Shareholders threaten NZX board shake-up

James Miller

Mike Daniel, and shareholders representing 11.3% of NZX-issued capital, wrote to NZX chairman James Miller, asking the board and management to immediately reduce the cost base of the whole organisation.

Daniel, an investor and former Northland Port Corporation chairman, told Millar there seemed to be reluctance to accept that NZX faced little or no growth in revenue, while dealing with extremely high costs.

"The little or no growth comes at a time when the capital markets aroudn the world have been very positive, yet the NZX share price performance and total return is among the worst in the world for a listed stock exchange."

The NZX's strategic plan, targeting mid-term growth, and the Capital Markets 2029 review, aiming to boost listings, were not enough, he said.