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THE 2017 NBR Rich List celebrated 31 years with the biggest issue yet. We added 19 newcomers representing a broad range of industries and colourful personalities. We also added two new features covering the issue of succession for our wealth creators and the sport of kings and NBR Rich Listers – horse racing.

The 2018 list therefore promises to be better and bolder than ever. The NBR Rich List is an annual magazine that celebrates our nation’s wealth creators. It acknowledges and celebrates the success of more than 200 of our most powerful, talented, tenacious, clever and determined movers and shakers.

SUPPORT PROGRAMME Multi-media awareness campaigns Retail sales of the 2017 NBR Rich List were exceptional with over 4000

copies sold, in addition to complimentary copies to all NBR Print subscribers We will continue to build on retail distribution with significant “instore”

display activity

SALIM KHAN Director of Strategic Partnerships Email: skhan@nbr.co.nz Mob: +64 21 0220 8673

CONTACT:

INVESTMENT

2017: $1.1 BILLION

HAVING MADE, AND REPORTEDLY lost, a fortune as an investment banker in Russia, Taranaki-born Stephen Jennings has turned property developer in Africa on a huge scale.

The company he founded, Rendeavour, is building satellite cities from scratch in five countries – Ghana, Nigeria, Congo, Kenya and Zambia.

The new towns will each house up to 180,000 people and cater to a range of income levels, from factory workers to chief executives.

In an interview with CNBC in Nigeria in March, he contrasted the shortage of housing in west Africa with the region’s growth in population and per capita GDP.

“There is a big mismatch between supply and demand that naturally creates a big opportunity,” he said.

There are clear challenges in Africa – infrastructure taken for granted in western countries often does not exist – but after more than a decade doing business in Russia Jennings has plenty of experience to draw on.

After spending his early career at the Treasury he was working for investment bank CS First Boston when a transfer to Moscow provided the entry to Russia, where he founded Renaissance Capital in 1995.

Jennings turned Renaissance into one of the biggest investment banking players in Russia but sold out to Mikhail Prokhorov’s Onexim Group in November 2012, having earlier sold a half share to Onexim in 2008.

Although he lives in the UK with his wife Yulia on a 105ha farm in Oxfordshire, acquired for £14.65 million in 2008, Jennings has maintained his ties to New Zealand.

The 56-year-old has a waterfront bach in Oakura, just south of New Plymouth, and a house at Awaroa Inlet on the edge of Abel Tasman National Park.

2016: $1 billion

Jennings STEPHEN

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Photo: New Zeland Herald / newspix.co.nz

NBR Rich List

Bullet-proof baby boomers hit the succession wall

J UDGING BY THE TRICKLE of young blood entering the boardrooms of New Zealand’s wealthiest private companies, it appears many Rich Listers are slowly but surely

coming to terms with the sometimes problematic issue of old age – and succession.

Nowhere is the changing of the guard more evident than at Viaduct Harbour Holdings, the one billion dollar land bank on Auckland’s waterfront that recently announced plans to build a grandiose five-star hotel called One Market Square.

Now well into their seventies, the founders of VHL have progressively handed over the deal-making to a second generation. Dean Farmer got things rolling in 2013 when he replaced his father Trevor, then Justin Wyborn took over from his father, Mark, and now Alan Gibbs has been replaced by his youngest daughter, Emma.

While it appears to be a smooth transition at VHL, the succession process is likely to be anything but smooth for most Kiwi business owners given

that about 60% of businesses either haven’t chosen a successor or don’t have an exit strategy.

SPEEDING UPAccording to the government’s Small Business Development Group, the next decade will see an “unprecedented level” of small business succession as owners reach retirement age and look to sell out. The group points to a real opportunity for baby boomers to sell their businesses to migrants as part of their exit strategy but says inadequate succession planning can result in decisions being made under duress.

