\n Joyce stood down as chairman of the troubled property developer after
\n less than two months on August 26, citing a \u201cfundamental misalignment of expectations\u201d with Winton\u2019s majority shareholder.\n <\/p>\n
Winton is 55% owned by its founders Chris and Michaela Meehan.<\/p>\n
This week, the Investors Association NZ (IANZ) recognised Joyce for \u201chis pragmatic and principled approach to independent governance during 2025 and 2026\u201d.<\/p>\n
A clear example of this was his and fellow independent director Guy Fergusson\u2019s efforts at Winton to seek constitutional protections that would give minority shareholders a direct say.<\/p>\n
\u201cWhen those protections were not supported by the majority shareholder, they publicly explained their fundamental disagreement over governance expectations, and chose to relinquish their positions,\u201d IANZ said.<\/p>\n
Chris Meehan stepped down as chief executive and chairman of Winton on July 6 after the company launched an investigation into his behaviour.<\/p>\n
He subsequently resigned from the board<\/a> in September.<\/p>\n Majority ownership in focus<\/p>\n Asked at Friday\u2019s AGM about the Meehans\u2019 continued majority ownership of Winton and whether they could redominate the board, Stiassny noted Joyce\u2019s IANZ award.<\/p>\n \u201cI strongly disagree with that, and I think you have to look at it differently,\u201d he told shareholders.<\/p>\n \u201cEvery one of you bought shares in this company knowing full well that there was a majority shareholder. <\/p>\n \u201cThere are a lot of instances where the majority shareholder position works well, and when you have a property company, I think that\u2019s probably an example of where it does work.\u201d<\/p>\n Investors in the company had shared in the Meehans\u2019 vision and tenacity to get things done, until the recent governance issues. <\/p>\n 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.<\/p>\n Statement to shareholders<\/p>\n Winton was suspended from the NZX after the board exodus in late August.<\/p>\n It resumed trading after Stiassny was appointed<\/a> interim chairman on September 3.<\/p>\n The board also approved changes to the composition of its committees to ensure compliance with NZX rules.<\/p>\n 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.<\/p>\n Stiassny began Friday\u2019s meeting with a statement to shareholders, telling them the past few months had been \u201cterribly difficult\u201d.<\/p>\n \u201cYou\u2019ve all read the headlines, you\u2019ve watched directors resign, watched trading in our shares be suspended, and watched the value of your investment come under pressure. <\/p>\n \u201cAll of you deserve better than uncertainty.\u201d<\/p>\n Staff show remarkable resilience<\/p>\n He acknowledged the efforts of Winton staff.<\/p>\n \u201cThis company\u2019s greatest asset has never been its land bank, it\u2019s the people who work here and they have shown remarkable resilience. <\/p>\n \u201cOne of our foremost obligations as a board is to ensure Winton is a great, respectful and professional place to work.\u201d<\/p>\n Winton was a business with genuine underlying strength, Stiassny said.<\/p>\n \u201cOur 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. <\/p>\n \u201cThis is not a broken business. <\/p>\n \u201cIt\u2019s a sound business that has badly been let down by weaknesses in its governance, and this is what we are fixing.\u201d<\/p>\nA number of local government agencies raised issues with Winton\u2019s 3850-home Sunfield development.<\/p>\n