How dare they make a profit?

With all the hoo-hah about petrol prices and ‘price fixing’ and so forth, the media breathlessly reported the end-of-year results for Z Energy. Quote:

New Zealand’s largest fuel retailer has revealed a rise in profits and increased?its dividends to shareholders, as it defended?the?nature of the market.

Wellington-headquartered Z Energy reported a?historic net profit after tax of $263 million for the 12 months ended March 31, 2018, an increase of $20m over the previous financial year. The NZX-listed company said its final dividend was 10 per cent up on 2017. End of quote.

Well, pardon me for breathing, but isn’t that what companies are supposed to do? Make a profit and reward shareholders.

Somewhere along the line, some parties have stumped up a total of $2805 million to create the Z Energy business that employs who knows how many staff and provides fuel to the motoring public as well as commercial, agricultural, horticultural and industrial users so that modern society keeps ticking along.

The backers who have funded the $2805 million did so on the understanding that they would get a return on their money and the directors of Z Energy are delivering just that.? Well done!

Looking at the Z Energy annual report, I think I may have found a clue as to why the directors may be performing well. Quote.

End quote.

What? No focus on gender diversity? Shock horror! And even worse, they published a skills matrix of the board showing what they had and where they wanted to be in terms of skills mix.

I have studied that diagram carefully but cannot locate the quadrant that refers to gender balance. The board may all be old white men, or none of them may be old white men. It seems that the board is more interested in what the people sitting around the table can bring to their corporation than their sex, gender, colour or age.

Fancy selecting people on their ability to do a job? How quaint and old-fashioned. But, given the result, it appears to work.

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