ICBC NZ CEO Bin Liu sees exciting opportunities to finance New Zealand’s infrastructure transformation, writes Tim McCready

ICBC NZ CEO Bin Liu sees exciting opportunities to finance New Zealand’s infrastructure transformation, writes Tim McCready

New Zealand is entering a critical new phase of infrastructure development. Decades of underinvestment, rapid urban growth, and the increasing impacts of climate change have converged to create both a challenge and an opportunity.

ICBC New Zealand, a subsidiary of the world’s largest bank by total assets and capital, sees compelling potential for Chinese capital to support this transformation. With more than 11 years of local operations, the bank draws on global experience and deep funding capability to deliver tailored, ESG-aligned financing solutions for New Zealand.

Speaking at the recent China Business Summit in Auckland, Bin Liu, CEO of ICBC New Zealand reflected on the state of the market.

“I have three key takeaways from the past year,” he said. “First, we are finally seeing more infrastructure projects moving — and at a bigger scale than before.

Agribusiness and Trade: Drones transform NZ farms from above

Agribusiness and Trade: Drones transform NZ farms from above

  • Drone use is growing in NZ, with around 60 members now in the Agricultural Drone Association.
  • Drones fill a practical niche between ground-based equipment and helicopters.
  • The association is working with the Civil Aviation Authority to improve the certification process.

This year’s Fieldays included a new addition that drew steady crowds – the Fieldays Drone Zone. Run in partnership with the Agricultural Drone Association, it offered many their first look at how drones are revolutionising farm management practices, including spraying and targeted fertiliser spreading.

“The Drone Zone was incredibly popular – we had nine people on site and we needed all of them,” says Craig Simpson, president of the Agricultural Drone Association and founder of Aerolab, New Zealand’s largest supplier of commercial agricultural drones.

“A lot of people don’t know that drones are an option,” says Simpson. “Seeing one flying, they quickly realise they are big machines that can carry a significant spray pack, and gain a better understanding of how they work.”

The use of drones is reshaping how work gets done on New Zealand farms, with significant growth over the last few years. There are now hundreds of large agricultural drones operating across the country – up from around 20 or 30 three years ago. Simpson says Aerolab’s sales have doubled in the past year alone.

“Ag drones have been in the background for a couple of years,” he says. “But we have recently hit a sweet spot where they are able to carry enough liquid and fly long enough to make them genuinely effective. That’s when the market really took off.”

Drones fill a practical niche between ground-based equipment and helicopters, and their rise is changing how agricultural contractors operate. They can open up access to land that might previously have been too steep or too wet for traditional agricultural machinery, or that require immediate attention and more precision.

“If you’ve got 100 hectares to do, a helicopter is always going to be the best choice,” he says. “And if you’ve got lots of ground, it is dry, not steep, and you have got plenty of room to move vehicles, then a tractor or a truck is going to be better.

New Zealand’s geography makes drones particularly well-suited.

“We farm intensively and make the most out of small holdings,” says Simpson. “We’ve got a lot of arable land but not a huge amount of it is flat. Even with beef and sheep, we run stock on quite steep country. A drone is a real nice fit.”

This is opening up new possibilities. “Some farmers never dealt with gorse on steep blocks because the only option was spraying with a backpack. A helicopter wasn’t economical. Now a drone contractor can do the job at a reasonable rate.”

Urgency has also become a significant factor in the technology’s uptake. Simpson points to Wairarapa, which has had to deal with heavy rain this year.

“There is a point at which you can’t use a vehicle. In the past you might ring a helicopter provider and be told there is a four-week wait. Meanwhile, the fungus gets a foothold.

“A drone provider might be the same price, but they can be there the next day. You can deal with the problem faster and ultimately use less chemicals.”

Safety is another driver of demand.

“Why drive a quad bike or a vehicle across a steep hillside when you can instead fly over it with a drone and keep everyone safe?” says Simpson.

Given the compliance requirements, most agricultural drone users aren’t farmers themselves, but agricultural contractors.

“Since an ag drone is over 25 kilos, you need a certificate with the Civil Aviation Authority (CAA),” says Simpson. “You’re also required to deal with the Environmental Protection Authority for chemicals, WorkSafe for health and safety, as well as local councils for regulations – that’s a lot for one person in a ute with a drone.”

The Agricultural Drone Association has grown to around 60 members – even more since Fieldays – and will play a crucial role in advocating for New Zealand’s agricultural drone operators and enhancing skills and knowledge within the industry.

“The association is aimed at drone users,” says Simpson. “They needed a community, and it means that we can speak to regulators with a collective voice.”

He says the CAA has been a constructive partner. Certification wait times have fallen from 18 months to about eight.

“That is a real improvement – but it is still a barrier. If the industry keeps growing, that bottleneck could get worse.

“We’d like to see the regulator continue working closely with industry so we can maintain momentum. This is a great farming technology, and it’s important we don’t let red tape slow down its potential.”

Simpson says that with their speed, precision, and ability to tackle challenging terrain, agricultural drones are on their way to becoming a familiar sight on New Zealand farms – not just a novelty attraction at Fieldays.

Agribusiness and Trade: Sustainable food innovator seeks inspiration from NZ

Ray Poh from one of Singapore’s leading vertical farms talks with Tim McCready about what he can learn from New Zealand’s agriculture sector.

Artisan Green, founded in 2018 by Ray Poh, is a high-tech, indoor farm that uses stacked growing systems, precision automation and plant science to produce pesticide-free leafy greens in the densely populated city-state.

Poh didn’t start out in agriculture. After years working in the casino industry in Macau, he returned to Singapore looking for a new challenge that was meaningful and sustainable.

That led him to vertical farming, a sector combining climate-controlled growing environments with data and automation. With no prior experience, he began experimenting on a small indoor site with practical knowledge gained through site visits and workshops in Japan and Australia, and volunteering at other farms.

Now, Artisan Green is the country’s top producer of baby spinach as well as other leafy greens and herbs.

In land-scarce Singapore, space is precious. But so is food security.

