MRP
20/03/2012 10:52
DIRECTOR
REL: 1052 HRS Mighty River Power Limited
DIRECTOR: MRP: CHANGES ON MIGHTY RIVER POWER BOARD
Appointments announced today by the Minister for State-owned Enterprises, Hon
Tony Ryall, will see James Miller join the Mighty River Power Board, and
long-standing Director, Sandy Maier, stepping down after more than 10 years.
Chair, Joan Withers, said Mr Miller would complement the existing strengths
of the Board with his depth of understanding of the electricity industry,
along with extensive capital markets experience.
"It's great to be welcoming someone of this calibre to the Mighty River Power
Board," she said.
"James has a strong professional background in accountancy and finance,
including as head of New Zealand equities for ABN AMRO, and has a broad range
of governance experience, as a director of NZX, Auckland International
Airport, Financial Markets Authority, Vector and as Chairman of Kingfish,
Barramundi, and Marlin Listed investment companies."
The incompatibility between the Vector and Mighty River Power roles had
required Mr Miller to resign from the Vector Board prior to joining the
Mighty River Power Board.
"In this respect, I want to thank and acknowledge Vector's Chairman, Michael
Stiassny, for his support in ensuring we have a smooth transition as James
moves from his Board to ours."
"At the same time, we must acknowledge the contribution by Sandy through the
evolution of the Company since he joined the Board in 2002."
Mrs Withers said Sandy Maier had played a key role in decisions made by the
Board around investments in geothermal growth - domestically, which have been
a 'game-changer' for Mighty River Power in strengthening the Company's
earnings base, and offshore providing new opportunities for growth."
"He has also been a champion of our people and in supporting a performance
culture in the business, as Chair of our Human Resources Committee. Investing
in our people, and in geothermal, have been fundamental to the evolution and
the value we have in Mighty River Power.
Mrs Withers said Mr Maier would step down from the Board at the end of his
current term on April 30 this year. Mr Miller is expected to join the Board
on May 1 subject to his receipt of an exemption under the Electricity
Industry Act 2010 which is required because of his AIA directorship.
ENDS
For further information please contact:
Katherine Litten
Media Relations Manager - Mighty River Power
Tel: 0272 105 337
End CA:00220920 For:MRP Type:DIRECTOR Time:2012-03-20 10:52:55
