‘You bought shares knowingly’: Winton chairman Stiassny

Winton Land independent chairman Michael Stiassny says he did not buy shares in the developer “as a gesture”.

Winton Land chairman Michael Stiassny “strongly disagrees” with the reasons for naming former chairman Steven Joyce as the Investors Association NZ’s Director of the Year, he told shareholders at the company’s annual meeting on Friday.

Joyce stood down as chairman of the troubled property developer after
less than two months on August 26, citing a “fundamental misalignment of expectations” with Winton’s majority shareholder.

Winton is 55% owned by its founders Chris and Michaela Meehan.

This week, the Investors Association NZ (IANZ) recognised Joyce for “his pragmatic and principled approach to independent governance during 2025 and 2026”.

A clear example of this was his and fellow independent director Guy Fergusson’s efforts at Winton to seek constitutional protections that would give minority shareholders a direct say.

“When those protections were not supported by the majority shareholder, they publicly explained their fundamental disagreement over governance expectations, and chose to relinquish their positions,” IANZ said.

Chris Meehan stepped down as chief executive and chairman of Winton on July 6 after the company launched an investigation into his behaviour.

He subsequently resigned from the board in September.

Majority ownership in focus

Asked at Friday’s AGM about the Meehans’ continued majority ownership of Winton and whether they could redominate the board, Stiassny noted Joyce’s IANZ award.

“I strongly disagree with that, and I think you have to look at it differently,” he told shareholders.

“Every one of you bought shares in this company knowing full well that there was a majority shareholder.

“There are a lot of instances where the majority shareholder position works well, and when you have a property company, I think that’s probably an example of where it does work.”

Investors in the company had shared in the Meehans’ vision and tenacity to get things done, until the recent governance issues.

A committed, long-term majority shareholder was a strength, because it provided stability of ownership, strategic patience through property cycles, and capital backing when markets were difficult, Stiassny said.

A number of local government agencies raised issues with Winton’s 3850-home Sunfield development.

Statement to shareholders

Winton was suspended from the NZX after the board exodus in late August.

It resumed trading after Stiassny was appointed interim chairman on September 3.

The board also approved changes to the composition of its committees to ensure compliance with NZX rules.

Amid the exodus, the company also lost key executives such as director of retirement Julian Cook, chief financial officer Jean McMahon and general manager of corporate services Justine Hollows.

Stiassny began Friday’s meeting with a statement to shareholders, telling them the past few months had been “terribly difficult”.

“You’ve all read the headlines, you’ve watched directors resign, watched trading in our shares be suspended, and watched the value of your investment come under pressure.

“All of you deserve better than uncertainty.”

Staff show remarkable resilience

He acknowledged the efforts of Winton staff.

“This company’s greatest asset has never been its land bank, it’s the people who work here and they have shown remarkable resilience.

“One of our foremost obligations as a board is to ensure Winton is a great, respectful and professional place to work.”

Winton was a business with genuine underlying strength, Stiassny said.

“Our portfolio, Sunfield, our master plan communities, our retirement and commercial interests and the Ayrburn precinct [in Arrowtown] is real, consented, well located, and capable of delivering value for years to come.

“This is not a broken business.

“It’s a sound business that has badly been let down by weaknesses in its governance, and this is what we are fixing.”

Auckland Council has appealed the fast-track approval of Winton’s 3850-home Sunfield development, arguing flood risks and the impact on water and wastewater infrastructure were not fully considered.

Share purchase ‘not a gesture’

The company had restored a compliant and credible board and was rebuilding the leadership team, Stiassny said.

His own purchase of more than 245,000 shares in Winton was not just a gesture.

“I bought them because I believe the company is worth more than its recent trading history suggests, and I’m working to prove it.”

The board was conducting a strategic review of Winton’s portfolio and this would shape its search for a new chief executive.

“The turmoil of recent months is behind us. The task of putting the company back on track for all its shareholders and all its people is now ahead of us and is well in hand,” Stiassny said.

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