2% vs NZ50 +9.4% = -57.7% alpha
- └─Stock price declined -48.2%
🔴CRITICAL
AIR🔴CRITICAL
AIRClaudia Isobel Battenat Air New Zealand
FY2023: $80,923 → $120,000 (+48.3%)
- └─Net profit declined -169.7%
🔴CRITICAL
AIRAlison Rosemary Gerryat Air New Zealand
FY2023: $107,898 → $160,000 (+48.3%)
- └─Net profit declined -169.7%
🔴CRITICAL
FPHNeville Mitchellat Fisher & Paykel Healthcare Corporation Limited
FY2025: $220,744 → $323,638 (+46.6%)
- └─Revenue declined -27.2%
🔴CRITICAL
EBO🔴CRITICAL
FPHCather Simpsonat Fisher & Paykel Healthcare Corporation Limited
FY2024: $129,191 → $160,126 (+23.9%)
- └─Net profit declined -47.0%
🔴CRITICAL
2CCMichael Stiassnyat 2 Cheap Cars Group Limited
FY2025: $185,000 → $220,000 (+18.9%)
- └─Net profit declined -47.1%
🔴CRITICAL
FPHLisa McIntyreat Fisher & Paykel Healthcare Corporation Limited
FY2024: $181,841 → $212,772 (+17.0%)
- └─Net profit declined -47.0%
🔴CRITICAL
FPHMichael Daniellat Fisher & Paykel Healthcare Corporation Limited
FY2024: $160,897 → $188,146 (+16.9%)
- └─Net profit declined -47.0%
🟠WARNING
EBOElizabeth Couttsat EBOS Group Limited
FY2020: $193,000 → $313,885 (+62.6%)
Benchmark Comparison: Stock -3.5% vs NZ50 +9.4% = -12.9% alpha
- └─Stock price was flat/negative (-3.5%)
🟠WARNING
FPHScott St Johnat Fisher & Paykel Healthcare Corporation Limited
FY2021: $150,271 → $220,680 (+46.9%)
Benchmark Comparison: Stock -7.5% vs NZ50 +11.5% = -19.0% alpha
- └─Stock price was flat/negative (-7.5%)
🟠WARNING
AIRDean Bracewellat Air New Zealand
FY2022: $93,500 → $136,667 (+46.2%)
Benchmark Comparison: Stock -4.1% vs NZ50 +1.7% = -5.9% alpha
- └─Stock price was flat/negative (-4.1%)
🟠WARNING
AIRLaurissa Cooneyat Air New Zealand
FY2022: $102,000 → $127,500 (+25.0%)
Benchmark Comparison: Stock -4.1% vs NZ50 +1.7% = -5.9% alpha
- └─Stock price was flat/negative (-4.1%)
🟠WARNING
FPHNeville Mitchellat Fisher & Paykel Healthcare Corporation Limited
FY2021: $143,061 → $176,799 (+23.6%)
Benchmark Comparison: Stock -7.5% vs NZ50 +11.5% = -19.0% alpha
- └─Stock price was flat/negative (-7.5%)
🟠WARNING
AIRLarry De Shonat Air New Zealand
FY2022: $102,000 → $120,000 (+17.6%)
Benchmark Comparison: Stock -4.1% vs NZ50 +1.7% = -5.9% alpha
- └─Stock price was flat/negative (-4.1%)
🟠WARNING
AIRJonathan Masonat Air New Zealand
FY2022: $119,000 → $140,000 (+17.6%)
Benchmark Comparison: Stock -4.1% vs NZ50 +1.7% = -5.9% alpha
- └─Stock price was flat/negative (-4.1%)
🟠WARNING
AIRDame Therese Maria Walshat Air New Zealand
FY2022: $229,500 → $270,000 (+17.6%)
Benchmark Comparison: Stock -4.1% vs NZ50 +1.7% = -5.9% alpha
- └─Stock price was flat/negative (-4.1%)
🟠WARNING
FPHGeraldine McBrideat Fisher & Paykel Healthcare Corporation Limited
FY2021: $103,298 → $117,417 (+13.7%)
Benchmark Comparison: Stock -7.5% vs NZ50 +11.5% = -19.0% alpha
- └─Stock price was flat/negative (-7.5%)
🟠WARNING
FPHPhilippa Mary Greenwoodat Fisher & Paykel Healthcare Corporation Limited
FY2021: $126,759 → $141,775 (+11.8%)
Benchmark Comparison: Stock -7.5% vs NZ50 +11.5% = -19.0% alpha
- └─Stock price was flat/negative (-7.5%)
🟠WARNING
FPHMichael Daniellat Fisher & Paykel Healthcare Corporation Limited
FY2021: $120,907 → $135,025 (+11.7%)
Benchmark Comparison: Stock -7.5% vs NZ50 +11.5% = -19.0% alpha
- └─Stock price was flat/negative (-7.5%)
🟠WARNING
EBOSarah Ottreyat EBOS Group Limited
FY2020: $153,000 → $170,000 (+11.1%)
Benchmark Comparison: Stock -3.5% vs NZ50 +9.4% = -12.9% alpha
- └─Stock price was flat/negative (-3.5%)
🟡CAUTION
AIRDean Bracewellat Air New Zealand
FY2021: $23,375 → $93,500 (+300.0%)
Benchmark Comparison: Stock +14.4% vs NZ50 +11.5% = +2.9% alpha
- └─Pay growth (300.0%) outpaced stock return (+14.4%)
Context: Note: This increase may reflect a partial year in the previous period (e.g., mid-year appointment).
