The big US companies used to buy back more shares than they issued, but that's changed in recent months.

The latest bank estimates claim 2026 could be the first year in almost three decades that that reverses.

Milford Asset Management expert Brendan Larsen explained further.

LISTEN ABOVE

The big US companies used to buy back more shares than they issued, but that's changed in recent months.
The latest bank estimates claim 2026 could be the first year in almost three decades that that reverses.
Milford Asset Management expert Brendan Larsen explained further.
LISTEN ABOVE

Looking for actionable business insights all in one place? 

We're here to help you find a way with a curation of the ‘best bits’ from top business podcasts. 

Save time searching; subscribe to the SME Stream where you can listen to relevant, timely, business-related content today. 

 

Looking for actionable business insights all in one place? 
We're here to help you find a way with a curation of the &lsquo;best bits&rsquo; from top business podcasts. 
Save time searching; subscribe to the SME Stream where you can listen to relevant, timely, business-related content today.&nbsp;
&nbsp;

The SME Stream

Brendan Larsen: Milford Asset Management expert on what the demand for shares and bonds means for investors

In this special series of The SME Stream Podcast, Wilhelmina O’Keeffe steps inside some of Aotearoa’s most loved small and medium businesses - exploring their culture, their stories, and how coffee helps bring people and ideas together.

In this episode, Wilhelmina catches up with Dan Mclaughlin; the co-founder and managing director of Scapegrace to explore Scapegrace’s journey of growth and expansion that took them to being one of New Zealand's most recognisable premium spirits brands, and how coffee can strengthen workplace culture and connection, acting as an icebreaker, and the role it has in building success in a business. 

Served by Nespresso Professional.

In this special series of The SME Stream Podcast, Wilhelmina O&rsquo;Keeffe steps inside some of Aotearoa&rsquo;s most loved small and medium businesses - exploring their culture, their stories, and how coffee helps bring people and ideas together.
In this episode, Wilhelmina catches up with Dan Mclaughlin; the co-founder and managing director of Scapegrace&nbsp;to explore Scapegrace&rsquo;s journey of growth and expansion that took them to being one of New Zealand's most recognisable premium spirits brands,&nbsp;and how coffee can strengthen workplace culture and connection, acting as an icebreaker,&nbsp;and the role it has in building success in a&nbsp;business.&nbsp;
Served by Nespresso Professional.

Special Series: Common Grounds with Scapegrace

In episode 69 of Leaders Getting Coffee our guest is one of New Zealand’s most successful business CEO’s, Sir Ralph Norris.  

An everyday upbringing in Auckland’s suburb of Mt Roskill, laid the foundations for the humble and softly spoken manner that typifies Sir Ralph Norris. But don’t let that humility fool you. He was an active youngster and clearly bright enough to further his education. However, like many of the time, the family fortunes didn’t enable university study. But he certainly made up for it when opportunity came calling.

His banking career started in the IT department of the ASB Bank, where he was a beneficiary of the bank’s training relationship with IBM and his own curiosity about technology. The IBM training filled in what he’d missed at university and he became instrumental in enabling the massive change that went through the banking system over the following two decades. He speaks of starting with mainframe computers that occupied their own air-conditioned rooms, and he leads us through the changes brought by the personal computer generation, and now the mobile phone centric life we all lead today. 

Over the course of his career, he led three massive companies. In the first, ASB Bank, he worked his way to the top job. The reputation he built there led to the next two. Firstly he was asked to take the reins at a suffering Air New Zealand in 2001, and subsequently Commonwealth Bank of Australia in 2005. In both, he encountered poor customer experience, weak employee engagement, and a flattened growth curve. In both, he led a rejuvenation that still gets talked about.

Norris became the CEO of ASB Bank through that most unusual avenue of the IT department at a time when CEO’s came from sales and marketing. He also became a change manager before there was such a term.

He led ASB Bank from it’s roots as a regional bank, to a national player competing on level terms with the big internationally owned banks. He brought institutional and commercial banking to what was previously a domestically focussed affair. And he created leaders.

On the Leaders Getting Coffee podcast, Sir Ralph Norris speaks with Bruce Cotterill about turning business performance around. The importance of asking good questions and listening to what the people within the organisation are saying is the starting point. Then comes a good plan, and the need for relentless communication. 

There are lessons in this discussion for every current and aspiring leader. And each one delivered in that quiet and humble way. Sir Ralph Norris is one of our country’s best, and this discussion, a must listen, reflects that.

Leaders Getting Coffee – Episode 69 with Bruce Cotterill and Sir Ralph Norris – Former CEO of ASB and Air NZ.

