Company directors and senior managers must remain dynamic and focused on market needs to ensure success of their businesses, a top executive has said.
He said that the increasing need for accountability and transparency would necessitate not only strategies for growth but also principles of good governance.
Tarun Kanji, Chairman and Director of a number of national and multinational companies including the Bank of India (New Zealand) Limited, believes that company boards and governing bodies should develop young professionals and provide appropriate guidance and advise.
“As a business community, I believe that we have some way to go in developing the next generation of board members. There is a much greater requirement for blooding more young up and coming business people at a board level to gain the requisite experience and learn from the experienced directors of today, particularly given the ever growing risks and responsibilities being placed on directors today,” he said.
Evolving trends
Mr Kanji said that principles of honesty, openness and transparency have been the cornerstone of his life and career.
He also believes that the Indian business community in New Zealand has the potential to showcase its commercial acumen better and promote higher levels of professionalism and performance.
“The nature of our community has changed significantly over the last 10 years and is in for more change as a result of factors such as globalisation. There is therefore a need for greater diversity on our boards to reflect societal change such as gender and ethnicity,” he said.
As a member of the New Zealand Institute of Chartered Accountants, he understands the importance of accountability as a tenet of good corporate governance.
As a member of such pivotal bodies as the Institute of Directors, he appreciates the significance of setting policies and programmes that become the driving force of any commercial or not-for-profit organisations.
Sterling roles
Among the companies in which he is currently associated are Bank of India (NZ) Limited (Chairman and Independent Director); Noske-Kaeser (NZ) Limited (Chairman and Independent Director); CricHQ Limited (Independent Director); and the Pingar Group (Global Chief Financial Officer and Director).
His former assignments were with Value Creation Consulting/Holland Corporate (Business Consultant for SmartPay Limited, Thureon Limited, Mighty River Power); Fosters Group (NZ); Coopers & Lybrand (Corporate Finance Consultant) and Ernst & Young (Corporate Consultant UK and New Zealand).
His father, Parbhu Kanji, is one of the most respected and admired members of the Indian community. His long innings in business and Cricket have motivated hundreds of people to perform their role in the community.
The grand octogenarian, who received a Queen’s Service Medal (the Queen’s New Year Honours List 2013) for his services to Cricket and the Indian community is justly proud of his son.
“I am happy that Tarun practices principles of honesty, integrity and inclusiveness in his domestic and professional life,” he said.
Financial stewardship
Mr Kanji said that he has thrived on roles that have demanded financial stewardship and leadership, governance, strategy, business development and ultimately the responsibility for execution, whether ensuring quality financial reporting at all stakeholder levels, acquiring or divesting businesses, redefining or refocusing an organisation for future growth or ensuring the continued maximisation of shareholder value.
He fills his day with challenges and responsibilities and taking decisions that appeal to his rationale based on the views and advice of his colleagues and members of his teams. He always sees the larger picture, contrary to many others in New Zealand business community.
“I believe that New Zealand companies have the capability to be very successful in many global markets by providing niche solutions leading to growth of the economy. But often, New Zealand businesses have a myopic view of success and growth. I think that we all need to think bigger than we do and aspire to capture offshore markets. We only have to have a small amount of success in some of the massive global markets and we will be very successful,” he said.
Larger picture
Mr Kanji however believes that New Zealand is moving in the right direction, punching above its weight.
“We are moving forward promoting our capabilities to global markets. However, we need to continue to focus on taking our smart innovative intellectual property to the world and not just focus on hard manufactured products. We are a country of finite natural resources but with an abundance of innovation,” he said.
Mr Kanji is among those who believe that New Zealand should look beyond China and perceive the other emerging markets, which will mark the future of the world. These include India and Indonesia, which have demonstrated exponential growth in recent years.
Perceiving his own future, he aspires to build up a broad range of directorship roles and use his extensive experience to help New Zealand companies to grow and succeed as global organisations.
