In February 2026, many NZX companies reported their half-year results showing the global trend of cutting internal expenses to boost profits is stronger than ever in New Zealand. Spark and Fletcher Building followed this route, with Spark reducing headcount and Fletcher selling a business division. This move provides directors with efficient operating systems to build on once choppy waters have cleared, and opportunities to invest in high capital projects (a move already being seen in the energy sector with Mercury and Contact Energy). However, some companies are staying course and record growth without huge cost-saving initiatives. The latest update from Datamine’s The Boardroom Table shows some directors are gripping the wheel to navigate their companies through the storm and others are finding it smoother sailing.
Steven Joyce jumped up 21 positions from 59th to 38th. Steven holds two positions, a directorship in Winton Land and NZME where he was appointed chair in June 2025. Both Winton Land and NZME have been following the overall trend on reducing internal costs, with NZME reducing operating expenses by 4% (largely driven by cutting community newspaper publications), while increasing their operating EBITDA by 15%. Although positive indicators, a large driver for Steven’s position is his appointment to board chair in June 2025, which The Boardroom Table recognises and rewards for having a larger impact.
Hamish Rumbold moved 21 positions from 37th to 16th in the latest The Boardroom Table report. The performance of Livestock Improvement positively impacted his movement, with the interim report showing:
Total Revenue up 5.2%
Underlying Earnings up 9.3%
Net Profit After Tax (NPAT) down 13.5% due to investments and bull pricing (accounted for)
As Hamish has now been on the Livestock Improvement board for a year, the full weight of his directorship is now in action as he continues to facilitate growth for the primary industry organisation. Hamish is also a newly appointed director for The Warehouse Group (since November 2025) and is yet to be measured against the full weight of this directorship, Datamine allows for a year “warm-up” period as new directors establish themselves within an organisation. While the superstore chain has implemented its own major internal cost cutting, time will tell if The Warehouse Group financial results bolster its directors’ positions or sends them back down the list.
Poor stocks across the board impacts one position
Some companies have once again excelled through the New Zealand markets and maintained their continued growth without any severe course corrections. A2 Milk Company has experienced revenue increase by 18.8% and profit increase by 9.4%, not by cutting operating expenses like many other companies, but instead by reshaping their supply chain. Scales experienced a 54% jump in revenue and an incredible 137% increase in net profit, by increasing apple export volumes and prices, alongside purchasing orchards from Bostock to invest in apple varieties targeted to Asia and Middle East markets.
Director departures
Graham Stuart is the only director to leave The Boardroom Table this month as he completes his cool off period a year after retiring from Tower in February 2025. He remains the chairman at Vital Healthcare Property Trust.
There were no new appointments to The Boardroom Table during February 2026, leaving the total number of directors represented at 77.
Drastic cost cutting may make a difference in the short term. But decisions backed by data can create long term efficiencies and ongoing growth in your business. The team at Datamine can help - our popular strategy sessions are where business leaders get answers and solutions to their most complex and frustrating business problems. Together with your top people, we’ll create a roadmap to address your challenges and unlock profits with bespoke data, analytics or AI solutions.
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The Boardroom Table is a first-of-its-kind service that sets a new benchmark for good governance in New Zealand's publicly listed boardrooms. With data from over 200 sources, including financial metrics, media perception, and customer and employee sentiment, The Boardroom Table measures the relative impact a director has made to their company during their tenure. The March edition encapsulates data gathered up to 28 February 2026, the full list will be published to theboardroomtable.com on Friday 13 March.
Eligible directors must hold either two or more current public New Zealand company directorships, or at least one current and one recent past directorship within the last 12 months. More information can be found datamine.com/theboardroomtable.
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