Singapore imports more than 90% of what it eats, however, as part of its “30 by 30″ goal to produce 30% of its nutritional needs locally by 2030, the Government tenders parcels of land for agriculture. Artisan Green won its plot by demonstrating the commercial viability and technical sophistication of its operation.

From its original 300 square metre facility, the company is preparing to move into a new two-hectare site in Singapore’s designated agriculture zone. The expansion includes a 5500sq m vertical farm, along with significant outdoor greenhouse space and a 4000sq m facility to support post-harvest operations.

This will lift production from one tonne a month to 30 tonnes per month in the initial phase. The second phase will see this increase to 90 tonnes per month.

Poh says the larger scale will allow Artisan Green to bring prices down and make the locally grown produce more competitive.

“Our aim is to price between overseas imports and imported organic produce,” he says. “People support us even though we’re more expensive than imports because we’re local, and our customers – especially younger families – want to avoid exposing their children to pesticides.”

In partnership with Siemens, Artisan Green has digitised its crop recipes: water and nutrient profiles, lighting cycles and temperature settings, allowing consistent yields without relying on a large team of plant scientists.

“We encapsulate the entire growing cycle into our recipes,” he says, “which means that anyone using this platform in the future will not have to be a plant scientist to operate it.”

Poh explains that the intellectual property developed will help make future expansion easier. With the science centralised and scalable, Artisan Green can replicate its model overseas using local workers, without having to bring in expensive technical talent.

He likens it to McDonald’s. “You don’t have chefs in McDonald’s. You just need operators, while all the R&D is done in the central kitchen.”

Poh was in New Zealand last month as part of the Asia New Zealand Foundation’s ASEAN Young Business Leaders Initiative programme.

The delegation of 11 agribusiness entrepreneurs visited businesses around the country and attended Fieldays to learn about New Zealand’s agricultural sector, build local connections, and explore future business opportunities.

Poh says that for a city-based grower like him, seeing how New Zealand brings together science, industry and government in the agribusiness sector has been eye-opening.

“Agriculture is in New Zealand’s blood,” he says. “It’s not just individual farmers doing their own thing, you can see how industry and government work together to advance the sector.”

He points to New Zealand’s plant science research and downstream operations, including packhouses, marketing, and distribution networks, as areas that Singapore still needs to develop.

Too often, he says, small farms in Singapore fail not because they can’t grow food, but because they can’t get it to customers efficiently. It’s one reason why Poh started his own distribution company, which now handles produce from other local farms as well.

There are lessons New Zealand might take from Singapore too, particularly the value of investing in science to develop high-value crops that can command a premium.

“We can’t grow things like baby spinach outdoors in Singapore. It’s too hot. So we grow it indoors. But to make that work, you need margins, and you need to grow something premium,” Poh says.

And you need to know your science.

“A lot of people think AI or automation is going to revolutionise agriculture. But you can’t eat software,” he says.

“So you need to know your basics in plant science first, then automate from there.”

Poh sees both countries as coming at the same problem from different angles. New Zealand has deep-rooted farming knowledge and strong science institutions. Singapore brings innovation in urban food production.

If the future of food is global, then the best ideas will likely grow in both places.

China Business Summit 2025: Nick Mowbray and Zuru

Nick Mowbray took us inside the “Just in Time” building revolution that Zuru Tech has sparked to disrupt the manufacture of homes and commercial buildings for international markets. Zuru Tech’s flagship product, DreamCatcher, is the world’s first BIM software directly connected to automated production systems, enabling users to design, price, and manufacture buildings with unprecedented efficiency and precision.

It’s the latest chapter in the Zuru story, which began over two decades ago in Guangzhou with a toy company founded by the Mowbray siblings, now a global powerhouse in innovation and scale.

Moderator: Tim McCready, Summit MC

—
The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

 

AI levelling the investment field

Artificial intelligence is fast becoming one of the most powerful forces reshaping global finance.

At the annual Asian Financial Forum held earlier this year in Hong Kong, leading industry voices painted a picture of a very near financial future driven by artificial intelligence (AI), where algorithms are rapidly surpassing humans not just in speed, but in the capacity to analyse, synthesise and act on data.

“Generative AI is the single most disruptive technology that we have ever experienced in human history,” said Sinovation Ventures chair and AI expert Dr Kai-Fu Lee.

“We now have AI thinking better and faster than people most of the time for most tasks.”

Lee argued that this shift is not limited to trading desks or research teams, but that every department in a financial firm should be incorporating AI tools.

He pointed out that the number-centric nature of finance makes it especially conducive to fast, scalable deployment of AI.

“You can’t use AI to make a car instantly, but in the financial industry you are not shipping physical goods, you’re dealing with numbers.”

Lee, formerly the head of Google China, isn’t talking about a hypothetical future.

He cited an AI-enhanced market index fund backed by his venture capital (VC) firm, which allows only AI to buy and sell stocks – humans are excluded from the process entirely. He said the fund outperforms the market index by around 30% each year.

High-Flyer Capital Management, a Chinese hedge fund founded in 2016, gained attention for using machine learning to identify mispriced stocks and time trades.

Its funds have returned 151% in total (or around 13% annualised) since 2017 – a standout performance amid a volatile China market. Regulatory changes in 2024 forced the closure of its market-neutral funds, but High-Flyer’s successes continue to influence a new wave of AI-led investment innovation.

Lee described the global AI race as a tale of two superpowers: the US, leading on groundbreaking research through its culture of innovation and strength in fundamental science, and China, excelling in the practical implementation of user-facing applications.

“WeChat is better than WhatsApp. TikTok is better than Instagram,” he noted. “Chinese teams have figured out how to find product–market fit globally.”

China’s fintech firms, in particular, have been early adopters of large language model (LLMs) like DeepSeek, which received attention earlier this year for claiming performance comparable to OpenAI’s GPT-4 at a significantly lower training cost.

Lee’s message to a room full of finance professionals was direct: if your firm is not integrating AI into research, trading and operations today, it is already falling behind.

“AI should be doing most of the writing. AI should be doing most of the reading. I use AI to read all my news … to ask what the top news are today, or what are three stocks I should buy or sell,” he said.

