Air NZ directors cagey with their cash

By DANIEL RIORDAN

They may be doing their best to reinvigorate the national carrier, but most of Air New Zealand's directors have yet to back their governance prowess with their money.

The airline had to tell the Australian Stock Exchange of its directors' shareholdings when it moved this month to a full listing across the Tasman.

Only two of the eight directors owned shares in the airline on July 1: managing director Ralph Norris (18,662) and Sir Ron Carter (20,000). Their stakes, worth $12,000 to $13,000 at current market prices, have not changed from June 30 last year.

Yet to take a punt are chairman John Palmer (appointed on November 29), deputy chairman Roger France (a director since October 1) and the new blood introduced on February 27 after the Government pumped in almost $1 billion to keep the airline flying: John McDonald, Warren Larsen, Jane Freeman and Ken Douglas.

Buoyed by improving industry conditions and the market's growing approval of its new strategies, Air NZ shares closed yesterday at 65c - compared with 33c on November 29. Sir Ron and Norris bought most of their shares in the year to June 2001, when the average price was $1.52.

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