“At the meeting we will provide you with information and details on what is being proposed and why,” says the invitation, from people business partner Laura Trethewey.
Trethewey, Stuff Digital editor-in-chief Keith Lynch and E tū union rep Fiona Winslade are listed as attendees, along with “relevant staff by invite”.
“After the meeting you will receive documentation outlining the proposed changes for your consideration,” says the invitation.
“We will then commence a period of consultation with you, where you will be able to ask questions, provide feedback and seek advice, before any decisions are made.”
Feedback? News tip? More information? Please email in confidence shayne.currie@nzme.co.nz
Staff would be welcome to ask questions at the meeting, or simply listen and take information away with them to consider.
“To be clear: no decisions have been made. The purpose of this meeting is only to present a proposal for your consideration and feedback, and we will not make any decisions until we have consulted with affected staff and carefully considered all feedback.”
Stuff has been approached for comment. It is understood E tū does not yet know what is being proposed: it said it could not comment.
Stuff owner and chief executive Sinead Boucher. Photo / Michael Craig
Stuff Digital is co-owned by Stuff chief executive Sinead Boucher and Trade Me, after the online marketplace acquired 50% of the business last year.
Stuff Masthead Publishing, which owns titles such as The Post, The Press and the Sunday Star-Times, is a separate firm that is still 100% owned by Boucher.
Stuff, NZME, and TVNZ have all reduced staff numbers in recent years while an entire newsroom, Newshub, was closed.
Today’s invitation said staff were welcome to bring a support person to tomorrow’s meeting “and any subsequent meetings held in relation to this process”.
“If you are a union member you are welcome to reach out to your union rep for support as needed.”
The invitation said that the company understood change proposals “can be unsettling” and confidential support was available 24/7.
Boucher bought Stuff from Australia’s Nine Entertainment for a nominal $1 six years ago and spoke at the time of her intention to establish a staff share scheme.
That evolved, in 2021, to the establishment of a staff trust, controlled by employee representatives. The trust would own a 10% stake in the company, and the trust representatives would be selected by workers.
According to a news report in Stuff quoting Boucher at the time, the arrangement meant staff would receive, through the trust, a share of any dividends Stuff paid out, and 10 per cent of the sale proceeds if Stuff was later sold or listed.
Stuff reported at the time that the “gift” meant no workers would have to put any money into the media firm, “and they will not face any liabilities, including tax liabilities, as can apply with traditional share ownership schemes”.
“The idea behind that is that I’ve gifted 10% of the value of the company to staff that will be handled through the staff trust,” Boucher said last year, at the time of the Trade Me announcement.
“So if and when we make any distributions out of things like this deal … the staff will definitely benefit from that.
“We’ve still got a couple of months at least to go before the deal is completed and a few other things to do like that, but it will definitely be a watch this space, and we will keep them informed.”
Earlier last year, it was revealed NZ Herald owner NZME had been in talks with Stuff about buying the other arm of the company, Stuff Masthead Publishing.
Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.