AI removes one of the most common pitfalls for investors: emotion. Tools now allow for real-time sentiment tracking and automated triggers based on logic and data.

But not every role will disappear. Lee sees long-term investing, M&A (mergers and acquisitions) and relationship-based advice remaining human-led. What’s at risk are roles driven by short-term analysis and repeatable decision-making.

“Computer trading replaced floor traders. AI trading will replace a lot of traders today,” he says.

“So now would be a good time for people in the financial industry to upgrade their skills. Otherwise, their job will simply be replaced.”

He suggested financial services firms consider appointing a chief AI officer: someone who understands the technology deeply and can lead transformation across departments, from legal and HR to asset management.

Democratising financial access
AI has already been embedded across the capital markets landscape, with large and small financial institutions using AI not just to assist human analysts, but to automate decision-making at scale. It is powering everything from trade execution and risk modelling to real-time sentiment tracking, portfolio optimisation and fraud detection.

But Lee says this is only just the beginning.

Until recently, building sophisticated AI models required hundreds of millions of dollars in computing power. Now, models are being trained for a fraction of that cost, enabling a much broader range of financial firms to implement AI technologies.

“AI will be made available to everyone – the world will be able to build applications on top,” said Lee.

For everyday investors, this level of access may prove to be one of the most transformative aspects of AI in finance. Previously, obtaining high-quality investment advice and in-depth data analysis meant relying on costly human advisers or institutional-grade tools that were beyond the reach of most individuals.

With AI-powered market analysis assistants emerging to bridge that gap, users will be able to query the markets in plain language, analyse stock trends in real time and receive suggestions tailored to their investment preferences.

Ultimately, it is expected that these assistants will offer tailored guidance to an individual’s specific profile, factoring in things like risk tolerance and income level, but also personal values and unique financial goals.

In some markets, AI regulators have already approved AI platforms for public use. But as these tools begin offering recommendations that resemble traditional financial advice, they raise important regulatory questions around licensing, disclosure, complaint processes and duty-of-care obligations.

Financial regulators around the world are looking at how to address these issues. With the right policy and regulatory frameworks in place, AI could help democratise investing, making smart, data-driven decisions accessible to all, not just the already wealthy.

– Tim McCready was a guest of the Asian Financial Forum

 

Capital Markets: WNT Ventures launches fourth fund, targets deep tech growth (NZ Herald)

Capital Markets: WNT Ventures launches fourth fund, targets deep tech growth (NZ Herald)

WNT Ventures has become one of New Zealand’s most enduring early-stage deep-tech investors.

Ten years since its launch, the firm has begun deploying capital from its fourth fund, a rare milestone in New Zealand’s venture capital (VC) landscape.

“We’re very excited about our fourth fund,” says Maria Jose Alvarez, WNT Ventures’ managing partner. “Only two other funds are at a fourth vintage or more – Movac and Icehouse. That puts us among the few who’ve seen the full life cycle of a fund.”

WNT’s track record backs that longevity. Its first fund delivered a net annual return of around 20%, with all investor capital returned and more upside expected. Fund 2 is tracking even higher at 25%. Launched last month, WNT’s latest fund is targeting $35-$40 million, building on its commitment to backing early-stage deep tech ventures. Its bigger size will allow for larger investments and more meaningful follow-on support.

“Looking back at our first fund, our very first investment was $150k into a company. At the time, it was a big deal – it helped them go from a benchtop lab to something slightly larger,” Alvarez says. “Today, our typical investment is between $1.2 million and $1.5 million; $150k just doesn’t move the needle anymore.”

Alvarez notes that while New Zealand start-ups have traditionally been capital-efficient, WNT is now better positioned to provide meaningful backing at an early stage and to double down on the companies that are performing strongly, with follow-on investment. The increased capital also allows WNT to more consistently support capital-intensive phases, such as pilot plants or prototyping, often critical for commercialising scientific IP.

Experience through cycles
WNT’s decade of activity means it has seen the market at both its peaks and troughs. That context is proving valuable in the current economic climate.

“We’ve lived through economic hardship before,” Alvarez says. “What matters now is helping our founders navigate it – encouraging capital discipline and building businesses that can withstand pressure.”

That discipline has earned WNT lasting credibility with its investors.

“We’ve been consistently returning capital for seven years, regardless of the economy,” says Alvarez. “But now more than ever, founders need to understand what’s expected. If you’re raising capital, you need to hit your milestones – otherwise the whole system comes under pressure.”

Strategic focus and trends
WNT remains broadly generalist in its tech investments, though Alvarez says the fund has clear boundaries.

“We avoid drug development, basic diagnostics and now – given the hype – the benchmark for AI [artificial intelligence] investment is much higher,” she says. “That said, we’ve backed companies with core AI capabilities before, in 2019 and 2021, because they were ahead of the curve.”

Alvarez sees waves of innovation shaping New Zealand’s start-up ecosystem. “A few years ago, everyone seemed to be working on sensors. Now the big focus is decarbonisation: things like biomanufacturing, precision fermentation, synthetic biology and manufacturing.”

These sectors are addressing urgent commercial challenges, including supply chain resilience and cost efficiency, while also delivering major emissions-reduction potential.

But Alvarez cautions against chasing buzzwords. “Last year there was hype around climate. Now, ‘climate tech’ is thrown around left, right and centre. But climate as a label will only get you so far. You still need to solve a real problem.”

WNT’s new fund has already made its first investment, into Captivate Technologies, which develops carbon-capture technology.

“The company already has a lot of commercial and pilot agreements in place, which for early stage deep tech is quite rare. So we were really excited about seeing the clarity in the value proposition.”

She says WNT is particularly interested in companies operating in overlooked but essential sectors.

“I like some of the innovation we’re seeing in ‘boring’ areas like instrumentation and manufacturing. These are consistent sectors with real, persistent pain points, which are always sought after, regardless of economic conditions.”

Although not actively investing in AI, Alvarez says the technology has become a critical internal tool for both founders and investors.

“It’s always in the background, helping assess competitors, test positioning, identify market opportunities. When used well, it sharpens thinking across the board.”

