NZX Governance Explorer

Shareholder Heroes: Hall of Fame

Directors who demonstrated pay restraint and alignment with shareholders during strong company performance

29
Total Green Flags
14
🟢 Exemplary
5
🔵 Commendable
10
🟡 Aligned

Consistently Aligned Directors

Directors with multiple instances of shareholder-first compensation practices across different years

Sarah Ottrey
2 green flags across 1 company (EBO)
2
instances
Peter Williams
2 green flags across 1 company (EBO)
2
instances
Stuart McGregor
2 green flags across 1 company (EBO)
2
instances
David (Yusuke) Sena
2 green flags across 1 company (2CC)
2
instances
Elizabeth Coutts
2 green flags across 1 company (EBO)
2
instances
Stuart McLauchlan
2 green flags across 1 company (EBO)
2
instances

All Shareholder Hero Instances

Sorted by tier and stock performance

🟢EXEMPLARY
2CC
Gordon Shawat 2 Cheap Cars Group Limited
FY2024: $215,125 → $115,065 (-46.5%)
  • └─Stock price surged 127.9% while pay decreased (-46.5%)
Context: Director showed exceptional restraint by not increasing compensation despite strong company performance.
🟢EXEMPLARY
2CC
Samantha Sharifat 2 Cheap Cars Group Limited
FY2024: $37,484 → $11,250 (-70.0%)
  • └─Stock price surged 127.9% while pay decreased (-70.0%)
Context: Director showed exceptional restraint by not increasing compensation despite strong company performance.
🟢EXEMPLARY
EBO
Sarah Ottreyat EBOS Group Limited
FY2021: $170,000 → $170,000 (0.0%)
Benchmark Comparison: Stock +54.6% vs NZ50 +11.5% = +43.1% alpha
  • └─Stock price surged 54.6% while pay stayed flat (0.0%)
Context: Director showed exceptional restraint by not increasing compensation despite strong company performance.
🟢EXEMPLARY
EBO
Peter Williamsat EBOS Group Limited
FY2021: $160,000 → $160,000 (0.0%)
Benchmark Comparison: Stock +54.6% vs NZ50 +11.5% = +43.1% alpha
  • └─Stock price surged 54.6% while pay stayed flat (0.0%)
Context: Director showed exceptional restraint by not increasing compensation despite strong company performance.
🟢EXEMPLARY
EBO
Stuart McGregorat EBOS Group Limited
FY2021: $177,500 → $160,000 (-9.9%)
Benchmark Comparison: Stock +54.6% vs NZ50 +11.5% = +43.1% alpha
  • └─Stock price surged 54.6% while pay decreased (-9.9%)
Context: Director showed exceptional restraint by not increasing compensation despite strong company performance.
🟢EXEMPLARY
VSL
Russell Chenuat Vulcan Steel Limited
FY2023: $270,000 → $270,000 (0.0%)
  • └─Revenue grew 28.0% while pay stayed flat (0.0%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
VSL
Peter Wellsat Vulcan Steel Limited
FY2023: $1 → $1 (0.0%)
  • └─Revenue grew 28.0% while pay stayed flat (0.0%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
VSL
Wayne Boydat Vulcan Steel Limited
FY2023: $135,000 → $135,000 (0.0%)
  • └─Revenue grew 28.0% while pay stayed flat (0.0%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
2CC
David (Yusuke) Senaat 2 Cheap Cars Group Limited
FY2023: $314,870 → $314,315 (-0.2%)
  • └─Revenue grew 29.0% while pay decreased (-0.2%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
2CC
Tracy Rowsellat 2 Cheap Cars Group Limited
FY2023: $76,700 → $28,370 (-63.0%)
  • └─Revenue grew 29.0% while pay decreased (-63.0%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
2CC
Michele Kernahanat 2 Cheap Cars Group Limited
FY2023: $76,700 → $1,733 (-97.7%)
  • └─Revenue grew 29.0% while pay decreased (-97.7%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
2CC
Karl Smithat 2 Cheap Cars Group Limited
FY2023: $147,500 → $5,589 (-96.2%)
  • └─Revenue grew 29.0% while pay decreased (-96.2%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
2CC
Eugene Williamsat 2 Cheap Cars Group Limited
FY2023: $366,314 → $141,937 (-61.3%)
  • └─Revenue grew 29.0% while pay decreased (-61.3%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🟢EXEMPLARY
2CC
Charles Boltat 2 Cheap Cars Group Limited
FY2023: $76,700 → $56,881 (-25.8%)
  • └─Revenue grew 29.0% while pay decreased (-25.8%)
Context: Director prioritized shareholder value over personal compensation during strong revenue growth.
🔵COMMENDABLE
FPH
Philippa Mary Greenwoodat Fisher & Paykel Healthcare Corporation Limited
FY2020: $121,300 → $126,759 (+4.5%)
Benchmark Comparison: Stock +125.4% vs NZ50 +9.4% = +116.0% alpha
  • └─Stock price gained 125.4% while pay increased minimally (4.5%)
Context: Director demonstrated restraint with only modest pay increase despite strong shareholder returns.
🔵COMMENDABLE
FPH
Scott St Johnat Fisher & Paykel Healthcare Corporation Limited
FY2020: $143,800 → $150,271 (+4.5%)
Benchmark Comparison: Stock +125.4% vs NZ50 +9.4% = +116.0% alpha
  • └─Stock price gained 125.4% while pay increased minimally (4.5%)
Context: Director demonstrated restraint with only modest pay increase despite strong shareholder returns.
🔵COMMENDABLE
FPH
David Carterat Fisher & Paykel Healthcare Corporation Limited
FY2020: $224,700 → $234,812 (+4.5%)
Benchmark Comparison: Stock +125.4% vs NZ50 +9.4% = +116.0% alpha