One of the biggest problems is that baby boomers tend to have a certain doggedness and determination that has enabled them to succeed – and makes them feel bullet-proof – not the sort of attributes that enable someone to be reflective about their own mortality. “It’s only when, sadly, there’s either a

by Owen Poland

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EMMA HILL: Now chairwoman of Michael Hill International, she started out cleaning counters and selling on Saturday mornings as a girl at her parents’ Whangarei shop

feature

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IT’S ONLY WHEN, SADLY, THERE’S EITHER A LIFE-CHANGING OR DEBILITATING EVENT THAT LIMITS THEIR CAPACITY TO CONTINUE THAT REALLY FORCES THE ISSUE BECAUSE SO MANY OF THEM DO WISH TO CARRY ON

EY private client services leader

Darren White

life-changing or debilitating event that limits their capacity to continue that really forces the issue because so many of them do wish to carry on,” EY

private client services leader Darren White says.Succession is often also a private matter because of the

emotional attachment involved. Of the family businesses whose succession goals didn’t succeed, 60% have cited breakdowns in trust and communication within the family unit.

FAMILY ISSUESConcerns about potential family conflict were clearly on the mind of Rich List newcomer Hugh Jones who listed Airwork through an IPO in 2013 and eventually sold a majority stake in the aviation company to Chinese interests in 2016.

Interviewed for a Pioneers in Aviation article, Jones said that having family members in the business can create dissention. “I would have loved to get my kids in here, but then I think, what happens when you disagree? How can you not have a biased view? I see being a public company as a way to cover all the bases.”

Conflict among successors has also led to some very public legal battles for several NBR Rich Listers including the Green, Huljich and Gough families. Historically, only 3% of all family businesses make it into and beyond a fourth generation and White says part of the problem is that “too often the succession discussion unfortunately quickly gravitates to a question of ownership.”

EY says families should have a ‘tiered discussion’ over the issues of ownership and control, and overseas experience reinforces the benefits of independent governance. “That involvement of independent board members is almost a

given at some point in that trajectory,” White says.Getting involved in a business at an early age also has its

advantages according to White because it demonstrates a “willingness on the part of the next generation as to whether they should or shouldn’t be in the business from the get-go.”

TRAINING THEM UPAnointed by her father as the chairwoman of Michael Hill International, Emma Hill has become something of a poster child for the notion that succession planning should start early. Emma’s journey began cleaning counters and emptying rubbish bins in her parents’ Whangarei shop before she started selling on Saturday mornings and eventually set up MHI’s North American operation.

Sir Michael says she just seemed to gravitate straight toward retail. “Then she did all the things I never did of course, which is getting all the qualifications – and she’s an MBA.”

Many other Rich List families have also set the wheels in motion to ensure their legacy continues well into the future. In the automotive sector, 75-year old Sir Colin Giltrap has had two sons managing the Giltrap Group for more than a decade and, in the South Island, 76-year-old Alan Pye has handed over the management of his transtasman horticulture empire to his two sons and their wives.

But for some, like Sir Patrick and Lady Justine Hogan, succession would not appear to be an option. As the last farmer in his family, and with two adult daughters leading their own lives, 77- year-old Sir Patrick admits he will have no choice but to sell his world class thoroughbred breeding operation at Cambridge Stud. “It’s going to have to come along eventually because I haven’t got anybody to take the stud over in the family.”

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NATIONAL PROFILES

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TECHNOLOGY

2017: $105 MILLION

ANNETTE PRESLEY HAS STEPPED away from day-to-day business to spend her time on philanthropy and mentoring others to have the type of success she has.

Presley started her first business at age 24 in 1988, then went on to launch her own IT recruitment company, Stratum. She co-founded CallPlus, made up of CallPlus Business, Slingshot, Orcon, Flip and 2talk, with her business partner and former husband Malcolm Dick. The company sold to Australia’s M2 (now part of Vocus) for $250 million in 2015.

Presley, who has appeared on television in Dragons’ Den and Shock Treatment, is a mentor to many female entrepreneurs and young women. She is an investor in Creative HQ’s Lightning Lab programme, which supports start-up businesses that have at least one female co-founder.

