Memo #13: NZME -- “We hear for you”?

NZME has banned media from attending its upcoming Annual Shareholder Meeting (ASM) -- unless they have express permission from the Board -- a little ironic given that NZME is a media company (and its journalists, many of whom are quite good, often submit OIA requests, oppose name suppression in court, etc.) Of course, if you’ve been following the fracas-that-never-ends for a while, you’ll know that the board has been disdainful of other shareholders (up until recently, it felt like the heir-to-be, Jim Grennon, was persona non grata) and fairly dismissive of any comment critical of it. We cannot remember a similar instance occurring in the recent past -- even Fletcher Building had journalists at its recent board meeting, (then-Chair Barbara Chapman zoomed in, apparently with a case of COVID. Chapman is also incumbent chair of NZME).

ASMs have traditionally been the grounds of fund managers and analysts, retirees who own shares and want some free luncheon (scones and sandwiches - yum!), a few media and the odd rubbernecker going along to see what’s happening. We’ve always been a fan of this approach – transparency, if you are a public company, should be given -- the days of smoke-filled boardrooms and clandestine ASMs are long gone. It’s a wild step to ban media, other than those chosen few, from the ASM. Ironically, it smacks of condescension and a disregard for the press and public awareness.

A few examples of other organisations that have a habit of banning journalists:

• Trump’s White House

• Hedi Slimane (banned Cathy Horyn from attending his Saint Laurent shows)

• The country of Jordan

• North Korea

• BooHoo, the British fast-fashion company that was then-embroiled in a battle with habitual retailer Mike Ashley

Now, obviously, NZME is no North Korea. But here’s something to ponder: NZME’s slogan is “everyone’s here”. Perhaps the company should rebrand to “Everyone’s here, except the media and the general public”.

---