29 Nov 2010

NZ 'suffering shortage' of experienced directors

6:55 am on 29 November 2010

The president of the Institute of Directors says the hollowing out of multinationals in New Zealand is contributing to a shortage of well-skilled and experienced directors.

Dr Kerry McDonald, who was the chairman of the BNZ for 11 years, says the supply of potential board directors is becoming a major issue.

He says a few corporates, and the major banks, are helping senior managers and staff to develop the skills necessary for the boardroom, but more needs to be done.

Dr McDonald says the country is suffering from a shortage of directors who have worked in multi-national companies and are well trained in a wide range of business areas.

He says one of the causes is a hollowing out of foreign-owned companies in New Zealand, whose role in training New Zealanders has not been generally appreciated.