In episode 69 of Leaders Getting Coffee our guest is one of New Zealand&rsquo;s most successful business CEO&rsquo;s, Sir Ralph Norris.&nbsp;&nbsp;
An everyday upbringing in Auckland&rsquo;s suburb of Mt Roskill, laid the foundations for the humble and softly spoken manner that typifies Sir Ralph Norris. But don&rsquo;t let that humility fool you. He was an active youngster and clearly bright enough to further his education. However, like many of the time, the family fortunes didn&rsquo;t enable university study. But he certainly made up for it when opportunity came calling.
His banking career started in the IT department of the ASB Bank, where he was a beneficiary of the bank&rsquo;s training relationship with IBM and his own curiosity about technology. The IBM training filled in what he&rsquo;d missed at university and he became instrumental in enabling the massive change that went through the banking system over the following two decades. He speaks of starting with mainframe computers that occupied their own air-conditioned rooms, and he leads us through the changes brought by the personal computer generation, and now the mobile phone centric life we all lead today.&nbsp;
Over the course of his career, he led three massive companies. In the first, ASB Bank, he worked his way to the top job. The reputation he built there led to the next two. Firstly he was asked to take the reins at a suffering Air New Zealand in 2001, and subsequently Commonwealth Bank of Australia in 2005. In both, he encountered poor customer experience, weak employee engagement, and a flattened growth curve. In both, he led a rejuvenation that still gets talked about.
Norris became the CEO of ASB Bank through that most unusual avenue of the IT department at a time when CEO&rsquo;s came from sales and marketing. He also became a change manager before there was such a term.
He led ASB Bank from it&rsquo;s roots as a regional bank, to a national player competing on level terms with the big internationally owned banks. He brought institutional and commercial banking to what was previously a domestically focussed affair. And he created leaders.
On the Leaders Getting Coffee podcast, Sir Ralph Norris speaks with Bruce Cotterill about turning business performance around. The importance of asking good questions and listening to what the people within the organisation are saying is the starting point. Then comes a good plan, and the need for relentless communication.&nbsp;
There are lessons in this discussion for every current and aspiring leader. And each one delivered in that quiet and humble way. Sir Ralph Norris is one of our country&rsquo;s best, and this discussion, a must listen, reflects that.
Leaders Getting Coffee &ndash;&nbsp;Episode 69 with Bruce Cotterill and Sir Ralph Norris &ndash; Former CEO of ASB and Air NZ.

Episode 69: Former CEO of Air New Zealand and ASB, Sir Ralph Norris

How do you build a people strategy that supports one of New Zealand's most recognised global brands while staying true to its purpose?

In this episode of HR Unlocked, Lisa Oakley sits down with Faye Restall, Chief People Officer at Les Mills International, to explore leadership, organisational culture, global people strategy, and how HR can create real commercial value.

Leading the People & Culture function for a business that reaches thousands of employees, over 100,000 instructors and 25,000 gym partners worldwide, Faye shares practical insights into building high-performing teams, developing exceptional managers, navigating AI, and keeping people connected to purpose in a rapidly changing world.

From leadership capability and employee engagement to business strategy, organisational development, AI adoption, and the future of work, this conversation explores how modern HR leaders can simplify complexity while helping organisations thrive. Faye discusses why management excellence matters just as much as leadership, how curiosity and continuous improvement create better outcomes, and why People & Culture should always be aligned to commercial priorities.

The conversation also explores how Les Mills has maintained a strong culture while expanding globally, the importance of balancing consistency with entrepreneurial thinking, and why creating meaningful employee experiences starts with understanding what the business is trying to achieve.

What You'll Learn


How Les Mills maintains culture across a global organisation


Why People & Culture strategy should align with business strategy


The importance of management excellence alongside leadership capability


Practical ways AI is improving HR and employee experience


How curiosity drives innovation and continuous improvement


Why simplicity often creates better People & Culture outcomes


The role purpose plays in employee engagement and performance


How to balance consistency with entrepreneurial thinking


Why communication is critical to successful capability development


How HR can become a genuine commercial partner to the business

Key Takeaways


Great People & Culture starts with understanding the business


Strong managers create stronger employee experiences


Purpose attracts people, but great leadership helps them stay


HR delivers the most value when it solves business problems


AI should support real organisational challenges, not create more complexity


Curiosity and continuous improvement drive innovation


Simple, practical people strategies are often the most effective


Culture becomes a competitive advantage when people understand both what they do and why it matters

About Faye Restall

Faye Restall is Chief People Officer at Les Mills International, where she leads the global People & Culture strategy for one of the world's leading fitness brands.