Attracting better talent
While capital is critical, Alvarez says talent remains one of the biggest constraints to growth.

“The main problem isn’t building companies, it’s having the talent to support and scale them. Recruiting experienced technical teams and seasoned management is becoming increasingly difficult.”

This is where she sees an opportunity for the Government to step up. “It’s great to see initiatives like the Active Investor Plus visa – that has been outstanding for us in terms of attracting capital and global connections,” Alvarez says.

“Our third fund launched during Covid, so we didn’t raise offshore at the time. But since then we’ve built strong relationships in the US, Germany, and Hong Kong. These markets have proven to be really valuable for us.”

But Alvarez says more could be done to make New Zealand’s innovation ecosystem sustainable.

“We need a more integrated approach, starting from early education and continuing through university and PhD pathways. At the same time, we also need to support entrepreneurs who might not fit the traditional VC model,” she says.

As WNT enters its second decade, Alvarez says the firm’s focus remains unchanged: finding the right team, working on the right problem, at the right time.

“New Zealand has all the ingredients to build globally competitive deep-tech companies,” she says. “With aligned capital, talent, and support, we can go from clever ideas to real, scalable impact.”

Hong Kong & Investment conversation with Anna Thomas, Summer Times (RNZ)

Listen here

I enjoyed joining Anna Thomas on RNZ’s Summer Times show this morning to chat about my recent visit to Hong Kong for the Asian Financial Forum (AFF). Our discussion covered:

📈Cautious optimism in the financial sector: Despite the uncertainty looming over markets caused by the Trump administration, there’s a prevailing sense of confidence in global markets.

🌏Markets to watch: Southeast Asia and the Middle East stood out at the Forum as hotspots for growth and investment opportunities.

🤖AI’s impact on finance: Artificial intelligence is transforming the financial sector, from predicting trends and outperforming humans, to making financial services more accessible to everyday investors.

🛍️Changing shopping trends: Many Hong Kong locals now head to mainland China for shopping, dining and even dental work – thanks to the convenience of high-speed trains and the allure of lower prices and wider options across the border.

🦢The (non-work) highlight: Of course: food! Including a comparison of budget vs. high-end roast goose. (Spoiler: the budget spot came out on top!)

Dynamic Business: Chair of the Year - Port of Auckland’s Jan Dawson wins Deloitte Top 200 Award (NZ Herald)

Dynamic Business: Chair of the Year – Port of Auckland’s Jan Dawson wins Deloitte Top 200 Award (NZ Herald)

Jan Dawson is the 2024 Chairperson of the Year at the Deloitte Top 200 awards.

With extensive experience governing large organisations, this award celebrates the significant transformation of the Port of Auckland that has enhanced safety and delivered strong financial results.

Dawson has been the chair of Port of Auckland since September 2021, and since then, has led the port on a transformative journey that has revitalised its operations, improved stakeholder trust, and set the foundation for long-term growth.

Deloitte Top 200 judge Hinerangi Raumati says Dawson “brings a gravitas that has been crucial in rebuilding trust during challenging times”.

“Under her leadership, the port has made significant strides in overcoming complex issues – from securing a new CEO to addressing an automation project that had become derailed, fostering stronger collaboration with unions, and aligning more closely with Auckland City Council, the port’s primary stakeholder.”

As well as the port, Dawson is a director of Serko and ACC.

She has previously held roles as chair of Westpac New Zealand, deputy chair of Air New Zealand and director of AIG Insurance New Zealand, Beca, Goodman Fielder and Meridian Energy. Before this, she held the chair and chief executive position at KPMG New Zealand, following a career in audit, consulting and accounting services in the United Kingdom, Canada and New Zealand.

The judges note that when Dawson took over as chair of the Port of Auckland, it was grappling with significant challenges including operational disruptions and strained relations with its shareholder, Auckland Council.

She recalls: “The port had been through a tough time with Covid and supply chain disruptions, and it became very clear that we needed to get back to basics.”

The appointment of a new chief executive was a critical first step. Dawson and the board appointed Roger Gray to steer the port towards a sustainable future.

“When Roger came on board, we agreed a nine-year roadmap, focused on delivering cargo to customers in a timely, efficient manner across all businesses of the port,” Dawson says, crediting his expertise and leadership as pivotal in aligning the port’s goals with stakeholder expectations and rebuilding respect as a company.

Her approach as chair has been described by the judges as “calm and consensus-driven, ensuring that every board member has a voice in the strategic direction of the Port of Auckland” – an assessment Dawson embraces.

“If you ever have to take a vote at a board meeting, you’ve failed,” she says, adding that with a good board, everyone has something to add, and the role of chair is about ensuring everyone’s voice is heard and finding solutions that benefit the company. This approach has been instrumental in building trust not only within the board but also among the port’s diverse stakeholders.

Under Dawson’s leadership, the port has built a strong relationship with Auckland Council, the port’s sole shareholder. By maintaining open communication and involving unions in decision-making processes, particularly around safety and productivity, she has fostered a collaborative atmosphere.

“Transparency and communication have been crucial,” she explains. This openness extends to the media as well, with Dawson implementing a proactive approach to media relations to ensure clarity and honesty about the port’s operations.

Dawson says her highlight this year has been overseeing the port’s delivery of key financial and operational goals ahead of schedule.

“We have got to where we thought we would be in three years, in two,” she says.

In the past year, the port increased its dividend to $40 million, a testament to its renewed focus on financial performance and shareholder value.

But Dawson points out that this achievement was not only financial. “We didn’t just focus on financial performance. We are focused on people, safety, and what customers value and want.

“And we did that at a time when there was a lot of distraction for the executive team and the board with the prospect of the Long-Term Plan requiring us to look at a long-term operating lease of the port, which had the potential to distract management away from what we were doing in a transformational sense and from what they needed to do.”

Looking ahead, the port is planning for its next phase of development to ready it for the future.