After growing up in poverty in South Auckland, Presley understands how the right mix of motivation and support networks can help people succeed in business and life.

She gives her time to several charities including Dress for Success, Manukau’s Kidz First Children’s Hospital and stepUP, which aims to inspire underprivileged youths to overcome their personal obstacles.

She also supports the Sensible Sentencing Trust, the Stellar Trust (battling against the drug P) and the youth suicide support organisation Casper foundation.

Two years ago Presley established her own charity, Elicit, which provides camps to inspire young girls to strive for their dreams – as she did.

“When I was a young girl I always dreamed of one day having my own company and a life of choice,” she says.

2016: $100 million

PresleyANNETTE

WHEN I WAS A YOUNG GIRL I ALWAYS DREAMED OF ONE DAY HAVING MY OWN COMPANY AND A LIFE OF CHOICE

annette presley

NBR Rich List 175

– and Rich Listers

The sport of kings

by Owen Poland

178 NBR Rich List NBR Rich List 179

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R ISK-TAKING IS PART AND parcel of wealth creation so it’s hardly surprising that many entrepreneurs get involved in the sport of kings – horse racing.

At least 14 of the world’s 1800 billionaires participate in horse racing according to Forbes, and, while none of New Zealand’s resident billionaires feature in the racing pages, there are plenty of Rich Listers who do – Sir Owen Glenn, Eric Watson, Dame Wendy Pye, Kevin Hickman, Greg Tomlinson and Brendan Lindsay to mention just a few.

Despite being in economic decline, the domestic racing and betting industries continue to be a magnet for the wealthy. Indeed, NZ Thoroughbred Marketing chief executive Andrew Birch says “we’d be in big big trouble if it wasn’t for these Rich Listers.”

Whereas farmers were once the mainstay of the industry, Birch says the demographic has changed and Rich Listers have become a dominant force. “The thrill of watching a horse win a race is probably an adrenalin buzz that they haven’t been able to buy” he says.

Sistema founder Brendan Lindsay and his Australian-born wife Jo are a typical example.

‘BOOTS AND ALL’What started out as a passion has grown into a multi-million dollar business called Lindsay Racing. Based at a world-class 200ha facility in South Auckland, they have private training tracks, a private trainer and 20 staff looking after about 100 horses. “We’re really well involved, boots and all” says Lindsay, whose racing portfolio includes racehorses, broodmares, stallion shares and property on both sides of the Tasman.

By importing valuable mares, Birch says Rich Listers are also making a significant contribution to the breeding industry. “Without these large scale investors we wouldn’t have such an internationally acclaimed product. The fact they’re investing in these world-class bloodlines is so important for the whole industry.”

YOU CAN’T EXPLAIN TO PEOPLE JUST HOW GOOD YOU FEEL WHEN YOUR HORSE WINS A RACE. MY ADVICE IS TO GIVE IT A GO, OR THE ALTERNATIVE IS JUST BEING PLAIN MISERABLE!

Gerry Harvey

Photo: Getty Images

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SPENCER Late John’s familyINVESTMENT, WINE,

PAPER MANUFACTURING

2017: $750 MILLION

THE CHILDREN OF JOHN Berridge Spencer have followed family tradition in the wake of their reclusive father’s February 2016 death by maintaining a low profile.

Daughter Mertsi – a bed linen distributor and co-director of the family’s Man O’ War vineyard on Waiheke Island – has continued to lead her transtasman life without troubling the headlines.

Son Berridge – a hedge fund specialist who divides his time between Hong Kong, the UK and Waiheke – has attracted public notice, however, as a result of one of his companies making a resource consent application to develop a 1.5ha Stanley Pt property near Auckland’s Devonport.

The site’s land value alone is estimated at over $50 million, and much of it has been owned by the Spencer family for three generations.

The family fortune was founded on Caxton Pulp & Paper, which was established by John’s grandfather Albert Spencer in 1890 and built into New Zealand’s largest pulp and paper producer by his father Berridge.