With executive leadership experience across organisations including PwC, Optus and Westpac, Faye specialises in organisational development, leadership capability, employee engagement, business transformation, and global people strategy.

She partners with executive leaders to build high-performing teams, strengthen management capability, and support continued global growth while preserving the purpose and culture that have made Les Mills an internationally recognised brand.

Why This Episode Matters

As organisations navigate rapid technological change, evolving workforce expectations, and increasingly global ways of working, HR has become far more than a support function.

This episode demonstrates how People & Culture leaders can create measurable business value by aligning people strategy with commercial priorities, building capable managers, embracing AI thoughtfully, and keeping people connected to purpose. Whether you're an HR professional, business owner, executive leader, or people manager, this conversation offers practical insights into creating organisations where culture, leadership, and performance work together.

Resources & Links
Les Mills International:https://www.lesmills.com
Connect with Faye Restall on LinkedIn - https://www.linkedin.com/in/faye-restall-a17b6612/

How do you build a people strategy that supports one of New Zealand's most recognised global brands while staying true to its purpose?
In this episode of HR Unlocked, Lisa Oakley sits down with Faye Restall, Chief People Officer at Les Mills International, to explore leadership, organisational culture, global people strategy, and how HR can create real commercial value.
Leading the People &amp; Culture function for a business that reaches thousands of employees, over 100,000 instructors and 25,000 gym partners worldwide, Faye shares practical insights into building high-performing teams, developing exceptional managers, navigating AI, and keeping people connected to purpose in a rapidly changing world.
From leadership capability and employee engagement to business strategy, organisational development, AI adoption, and the future of work, this conversation explores how modern HR leaders can simplify complexity while helping organisations thrive. Faye discusses why management excellence matters just as much as leadership, how curiosity and continuous improvement create better outcomes, and why People &amp; Culture should always be aligned to commercial priorities.
The conversation also explores how Les Mills has maintained a strong culture while expanding globally, the importance of balancing consistency with entrepreneurial thinking, and why creating meaningful employee experiences starts with understanding what the business is trying to achieve.
What You'll Learn
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How Les Mills maintains culture across a global organisation
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Why People &amp; Culture strategy should align with business strategy
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The importance of management excellence alongside leadership capability
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Practical ways AI is improving HR and employee experience
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How curiosity drives innovation and continuous improvement
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Why simplicity often creates better People &amp; Culture outcomes
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The role purpose plays in employee engagement and performance
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How to balance consistency with entrepreneurial thinking
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Why communication is critical to successful capability development
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How HR can become a genuine commercial partner to the business
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Key Takeaways
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Great People &amp; Culture starts with understanding the business
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Strong managers create stronger employee experiences
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Purpose attracts people, but great leadership helps them stay
</li>
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HR delivers the most value when it solves business problems
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AI should support real organisational challenges, not create more complexity
</li>
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Curiosity and continuous improvement drive innovation
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Simple, practical people strategies are often the most effective
</li>
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Culture becomes a competitive advantage when people understand both what they do and why it matters
</li>
</ul>
About Faye Restall
Faye Restall is Chief People Officer at Les Mills International, where she leads the global People &amp; Culture strategy for one of the world's leading fitness brands.
With executive leadership experience across organisations including PwC, Optus and Westpac, Faye specialises in organisational development, leadership capability, employee engagement, business transformation, and global people strategy.
She partners with executive leaders to build high-performing teams, strengthen management capability, and support continued global growth while preserving the purpose and culture that have made Les Mills an internationally recognised brand.
Why This Episode Matters
As organisations navigate rapid technological change, evolving workforce expectations, and increasingly global ways of working, HR has become far more than a support function.
This episode demonstrates how People &amp; Culture leaders can create measurable business value by aligning people strategy with commercial priorities, building capable managers, embracing AI thoughtfully, and keeping people connected to purpose. Whether you're an HR professional, business owner, executive leader, or people manager, this conversation offers practical insights into creating organisations where culture, leadership, and performance work together.
Resources &amp; Links
<ul>
<li>Les Mills International: <a href="https://www.lesmills.com/">https://www.lesmills.com</a></li>
<li>Connect with Faye Restall on LinkedIn - <a href="https://www.linkedin.com/in/faye-restall-a17b6612/">https://www.linkedin.com/in/faye-restall-a17b6612/</a></li>
</ul>

Brendan Larsen: Milford Asset Management expert on what the demand for shares and bonds means for investors

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