It aims to enhance Bledisloe North Wharf with upgraded infrastructure that will help the port meet Auckland’s freight needs, support the cruise industry, while also providing more access to the waterfront for Aucklanders and reducing ferry disruptions. Dawson is excited about these initiatives, which she sees as essential to securing the port’s place as a vital asset for Auckland and New Zealand.

“The port will be here for the next 35 years minimum,” she says confidently, looking forward to a new era of growth and innovation.

Finalist: Dame Rosanne Meo, Briscoe Group
Dame Rosanne Meo describes her two-decade tenure as chair of Briscoe Group as “an extraordinary journey” filled with both challenges and achievements.

Throughout periods of market disruption – from the financial crisis to the rise of e-commerce and the pandemic – her steady leadership has kept Briscoe Group on course, reinforcing its resilience.

In recognising her as a finalist for Chairperson of the Year, the judges applaud Meo for her strategic vision and commitment to Briscoe Group’s long-term success.

“Despite the ongoing challenging retail environment, Briscoe Group delivered record sales numbers in its most recent half-year result and an underlying trading profit close to last year,” says Raumati.

“This is an impressive result and Meo’s leadership has reinforced the company’s strong position in New Zealand’s homeware and sporting goods market.”

Meo attributes much of her success to a strong partnership with CEO Rod Duke, whose operational expertise she views as essential to Briscoe Group’s achievements. However, she emphasises the importance of directors maintaining “a very strong hand on the tiller” while respecting management’s responsibility to run the business.

As she explains through a “grandstand” analogy: “Directors must not go on to the field of play. At times, they’ll come down to the sidelines to cheer or shout a bit of advice, but the further up the grandstand you sit, the more you see of the field, and of adjacent fields.”

From this vantage point, she says, “you can have an objectivity that is very hard for executives when you’re living in the company on a day-by-day basis”.

As one of the first professional woman directors in New Zealand, the first woman to chair a state-owned enterprise in New Zealand and the first woman to lead an NZSX-listed company, Meo’s impact on the nation’s corporate landscape is profound. The judges commend her for having “shaped a legacy of governance grounded in inclusivity, respect, and steadfast independence”.

Meo’s extensive board experience has included roles as chair of TVNZ, the Forestry Corporation, AMP NZ, and Baycorp NZ. She currently serves as patron of the Auckland Philharmonia and as chair of AMP NZ’s staff superannuation schemes. Recently, she retired from her roles with the Kelliher Trust and the Middlemore Health Foundation.

“I’ve never gone after big names,” she says. “I’ve sought out diverse sectors where I could make a meaningful contribution.”

An advocate for continuous improvement, Meo stresses the importance of directors scrutinising themselves to avoid becoming “too isolated in a boardroom”. She believes in openly sharing these evaluations with fellow directors and executives to ensure that everyone is “independent of thought” and responsive to the current conditions.

“Every board should be doing this every year,” she says. “But we should all be doing it whether we’re a director or not. Are we doing our best? That is very important.”

Meo has announced that she will step down as chair of Briscoe Group in two years, concluding her influential chapter with the company. While she plans to spend more time with her family, including her two daughters and five grandsons, she says she will remain engaged in causes and sectors that spark her passion.

Finalist: George Adams, Synlait
George Adams’ leadership has been instrumental in guiding Synlait through a period of financial instability, culminating in a $217.8m recapitalisation.

The Deloitte Top 200 judges recognise Adams as a finalist for Chairperson of the Year for his role in steering the specialty milk producer through crisis and commend him for stabilising Synlait’s future.

Adams was appointed as an independent director of Synlait in March 2024 and became chair in May 2024. Top 200 judge Hinerangi Raumati Tu-ua says his tenure “stands as a testament to resilience, strategic foresight, and a willingness to step into challenging situations when others might hesitate”.

Adams explains that he “thought long and hard about joining Synlait” but ultimately decided its importance to New Zealand made the effort worthwhile.

He believed he could navigate Synlait’s challenges while addressing concerns raised by the Mainzeal case, which left many directors wary of high-risk roles.

“Mainzeal caused a large amount of concern in the director community – and rightly so,” he says.

“I felt there had to be a way to show that directors can guide companies through difficult situations without putting their own assets at risk.”

Adams says that “because something is hard is not a reason to not do it”, candidly describing Synlait’s situation as “frankly bloody hard, but the outcome was worth it”.

Synlait’s troubles reached a breaking point earlier this year, as its debt burden became unsustainable.

“We had to negotiate with the banks, who were running out of patience,” he says. “We had to completely refinance the business to the tune of $450 million, settle years-long disputes with our largest customer, and at the same time ask them for money. Then we had to figure out the best route to raising capital by being fair to everyone while being certain we could raise the amount of capital required.”

At the same time, Synlait lost the confidence of its farmer suppliers, with many issuing cease notices to signal their intent to stop milk deliveries. “A dairy company without a milk supply is just a big collection of worthless stainless steel,” says Adams.

He reflects on this process, noting there were several points where the balance of probability was that a solution wouldn’t be found.

With time ticking, the board had to make swift, decisive moves.

“In this environment, you can’t afford to debate things endlessly, you have to resolve a position and move forward,” he says, describing his role as ensuring necessary conversations and decisions happened within strict deadlines.

The board engaged legal representatives and an investment banker, and constantly evaluated its position, rigorously testing assumptions on directors’ duties and going concern. “Really good advice was absolutely invaluable – it was a safe haven,” says Adams, urging other directors facing crises to prioritise quality advice.

The recapitalisation involved substantial investment from Synlait’s two largest shareholders, Bright Dairy and The a2 Milk Company, requiring intricate negotiations with banks and strategic alignment among stakeholders.

Looking ahead, Adams sees the recapitalisation as “just the end of the beginning” for Synlait. His attention now shifts to business turnaround, with a focus on customers, revenue and cost. He says performance will be critical to give farmer suppliers sufficient confidence to withdraw their cease notices.

Beyond Synlait, Adams is chair of Bremworth, New Zealand Frost Fans, Netlogix New Zealand, Apollo Foods, Insightful. Mobi and the Business Leaders’ Health and Safety Forum. He is a director of ArborGen.

The Chairperson of the Year award is sponsored by Forsyth Barr.

