The Todd family’s New Zealand business interests reach back to the late 19th century, when Scottish immigrant Charles Todd set up a fellmongery and wool scour in Heriot, central Otago, in 1885. The family moved quickly into technology, introducing cars to Otago.
By the 1930s the Todds had formed Todd Motor Industries and built an automotive assembly plant in Petone. In 1970 it bought the New Zealand Mitsubishi franchise, which it sold back to Mitsubishi Motors in the late 1980s. Since then the family corporation has invested in minerals, property, healthcare, and technology firms.
The family’s oil and energy interests stem from 1929, when it started importing petroleum from the Soviet Union and marketing it under the Europa brand. Those interests have grown significantly, with Todd Energy the country’s largest domestically owned petroleum exploration and production company.
Charles Todd is believed to have left about 200 descendants who are keen to keep business in the family; reportedly, the moment a new family member is born a “welcome to the family” letter is sent out. The family also has a philanthropic arm called the Todd Foundation, which contributes to a range of organisations that meet the goal of “an inclusive Aotearoa New Zealand,” and gives out hundreds of thousands of dollars each year.
Their corporation was founded by Sir Bryan Todd and was chaired by Sir John Todd until his retirement in 2011 (he died in 2015).
After several years under the chairmanship of Geoff Ricketts, a Todd family member will return to the chair in May 2020 with the appointment of Henry Tait after Ricketts' retirement next year.
The board membership came under fire earlier this year when former Todd Corporation chief executive Richard Tweedie suggested Sir Bryan would be “turning in his grave” at the corporation’s current state.
“He led a very tight ship with a strong hand on the tiller. He would never have passed governance to a bunch of outsiders.
“Maybe, rather than let management undermine their wealth, the best thing is to cash up and invest solely through their family trusts. They then have better control of their destiny.”
The composition of the board, with five out of nine directors coming from outside the family at the time, could also be a barrier, he said.
“The majority of the directors are not Todds. Sir Bryan would never have contemplated that happening.
“It’s a weird setup. There’s a lot of very talented women in the Todd family, some of whom are frustrated they haven’t got more influence. There’s only one woman on the board and she’s an outsider, she’s not a Todd.”
Meanwhile Todd Energy chief executive, Joanna Breare, is also the chair of the Petroleum Exploration and Production Association of New Zealand (PEPANZ). PEPANZ has been vocal in its criticism of the government’s ban on oil and gas exploration, and last year commissioned a report that showed the ban costing New Zealand $30 billion by 2050.
“The New Zealand government’s decision to ban new oil and gas exploration permits will see a series of strongly negative impacts ripple through the economy,” the report said. Its figures have been disputed by the government.
Another Todd subsidiary, Nova Energy, last year announced it was joining the bundle market, offering its customers high-speed broadband and phone services to go with their power and natural gas. The move marked the company’s first move into telecommunications, putting it squarely up against the likes of Orcon, Spark, Contact, Trustpower Genesis and Slingshot. Nova has 80,000 customers throughout the country.
Todd Generation has announced it will build a $100 million gas-fired electricity generation plant in Taranaki. The plant is expected to open in mid-2020 and will reportedly supply power to more than 70,000 homes.
2018: $4 billion