‘It’s no secret: great leaders know where they are going and how they will get there’. Wakatu Incorporation, a Maori-owned business collective based in Nelson, has an Associate Directors Scheme to ensure a steady pool of talent at the top through mentorship.
The long-term goal of Wakatu’s Associate Directors Scheme is to grow the next generation of governance through whakapapa (genealogy), and encourage ‘young blood’ into the Wakatu boardroom. Shareholders and whanau are given the opportunity to gain experience in the governance of Wakatu Incorporation, with a view to them becoming nominees for future board elections.
The complexity of Wakatu businesses, seven in total, means it is vital that future directors are equipped with the necessary commercial skills and understanding of the history and peoples of Te Tau Ihu. Associate Directors are appointed for two years – the first year on a Sector Board and the second on the Head Board – but have no formal voting powers. The Associate Directors Scheme has a strong mentoring focus, with associates being guided by existing board members. Former Associate Directors have become full Directors on the Wakatu Board.
FACT: Governance plays a key role in business performance. Fair representation of diverse groups on boards is widely regarded as improving the “triple” bottom line. Successful Maori businesses are developing their own successors.
In New Zealand there are too few women, Maori, Pacific people, people with disabilities and other ethnic groups at governance level. Effective succession planning can greatly assist businesses through strategic, systematic and deliberate efforts to ensure readiness, retention and recruitment of future governance talent.
Benefits of developing your own leaders:
- Helps potential leaders understand the key functions of a board.
- Gives young and talented professionals greater access to the boardroom and boardroom responsibilities.
- Ensures succession planning at governance level of companies.
For further information contact:
Ropata Taylor
Wakatu Incorporation
PO Box 440
Nelson
Phone: +64 3 546 8648
Email: ropata@wakatu.org