Dynamic Business: Spark NZ wins Deloitte Top 200 Sustainability Leadership Award (NZ Herald)

Dynamic Business: Spark NZ wins Deloitte Top 200 Sustainability Leadership Award (NZ Herald)

Spark NZ’s commitment to sustainability has solidified its role as a leader in environmental and social responsibility within the telecommunications sector.

Deloitte Top 200 sustainability judge Katie Beith praises Spark’s journey, saying it has demonstrated exemplary sustainability credentials. “Since 2020, Spark has been implementing a comprehensive three-pillar strategy, fully integrated into its day-to-day operations and across the entire footprint of the company.”

This approach has seen Spark awarded the 2024 Deloitte Top 200 Sustainability Leadership award, recognising its exemplary governance, accountability and long-term strategic approach to integrating sustainability across its operations.

Leela Ashford, Spark’s corporate relations and sustainability director, says: “We think of embedding sustainability in two ways — through a robust governance structure and by operationalising our strategy into the business.”

This includes oversight through its board, leadership squad and several steering committees that focus on material topics. “We then have three cross-functional squads that bring together a diverse group of people, perspectives, and skillsets from across the business to drive our work across emissions reduction, supply chain and human rights, and governance.”

Electricity accounts for more than 80% of Spark’s Scope 1 and Scope 2 emissions, and it has recognised that its biggest opportunity to achieve its science-based emissions reduction target is to decouple business growth from emissions growth by investing in renewables.

In May, Spark entered into a 10-year power purchase agreement with Genesis Energy. This will see it take 100% of the energy generated by Genesis’ first solar farm in Lauriston, Canterbury, from January 2025 — accounting for around 60% of Spark’s electricity needs. The remaining 40% will continue to be sourced from Genesis via the grid as it is today.

“This will continue to be Spark’s focus in the years ahead, using its electricity procurement to underpin new renewable developments, thus enabling it to meet its target in a way that also supports New Zealand’s broader decarbonisation,” says Ashford.

Spark is also critically aware that New Zealand has an unacceptably wide digital divide, with cost, accessibility, lack of skills or a lack of trust being the primary barriers for those who are excluded.

Both Spark and the Spark Foundation are focused on digital equity, investing in increasing Māori and Pasifika participation in the technology sector, continuing to support low-income households to participate in the digital world, and increasing the accessibility of its products and services.

Through Spark Foundation’s not-for-profit broadband service, Skinny Jump, it supports over 32,000 homes across New Zealand.

Ashford says: “Digital equity is critical to a just transition and at the heart of our sustainability approach.”

This focus on digital inclusion extends to robust cybersecurity, privacy and data ethics practices.

The judges were also impressed with the extent of Spark’s sustainability impact beyond its own internal goals.

“Spark goes beyond its own sustainability goals, actively driving New Zealand’s progress on the agenda. This is reflected in the different leadership positions it has taken to enable access to technology and showcase how it can be used to drive sustainable practices,” says Beith.

Spark’s approach reflects a commitment to addressing the significant challenges that climate change will bring to New Zealand. It recognises the need for a system-wide change across the economy to mitigate these impacts and adapt to a warmer planet.

At the heart of its strategy is the understanding that New Zealand cannot achieve the scale of this change without addressing its long-term productivity challenges and that technology will be essential in enabling the transformation.

This is exemplified through Spark’s thought leadership, public policy approaches and its role as a founding member of the Climate Leaders coalition — a chief executive-led community of almost 100 organisations driving the response to climate change through collective, transparent and meaningful action. Spark chief executive Jolie Hodson has been the convenor of the coalition for the past three years.

Ashford says Spark knows technology has a critical role to play in helping New Zealand transition to a high-productivity, low-carbon future, and its approach to sustainability aims to maximise opportunities as well as manage risks.

“We see it as our responsibility to advocate for the integration of technology into our country’s climate change responses and to invest in the technologies and digital infrastructure that will underpin productivity and sustainability improvements across the economy and within New Zealand businesses.”

The Sustainability Leadership Award is sponsored by Snowflake.

Finalist: Oceania Healthcare
Oceania Healthcare, a leader in New Zealand’s retirement living and aged care sector, has been recognised as a finalist for the Deloitte Top 200 Sustainability Leadership award for its dedication to building sustainable, community-centred villages that put environmental responsibility and resident wellbeing at the forefront.

“By fostering environmental stewardship and social connection, Oceania is leading responsibly, supporting its long-term goals, and making a positive impact across New Zealand’s communities,” says Beith.

Since 2019, Oceania has measured its Scope 1 and 2 emissions, along with certain Scope 3 categories. In FY2023, it completed a detailed assessment of all material Scope 3 emissions sources, using FY2022 as a baseline.

This assessment identified that emissions from capital goods — such as upfront carbon from its developments and emissions associated with our refurbishments — are its most material emissions source. To address these, Oceania has set a short-term science-based target, verified by the Science Based Target initiative (SBTi) in FY2024.

Head of sustainability at Oceania, Stephanie Spicer, says sustainability is a key consideration in Oceania’s decisions around new developments and refurbishments.

“We choose locations where we can add value to the local community, and climate resilience is a key part of our due diligence process.

“Our designs incorporate energy-efficient systems and improve indoor environmental quality, and we have construction waste diversion targets in place during the build process.”

Oceania’s focus on sustainability is embedded in its design and construction practices, with all new developments designed to meet the New Zealand Green Building Council’s certification, such as Homestar, ensuring warmer, healthier living environments for residents and improved workspaces for employees.

The judges recognise Oceania’s Sustainability Linked Loan as being a catalyst for meaningful change. It includes ambitious environmental and social key performance indicators (KPIs) and has driven Oceania to implement emissions reduction projects, divert construction waste away from landfills and enhance care resident wellbeing.

“As a people-centric organisation, the care resident wellbeing KPI was crucial to align with our commitment of providing exceptional care and improving the quality of life for our residents,” says Spicer.

Governance plays a critical role in Oceania’s sustainability initiatives.

The company has established a governance framework that ensures both internal and external accountability.

