Perpetual Guardian’s Andrew Barnes’ made international headlines last year after piloting a four-day work-week at the trust company and after a successful trial it has been rolled out permanently.
He described the trial as a resounding success with productivity up 20% and customer engagement levels up more than 30% although some staff reported feeling more stressed or pressured to complete work in a shorter timeframe.
Barnes, though, hailed the four-day working week as a way of helping close the gender pay gap and increasing workforce diversity by changing the conversation to productivity rather than hours worked.
UK-born and educated at Cambridge University, Barnes’ financial services career started in the UK before he moved to Australia aged 27. During his 20 years in Australia he chaired realestate.com.au and headed the banking services division of Macquarie Bank.
In 2013 he bought Perpetual Trust in New Zealand for $12 million and a year later founded Complectus which bought Guardian Trust for $68.5m, creating Perpetual Guardian.
It has since made other acquisitions and has offices nationwide, with over 140,000 client relationships and administering or supervising assets valued at over $200 billion.
In late 2018 Perpetual Guardian was the subject of yet another legal challenge from Perpetual’s former owner, Pyne Gould Corporation. PGC restarted High Court proceedings against Barnes’ Bath Street Capital over what it claims are outstanding sums from the sale.
Barnes is also the chairman and has a 23% stake in PaySauce, a payroll service provider. The company listed on the NZX last year after a reverse takeover of eco bulb maker Energy Mad.
Founded in 2015, Paysauce has traditionally focused on the agricultural sector. Reverse listings are generally viewed as an easy way on to the stock market, without the scrutiny that comes with an initial public offer, but it hasn't been an easy ride. Its current market capitalisation is around $58 million — well down on what it was at the time of the takeover.
Barnes also runs running a boutique wine business from his 1.5ha property on Waiheke Island trading as Postage Stamp Wines.
He is chairman of Regional Facilities Auckland which helps run facilities like the art gallery and zoo.
A philanthropy advocate, Barnes established the Perpetual Guardian Foundation which aims to make donating easy for everyone by allowing donations as small as $5 to be pooled for various causes.
In February 2018, Perpetual Guardian also stepped in as a private sponsor for the Auckland Primary Schools Music Festival, after its future was in doubt and the company paid for the Giving New Zealand report on charitable giving in 2015.
Barnes also worked with Motat to preserve the NZ Bomber Command unit through a travelling exhibition and set up a fund to help preserve its legacy.
2018: $150 million