NZX Chairman Mr Andrew Harmos announced today that the NZX Board had accepted with regret the resignation of Director Henry van der Heyden.
Mr Harmos said Mr van der Heyden had taken the decision to step down from the NZX Board to remove any perceptions of potential conflict of interest with his role as Chairman of Fonterra Co-operative Group.
Neither NZX nor Mr van der Heyden believed any such conflict actually exists. However, the NZX board understood Mr van der Heyden's desire to erase any such perceptions, especially as Fonterra shareholders considered important matters relating to the Co-operative's future capital structure.
Mr van der Heyden, who joined the NZX Board in September 2005, has been Fonterra Chairman since 2002 and has been involved in dairy industry governance for more than 16 years.
"Fonterra and New Zealand dairy farming are the most important things to me professionally. Dairying has long been a cornerstone of the economy and I've spent a large slice of my working life helping to build a sustainable industry for farmers and one that will remain a strong contributor to our economic prosperity," Mr van der Heyden said.
"Over the coming years, Fonterra shareholders will be making decisions on capital structure that will be of vital importance to the Co-operative and indeed to the national economy. I want to ensure that these deliberations are untainted whatsoever by any concerns about the NZX directorship - no matter how misplaced such concerns might be.
"I've thoroughly enjoyed my time on the NZX Board, working with an excellent team of management and staff who are dedicated to strengthening the significant contribution NZX makes to New Zealand's capital markets and the economy at large. Although I'm very sorry to be stepping down, I know that NZX has a promising future based on a clear vision and sound business strategies."
Mr Harmos said Mr van der Heyden had contributed significantly to NZX, including bringing a greater international focus that leveraged off his experience with Fonterra. During his tenure on the Board, NZX had made several successful international investments such as the TZ1 Carbon Market, TZ1 Registry and the Bond Exchange of South Africa.
Mr van der Heyden had also helped NZX deepen its understanding of the rural sector, as the company developed strategies to make itself more relevant to agricultural segments of the New Zealand economy.
"Agriculture and agri-related businesses are a pivotal element of our economy. As a company that has Advancing New Zealand as one of our core values, it makes sense for NZX to promote stronger links between the rural sector and our capital markets - and we will continue to do so. In this context, it would be unusual if NZX/Fonterra did not have a strong and transparent relationship across a spectrum of business matters - not a relationship that is a source of tension or concern," Mr Harmos said.