  • └─Stock price gained 125.4% while pay increased minimally (4.5%)
Context: Director demonstrated restraint with only modest pay increase despite strong shareholder returns.
🔵COMMENDABLE
FPH
Michael Daniellat Fisher & Paykel Healthcare Corporation Limited
FY2020: $115,700 → $120,907 (+4.5%)
Benchmark Comparison: Stock +125.4% vs NZ50 +9.4% = +116.0% alpha
  • └─Stock price gained 125.4% while pay increased minimally (4.5%)
Context: Director demonstrated restraint with only modest pay increase despite strong shareholder returns.
🔵COMMENDABLE
FPH
Geraldine McBrideat Fisher & Paykel Healthcare Corporation Limited
FY2020: $98,850 → $103,298 (+4.5%)
Benchmark Comparison: Stock +125.4% vs NZ50 +9.4% = +116.0% alpha
  • └─Stock price gained 125.4% while pay increased minimally (4.5%)
Context: Director demonstrated restraint with only modest pay increase despite strong shareholder returns.
🟡ALIGNED
2CC
David (Yusuke) Senaat 2 Cheap Cars Group Limited
FY2024: $314,315 → $378,737 (+20.5%)
  • └─Pay growth (20.5%) was less than half of stock return (127.9%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
FPH
Donal O'Dwyerat Fisher & Paykel Healthcare Corporation Limited
FY2020: $157,157 → $166,521 (+6.0%)
Benchmark Comparison: Stock +125.4% vs NZ50 +9.4% = +116.0% alpha
  • └─Pay growth (6.0%) was less than half of stock return (125.4%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
EBO
Elizabeth Couttsat EBOS Group Limited
FY2021: $313,885 → $357,500 (+13.9%)
Benchmark Comparison: Stock +54.6% vs NZ50 +11.5% = +43.1% alpha
  • └─Pay growth (13.9%) was less than half of stock return (54.6%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
EBO
Stuart McLauchlanat EBOS Group Limited
FY2021: $193,688 → $207,500 (+7.1%)
Benchmark Comparison: Stock +54.6% vs NZ50 +11.5% = +43.1% alpha
  • └─Pay growth (7.1%) was less than half of stock return (54.6%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
EBO
Elizabeth Couttsat EBOS Group Limited
FY2022: $357,500 → $389,000 (+8.8%)
Benchmark Comparison: Stock +18.6% vs NZ50 +1.7% = +16.9% alpha
  • └─Pay growth (8.8%) was less than half of stock return (18.6%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
EBO
Sarah Ottreyat EBOS Group Limited
FY2022: $170,000 → $185,097 (+8.9%)
Benchmark Comparison: Stock +18.6% vs NZ50 +1.7% = +16.9% alpha
  • └─Pay growth (8.9%) was less than half of stock return (18.6%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
EBO
Stuart McLauchlanat EBOS Group Limited
FY2022: $207,500 → $224,500 (+8.2%)
Benchmark Comparison: Stock +18.6% vs NZ50 +1.7% = +16.9% alpha
  • └─Pay growth (8.2%) was less than half of stock return (18.6%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
EBO
Peter Williamsat EBOS Group Limited
FY2022: $160,000 → $168,000 (+5.0%)
Benchmark Comparison: Stock +18.6% vs NZ50 +1.7% = +16.9% alpha
  • └─Pay growth (5.0%) was less than half of stock return (18.6%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
EBO
Stuart McGregorat EBOS Group Limited
FY2022: $160,000 → $168,000 (+5.0%)
Benchmark Comparison: Stock +18.6% vs NZ50 +1.7% = +16.9% alpha
  • └─Pay growth (5.0%) was less than half of stock return (18.6%)
Context: Director compensation growth aligned well with shareholder value creation.
🟡ALIGNED
AIR
Dame Therese Maria Walshat Air New Zealand
FY2021: $222,375 → $229,500 (+3.2%)
Benchmark Comparison: Stock +14.4% vs NZ50 +11.5% = +2.9% alpha
  • └─Pay growth (3.2%) was less than half of stock return (14.4%)
Context: Director compensation growth aligned well with shareholder value creation.

Methodology & Context

Green Flag Tiers

  • 🟢 EXEMPLARY: Stock price up >20% AND director compensation stayed flat or decreased (showing exceptional restraint)
  • 🔵 COMMENDABLE: Stock price up >15% AND director compensation increased <5% (minimal increase despite strong performance)
  • 🟡 ALIGNED: Stock performance positive AND compensation growth was less than half of stock returns (good alignment)

Important Context

  • • Performance Calculation: Stock performance measured for NZX financial year (July 1 - June 30)
  • • Board Role Changes: Pay decreases may reflect stepping down from chair or committee positions
  • • Voluntary Restraint: These directors chose restraint when they could have justified larger increases
  • • Market Context: Analysis does not account for peer benchmarking or industry norms
  • • Data Availability: Analysis limited to companies with director compensation and stock price data

Why This Matters

"Shareholder Heroes" demonstrate genuine alignment with shareholder interests by exercising pay restraint during periods of strong company performance. This is the opposite of "pay for failure" - it shows directors who prioritize long-term value creation over maximizing personal compensation. These directors set a positive example for board governance and stewardship.

This page updates automatically as new director compensation and stock price data is added to the database. Last generated: 5 February 2026