“We have a board sustainability committee and a management sustainability steering group chaired by our CFO,” says Spicer. These oversee Oceania’s sustainability initiatives, set targets, and ensure transparency in its reporting, helping to integrate sustainability into its strategic decisions and daily operations.

To embed a culture of sustainability, Oceania provides training and workshops focused on sustainability topics and has introduced an annual employee sustainability award.

To drive accountability, the company has linked sustainability performance metrics to senior management remuneration.

“By fostering a culture of sustainability, we ensure that our people are not only aware of our commitments but are also active participants in achieving them,” says Spicer.

Finalist: Precinct Properties
Precinct Properties, a leader in New Zealand’s real estate sector, is setting the benchmark for sustainable urban development.

An owner, developer and manager of real estate in New Zealand’s largest city centres, Precinct is a finalist for the Deloitte Top 200 Sustainability Leadership award and is noted for its strong commitment to environmental, social, and governance (ESG) principles.

“Precinct is dedicated to redefining urban development with a focus on sustainable, community-centric growth that enhances urban living,” Beith says.

“Its robust $3.3 billion portfolio sets a strong example of how cities can grow vibrantly with sustainability, social value and economic growth at their core.”

As the only New Zealand company to sign the World Green Building Council’s net zero carbon buildings commitment, Precinct is leading the charge in addressing climate change in the built environment.

“This commitment underscores our dedication to addressing and managing our built environment impacts on climate change,” says Lisa Hinde, head of sustainability at Precinct.

“Through this, Precinct can leverage the collective expertise of an industry that has contributed and built this framework and position ourselves to deliver meaningful progress toward net zero.”

Precinct’s sustainability programme is deeply embedded throughout the organisation, underpinned by a robust governance framework.

A dedicated ESG committee at board level, along with four sub-committees focused on specific pillars of the ESG strategy, ensures sustainability is integrated across all business levels.

“Our sustainability programme is supported by transparent targets and objectives, both internally and externally,” says Hinde. “With operational control over our development pipeline and investment portfolio, we maintain strong influence in upholding these commitments across our portfolio and supply chain.”

A key focus of Precinct’s sustainability strategy is reducing Scope 3 emissions, particularly upfront embodied carbon — emissions generated before a building becomes operational, mainly through the production, transportation and construction of materials.

“Embodied carbon is a substantial contributor to our overall emissions and a challenging aspect for the real estate sector to manage,” says Hinde. “To address this, we prioritise adaptive reuse projects, retaining as much of a building’s original structure as possible to minimise demolition and reconstruction.”

Precinct is also taking steps to address emissions from carbon-intensive materials like steel and concrete.

“Our current embodied carbon research study is examining global benchmarks and comparing them to local suppliers, aiming to assess their capacity to meet or exceed these standards,” Hinde says.

These efforts not only drive improvement but also incentivise the use of local suppliers, creating industry-wide benefits.

Precinct’s sustainability efforts extend beyond its own operations, actively engaging clients and tenants to create shared value.

“We recognise the many benefits of progressing toward mutual outcomes together — not only for the environment but for building lasting partnerships,” says Hinde. This approach includes initiatives such as quarterly occupier reporting and the promotion of social values such as diversity, inclusion and community engagement.

One standout initiative is Precinct’s joint venture with Ngāti Whātua Ōrākei, a partnership that embeds cultural representation and social value into developments.

This includes the Te Tōangaroa project with capital partner PAG and the upcoming Downtown Carpark redevelopment, which will involve cultural representation, scholarships and social procurement initiatives.

“Across our portfolio, we have the potential to influence other businesses,” says Hinde. “We’re excited about the opportunity to create real change within the procurement space.”

Dynamic Business: Fonterra, Zuru Group's Mowbrays triumph at the Deloitte Top 200 Awards (NZ Herald)

Dynamic Business: Fonterra, Zuru Group’s Mowbrays triumph at the Deloitte Top 200 Awards (NZ Herald)

Fonterra was a standout winner at the Deloitte Top 200 Awards 2024, claiming three prestigious awards. Port of Auckland also celebrated a stellar night with two wins at one of the most anticipated events in New Zealand’s corporate calendar, and Zuru Group’s Mowbray siblings claimed the visionary leadership award.

Held at Auckland’s Viaduct Events Centre, the black-tie dinner brought together nearly 900 business leaders to celebrate resilience, innovation, and strategic leadership driving New Zealand’s economy forward during an era of global challenges.

Dairy giant Fonterra was named Company of the Year, a testament to its transformative journey over the past year.

The cooperative has implemented significant changes — reducing debt, exiting non-core businesses and concentrating on high-quality ingredients and food service products.

This strategic shift, along with disciplined cost management and sustainability initiatives, has solidified shareholder confidence and driven remarkable financial performance.

In September this year, Fonterra posted a net profit of $1.1 billion for the 2024 financial year, following a record $1.6b profit the previous year.

The panel of high-profile judges, convened by NZME’s Fran O’Sullivan, praised Fonterra’s ability to balance transformation with financial discipline, noting:

“Profits have improved markedly. Strong cash flow has driven down debt and supported payment this year of a 50c special dividend to its shareholders — helping to drive a 71% increase in the Fonterra shareholder fund unit price.

“By concentrating resources on areas with the highest potential, Fonterra is well-positioned for sustainable earnings growth, despite tough international markets.

For his pivotal role in Fonterra’s turnaround, chief executive Miles Hurrell was named Chief Executive of the Year.

Hurrell’s leadership has delivered record profits, improved milk payouts to farmers, strengthened the cooperative’s balance sheet, and improved employee engagement.

“Miles has focused on Fonterra’s core operations of processing and selling New Zealand milk efficiently while divesting less critical parts of the business and considering the sale of its consumer division,” the judges said.

“With a collaborative approach, Miles has built an aligned and forward-thinking team, making him a stand-out chief executive.”

The Visionary Leader award went to Zuru Group siblings, Mat, Anna and Nick Mowbray, in recognition of their courage, creativity and innovation that has built a multinational juggernaut.

