One of the country's top businessmen has some advice for aspiring directors.
Tony Carter, the former chairman of Air New Zealand, says a career in governance is a fine line between being "sufficiently hands-off" and fulfilling legal obligations.
"One of the keys [to success] is that you don't try and do the CEO or managements' job for them. You've got to step back and give them space to be able to grow the companies they are involved with," says Carter, who retired from the board of Air New Zealand in September after nine years with the company.
"The role of a director is a multi-faceted one because you've got all the legal responsibilities to go with it, but also in some ways part of the role is to give people space to be able to do what they are good at - there's a delicate balance between being responsible and fulfilling your legal obligations and being sufficiently hands-off that the people who are best placed to do stuff can do that."
It is perhaps this thinking that has led Carter to be appointed a Companion of the New Zealand Order of Merit (CNZM) for his services to business governance.
Carter, who chairs Fisher & Paykel Healthcare and is on the board of ANZ Bank New Zealand and Vector, is considered one of the country's most experienced directors.
Carter joined the board of Air New Zealand in 2010 and became chairman in 2013, he joined Fisher & Paykel in 2012. In these roles he steered the companies through the recovery from the global financial crisis and uncertainty in offshore markets.
He was chair of Air New Zealand when it posted its biggest ever profit in 2016 and has overseen a number of changes at the national airline, including the appointment of now-departed chief executive Christopher Luxon who took over from Rob Fyfe in 2013, and is credited for bringing women into the boards at both companies.
He is succeeded by Dame Therese Walsh at Air New Zealand.
A chemical engineering graduate, Carter moved into governance following a successful executive career, where he led Foodstuffs for 17 years as a managing director.
The 62-year-old studied chemical engineering at university but never practised, but he says it was "wonderful training for a career in business". He studied in Britain and came back to New Zealand initially to work for a family company in Christchurch before joining the board of Mitre 10 in the 1990s.
He was chairman of Mitre 10 for a year in 1993, before joining Foodstuffs.
Carter says he feels "privileged" to have been appointed a CNZM for his services to business governance.
"It was a bit of a shock when I got the letter," Carter told the Herald from Waiheke Island yesterday.
He says chairing the board of Air New Zealand and Fisher & Paykel Healthcare - "two of New Zealand's outstanding companies" - had been highlights of his career.
"It's been an absolute privilege to fill those roles, and see those companies do well."
Witnessing the growth of the people within the teams at each of those companies delivered particularly memorable moments for Carter. He is set to retire from the board of Fisher & Paykel next year.
"I've worked with some great chief executives at Air New Zealand and at Fisher & Paykel Healthcare - Rob Fyfe, Christopher Luxon, Mike Daniel and Lewis Gradon, and that's been an absolute privilege - working with great people and achieving great things."
Tony Carter was chair of Air New Zealand when it posted its biggest-ever profit in 2016. Photo / Brett Phibbs
Carter says his move into governance was a natural progression. He says making the transition back to director from being hands-on as a managing director and earlier chief executive was easy as he came from a co-operative environment at Foodstuffs.
"In some ways, because there was individual store owners who had the autonomy to run their own businesses, I was used to knowing where the boundaries were."
Carter has been credited with assisting the growth of New Zealand's retail grocery sector, and being instrumental in establishing a programme of work for Foodstuffs, which included the development of owner-operator bases and strategic partnerships.
A trustee of the Maurice Carter Charitable Trust, he was also previously director of Vector Building from 2007 to 2012 and chairman of Auckland Blues rugby franchise.
He was chairman of the New Zealand Institute when it merged with the New Zealand Business Roundtable to form the New Zealand Initiative in 2012, of which he served as inaugural chairman until 2013.