John prospered during the stock market boom of the 1980s, topping the NBR Rich List in 1986 and 1987 before suffering heavy losses in the 1987 crash, although he retained a significant amount of his wealth – augmented by an estimated $300 million for selling Caxton to Carter Holt Harvey in 1988.

The Spencer family has extensive business interests around the world, including real estate in the UK, a 1820ha Waiheke estate including cattle, sheep and olive operations and award-winning vineyard, as well as several islands, including Rangipukea off the Coromandel and parts of Ponui.

2016: $720 million

FARMERTrevorPROPERTY

2017: $640 MILLION

UNLIKE HIS SWASHBUCKLING BUSINESS partner, Alan Gibbs, Trevor Farmer has stayed well out of the limelight despite owning a property portfolio worth hundreds of millions of dollars.

He is in in his 80s and his son, Dean, represents the family interests on the boards of investment vehicles including Viaduct Harbour Holdings, Tramco and Tappenden Holdings, whose major assets include the huge Wairakei Pastoral development in the central North Island and a $1 billion land bank in Auckland’s Viaduct Harbour.

Through their 30% shareholding in Viaduct Harbour Holdings, the Farmers are behind plans for a new 165-room luxury waterfront hotel called One Market Square which is being marketed to international investors for construction on the old Simunovich Fisheries site.

One of Tappenden Holdings’ more curious investments in recent times was the acquisition of a 2% stake in 9 Spoke, the New Zealand-based cloud accounting start-up that listed on the ASX in 2016. Costing investors 20c a share, 9 Spoke is trading at 14c, which values the Farmer holding at $A1.2 million.

Keen supporters of the arts, Trevor and Jan Farmer are long time residents on Auckland’s plush Paritai Drive and, along with fellow Rich Lister Sir Christopher Mace, they share in the ownership of the 180ha Paroa Bay Station overlooking the sea near Russell.

2016: $600 million

JACKSONSir Peter

FILM

2017: $630 MILLION

LATE LAST YEAR THE Miramar-based movie mogul announced his first new project since the third instalment of his The Hobbit trilogy grossed almost $US1 billion on cinema screens worldwide.

Sir Peter isn’t, however, directing the adaptation of 2001 novel Mortal Engines – the first of four in a dystopian series by Philip Reeve. Instead he is co-writing and producing, with helming duties taken by long-time collaborator Christian Rivers, who had been set to make his directorial debut several years ago on Sir Peter’s now apparently abandoned remake of The Dambusters.

To describe the project as “new” is something of a misnomer and an insight into the “hurry up and wait” nature of the film business – Sir Peter reportedly acquired the movie rights to the series 16 years ago.

Another long-in-gestation project on Sir Peter’s slate is directing (at some as-yet-unannounced point) Prisoners of the Sun, sequel to 2011’s The Adventures of Tintin, which was directed by Steven Spielberg using motion capture technology developed by Weta Digital – one of a number of film-related companies Sir Peter part-owns.

Also taking longer than originally anticipated is Sir Peter’s collaboration with Wellington City Council on the creation of a movie museum in the capital that would house his extensive movie memorabilia collection.

Although he reportedly recently pledged to double his undisclosed spend on fitting out the two-floor museum (the council is paying for the $150 million, three-storey building, which will have a convention centre on the top floor), its completion is understood to have been pushed back from 2018 to as late as 2021, with speculation the delay is down to Sir Peter’s “attention to detail.”

The most intriguing news involving the filmmaker over the past year has been the March creation of a new company – PBT New Zealand – with his wife and creative partner Fran Walsh and billionaire Canadian filmmaker James Cameron and his wife.

Comment having been declined, speculation about the purpose of PBT NZ includes a joint venture to develop new technology to be deployed on Cameron’s four Avatar sequels, much of which will be made using Sir Peter’s filmmaking facilities in Miramar, or a project in the Wairarapa, where both couples have rural holdings.

2016: $630 million

Photo: Getty ImagesNBR Rich List 57

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