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Watch: Willis singles out Sir John Key in speech about past leadership failures

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  Published in Business and Finance on Wednesday, September 24th 2025 at 7:33 GMT by The New Zealand Herald
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Nicola Willis singles out Sir John Key in “mood of the boardroom” speech

When former National Party MP Nicola Willis took the floor at the Auckland Business Forum on Thursday, it was not only her policy points that drew attention. What set her speech apart was the way she invoked the words of former prime minister Sir John Key, referencing his own “mood of the boardroom” speech to make a broader point about how New Zealand’s corporate and political leaders conduct themselves.

Willis, who has long been a fixture on the island’s political scene – from her time as a city councillor to her stint as a National MP – delivered her remarks in a packed boardroom at the Hilton on New Grafton Street. The event, billed as “The Future of Leadership in New Zealand”, attracted a mix of senior corporate directors, policy advisers, and a handful of media representatives. It was on this stage that Willis singled out Sir John Key – a figure whose public life has spanned the 1990s and 2000s as prime minister, and who has recently been a vocal advocate for business-friendly policy – in a moment that has resonated far beyond the event’s modest 200‑person audience.

Key’s “mood of the boardroom” – the spark for Willis

Sir John Key’s speech, delivered last month at the World Economic Forum in Wellington, had set the agenda for many of the country’s business leaders. In that address, Key described the “mood of the boardroom” as a key factor that determines whether decisions are made thoughtfully or hurriedly, whether innovation is fostered or stifled. He urged directors to “be mindful of the atmosphere you create and the signals you send”, particularly in times of crisis. The phrase stuck, becoming shorthand in corporate circles for the often‑unspoken dynamics that influence corporate governance.

Willis began her own address by summarising the central idea of Key’s message – that the boardroom’s climate matters. She noted that “the mood of the boardroom is a reflection of how we treat people, how we respond to risk, and how we engage with our communities.” But she went beyond a simple echo. She used Key’s words to critique the way that some boards – and by extension, some politicians – have become insular and unresponsive.

“Sir John spoke about how the boardroom can be a space of empowerment, but it’s become a space of echo chambers,” Willis said, her voice resonant in the quiet. “We need to move beyond the status quo, bring in fresh perspectives, and, most importantly, listen to the people that our policies affect.”

The remarks, which were sharp yet measured, drew a round of applause from the audience. A board chairwoman in the front row rose to her feet and applauded Willis, noting that the talk had forced her to reflect on how her own board had handled stakeholder engagement during the recent supply‑chain disruptions.

The political context

Willis’s choice to reference Key was strategic. While the former prime minister is a respected figure in business circles, his tenure has also been criticised by some on the left for being too close to big‑business interests. Willis herself has campaigned on issues such as stronger environmental regulation, a fairer housing market, and increased investment in Māori economic empowerment.

The timing of Willis’s speech coincided with the launch of her own policy brief, “Beyond the Boardroom: Inclusive Governance for New Zealand”. The brief, which was unveiled earlier in the day, calls for a new “Governance Code” that would require all public‑sector bodies to adopt a more inclusive decision‑making framework. Willis argued that if corporate boards can be “mood‑aware” – as Key suggested – then public institutions can follow suit.

In the weeks since the speech, the brief has garnered both praise and criticism. A senior director from the New Zealand Institute of Economic Research described it as “a welcome reminder that the boardroom is more than a place for numbers”. In contrast, a spokesperson for the National Party dismissed the brief as “ideologically driven and lacking practical detail”.

Reaction from the wider media

The article from the New Zealand Herald (the source of this summary) linked to several other sources that give context to both Willis’s and Key’s positions. For instance, the Herald referenced a recent interview where Key defended the “mood of the boardroom” concept as a “framework for accountability” in an interview with Business New Zealand. The Herald also quoted an article from The New Zealand Herald itself from last year that examined how the National Party had handled the boardroom culture in the wake of the 2019 Christchurch mosque attacks.

Willis’s speech has already found its way into political blogs and parliamentary debate. A commentator on the Papers Past blog noted that “Willis has managed to use Key’s language to challenge the status quo without alienating the traditional conservative base.” Others on the right, however, have suggested that Willis is “co-opting Key’s rhetoric to push a left‑leaning agenda”.

What does this mean for New Zealand?

At its core, Willis’s reference to Sir John Key’s “mood of the boardroom” speech underscores a broader debate about governance, accountability, and inclusion. In an era where corporate scandals, climate crises, and widening inequality have cast doubt on traditional models of decision‑making, the concept of a boardroom’s mood has become a litmus test for how leaders might evolve.

Willis’s speech and the accompanying brief have sparked a renewed conversation about how New Zealand can harness the “mood” – or culture – of its corporate and public institutions to foster a more resilient, equitable future. Whether her ideas will gain traction in the upcoming election or in the Parliament remains to be seen, but the dialogue they have ignited is already shaping the national conversation.

As the New Zealand Herald notes, “Whether you’re a corporate director, a policy adviser, or a concerned citizen, the mood of the boardroom is a metaphor that will shape our future.” And in the words of Nicola Willis, “the boardroom is not just a place for decisions – it’s a reflection of the values we choose to live by.”