🟡CAUTION
AIRLarry De Shonat Air New Zealand
FY2021: $25,500 → $102,000 (+300.0%)
Benchmark Comparison: Stock +14.4% vs NZ50 +11.5% = +2.9% alpha
- └─Pay growth (300.0%) outpaced stock return (+14.4%)
Context: Note: This increase may reflect a partial year in the previous period (e.g., mid-year appointment).
🟡CAUTION
EBONicholas Dowlingat EBOS Group Limited
FY2021: $66,374 → $177,500 (+167.4%)
Benchmark Comparison: Stock +54.6% vs NZ50 +11.5% = +43.1% alpha
- └─Pay growth (167.4%) outpaced stock return (+54.6%)
🟡CAUTION
FPHPhilippa Mary Greenwoodat Fisher & Paykel Healthcare Corporation Limited
FY2019: $94,393 → $121,300 (+28.5%)
Benchmark Comparison: Stock +5.0% vs NZ50 +17.4% = -12.4% alpha
- └─Pay growth (28.5%) outpaced stock return (+5.0%)
🟡CAUTION
FPHScott St Johnat Fisher & Paykel Healthcare Corporation Limited
FY2022: $220,680 → $275,302 (+24.8%)
Benchmark Comparison: Stock +7.9% vs NZ50 +1.7% = +6.1% alpha
- └─Pay growth (24.8%) outpaced stock return (+7.9%)
🟡CAUTION
FPHNeville Mitchellat Fisher & Paykel Healthcare Corporation Limited
FY2022: $176,799 → $205,588 (+16.3%)
Benchmark Comparison: Stock +7.9% vs NZ50 +1.7% = +6.1% alpha
- └─Pay growth (16.3%) outpaced stock return (+7.9%)
Methodology & Disclaimers
Red Flag Tiers
- 🔴 CRITICAL: Director compensation increased by >10% year-over-year AND stock price declined by >10%, OR revenue declined by >10%, OR net profit declined by >15%
- 🟠 WARNING: Director compensation increased by >10% year-over-year AND stock price performance was flat or slightly negative (-5% to +5%)
- 🟡 CAUTION: Director compensation growth significantly outpaced stock price performance (pay increased more than 2x stock return)
Important Context
- • Partial Year Appointments: Directors who join mid-year will show large percentage increases in their first full year. These are flagged with context notes.
- • Financial Year: Stock performance is measured for NZX financial year (July 1 - June 30)
- • Board Changes: Large compensation changes may reflect changes in committee roles, chair positions, or other responsibilities
- • Market Conditions: This analysis does not account for broader market downturns, industry-specific challenges, or other mitigating factors
- • Data Availability: Analysis is limited to companies with available director compensation and stock price data
Why This Matters
"Pay for failure" erodes shareholder trust and indicates poor board oversight. Directors should be accountable for company performance, and compensation should align with shareholder returns. This analysis helps investors identify potential governance issues and hold boards accountable.
This page updates automatically as new director compensation and stock price data is added to the database. Last generated: 5 February 2026
Disclaimer
Data sourced from NZX company filings. Our datasets may not be complete and we are continuously updating and adding more data to the platform.
This analysis is provided for informational and educational purposes only. Nothing on this page constitutes financial, investment, legal, or tax advice. Always conduct your own research and consult with qualified professionals before making any investment decisions.