Prebble's Appointment to Waikato Lines Company

Some criticism has been leveled today at Richard Prebble and Waikato electrical lines company WEL Network. The criticism is about 'cronyism' has come from the former chairman of the trust that owns the company and is leveled against Gary Mallett, who is a prominent ACT Party member in the Waikato and a friend of Prebble.

Richard Prebble is a company director of several companies (you can search on the companies office website and see for yourself). Only one company is a publicly listed company - Mainfreight. Over the past year, the profit and share price of Mainfreight has more than doubled.

Prebble's appointment to the company was unamiously supported by the current trustees (who act on behalf of the shareholders). They are obliged to act in the best interests of the Trust. What they see Prebble as an experienced, top notch company director (which he is!) and have welcomed him aboard.

If Garry Mallett has exploited his friendship to get such a quality director for the company then he deserves praise, not criticism.