Established in 2003, Zuru Group now generates $3 billion in annual revenue, employs 5000 people across more than 30 locations globally and spans toys, fast-moving consumer goods (FMCG), and tech building.

The Top 200 judges commended the siblings’ bold decision to leave New Zealand in their 20s to establish themselves in China.

“They have sustained their entrepreneurial spirit, which has seen the company expand into new areas utilising China’s scale and technological prowess.

“Such ambition and success take courage, innovation and a lot of hard work, and in the opinion of the judges best exemplifies the visionary leadership of this award.”

The exceptional leadership of Jan Dawson, chairwoman of Port of Auckland, has earned her the title of Chairperson of the Year.

Since assuming the role in September 2021, Dawson has helped revitalise the port’s operations, improved stakeholder trust, and set the foundation for long-term growth.

The port has built a strong relationship with Auckland Council, the port’s sole shareholder, and this year increased its dividend to $40 million, reflecting its financial turnaround and focus on shareholder value.

“Under her leadership, the port has made significant strides in overcoming complex issues,” the judges said. “From securing a new CEO to addressing an automation project that had become derailed, fostering stronger collaboration with unions, and aligning more closely with Auckland City Council, the Port’s primary stakeholder.”

Meridian’s chief financial officer Mike Roan earned the title of Chief Financial Officer of the Year for his critical role in driving operational growth. Under his leadership, the partially state-owned energy company achieved a 16% increase in earnings before interest, tax, depreciation, amortisation and financial instruments (Ebitdaf), reaching $905m in the past year.

“Mike Roan has been recognised by his board and the market as one of New Zealand’s leading CFOs over multiple years,” the judges said.

“He is an absolutely integral member in chief executive Neal Barclay’s team that has posted market-leading returns.”

Global dairy marketer The A2 Milk Company received the Most Improved Performance award for its operational turnaround and resilient business model.

Amid challenging regulatory environments in key markets such as China and the United States, a2 Milk negotiated new strategic partnerships, strengthened its leadership team, and surprised the market with upgraded earnings guidance. The company will pay its first-ever dividend in February.

“While the journey is not complete, there are good signs that a2 Milk is back on track,” the judges said.

Infratil’s strategic foresight and disciplined approach to long-term infrastructure investments have driven remarkable growth, earning it the Best Growth Strategy award.

With early bets on data centres and renewable energy, the infrastructure investment firm’s strategy reflects bold decision-making and exceptional execution which have been a hallmark of its success. Shareholder returns have been exceptional at a compound annual rate of 23% a year over the past five years.

“These accomplishments reinforce Infratil’s strategy in infrastructure investment, with a focus on driving innovation and sustainable growth around what the company describes as ‘the ideas that matter’,” the judges said.

Continuing Fonterra’s run of success last night, Richard Allen was named Young Executive of the Year in recognition of his exceptional leadership and strategic vision.

Over his eight years at Fonterra, Allen has improved capital efficiency, developed strategic customer relationships, and identified the need to shift from siloed and reactionary initiatives.

Now President Global Market Ingredients, he is focused on expanding Fonterra’s markets and diversifying income streams.

“His strategic restructuring of the Atlantic region and innovative approaches not only strengthened Fonterra’s position in international markets but also contributed significantly to New Zealand’s export legacy,” the judges said.

Port of Auckland was named winner of the Diversity & Inclusion Leadership Award for its transformative approach to addressing deep-seated organisational challenges through a bold focus on diversity, equity, and inclusion.

“By prioritising a people-centred approach, they created a high-engagement, high-performance culture that recognised and served the unique needs of their diverse workforce and stakeholders,” the judges said.

The reset has achieved remarkable improvements in safety, employee engagement, union relationships, and overall performance, demonstrating the power of diversity and inclusion to drive sustainable change and deliver exceptional outcomes.

Spark NZ took home the Sustainability Leadership award for its long-term commitment to embedding sustainability across its operations.

The judges recognise Spark for its governance, accountability, and measurable progress in decarbonisation and digital inclusivity.

“Since 2020, Spark has been implementing a comprehensive three-pillar strategy, fully integrated into its day-to-day operations and across the entire footprint of the company.”

The Deloitte Top 200 awards include a special Judges’ Award, designed to recognise individuals or organisations whose performance has made a significant impact on the business community.

This year’s recipient is Dr Oliver Hartwich, executive director of The New Zealand Initiative, honoured for his outstanding contributions to public policy and thought leadership in New Zealand.

Hartwich has been instrumental in shaping public discourse, not only by identifying critical challenges facing the country but also by proposing practical solutions.

Under his leadership, The New Zealand Initiative has delivered rigorous, independent research that has influenced national debates and informed key policy decisions.

“We recognise his sterling contribution to public policy thinking and his willingness to advocate publicly through significant media engagement,” the judges said.

They highlighted that in recent years, The Initiative’s policy recommendations have played a pivotal role in several critical areas, with a particular mention of its work in improving New Zealand’s education system.

The Deloitte Top 200 Index consists of New Zealand’s largest entities ranked by revenue. These include publicly listed companies, large unlisted entities, New Zealand subsidiaries and branches of overseas companies and the commercial operations of Māori entities; also producer boards, co-operatives, local authority trading enterprises and state-owned enterprises.

An overview of the Top 200 Index, along with New Zealand’s Top 30 finance companies, is featured at the end of this report. This includes insights into revenue, profitability, efficiency and other key metrics. These numbers offer an insight into how the biggest companies in New Zealand operate and are accompanied by commentary and analysis from the Herald’s team of business reporters.

The high-level view of the Top 200 this year shows total revenues increasing by 4.1%, a modest rise compared to the 12.4% growth seen in 2023. However, underlying earnings (Ebitda) fell by 8.1%, and total profits after tax declined significantly, down 57.2% year-on-year.

In the financial sector, the Top 30 finance companies showed a marginal decline in year-on-year assets of 0.9%, while cumulative profits rose slightly by 0.8%.

ANZ remains the largest bank by a considerable margin, with $194b in assets — $61b ahead of second-placed Westpac. ANZ also outpaces all other banks in terms of profit and equity.