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Minister Announces Financial Markets Authority Board

Hon Simon Power, Minister of Commerce
5 April 2011

Commerce Minister Simon Power today announced a high-powered board to run the soon-to-be established Financial Markets Authority (FMA).

The FMA, which is expected to be up and running early next month, will be the single market conduct regulator for New Zealand's financial markets.

The FMA is designed to restore the confidence of mum and dad investors in the financial markets by actively and consistently enforcing financial laws.

The eight board members are: Shelley Cave, Colin Giffney, Mary Holm, Murray Jack, James Miller, Justine Smyth, Michael Webb, and Mark Verbiest.

In addition, Bruce Sheppard, Rebecca Eele, and Arthur Grimes have been appointed associate members of the board.

Simon Allen has previously been announced as FMA chair, and Sean Hughes as chief executive designate.

"I'm delighted with the makeup of the board," Mr Power said.

"They bring exactly the right mix of expertise and governance experience the FMA needs to get this vital job done."

Shelley Cave, Murray Jack, and Mark Verbiest are members of the Securities Commission, which the FMA will replace.

"The continuity of experience from the outgoing Securities Commission will help smooth the transition to the new regulator.

"The knowledge and experience from these three in particular will be crucial to the success of the inaugural board."

Mr Power said board members' terms range from three to five years to smooth the succession of skills and board experience.

The Financial Markets Authority (Regulator and KiwiSaver) Bill which establishes the FMA is currently before the Parliament and is expected to pass into law this month

Members' background

Mark Verbiest is a consultant with Simpson Grierson and is chair of Transpower and Willis Bond Capital Partners. He is on the boards of Freightways, AMP NZ Office Limited, Government Superannuation Fund Authority, and Southern Cross Medical Care Society. He was Group General Counsel for Telecom from 2000 to 2008 and prior to that was a senior partner with Simpson Grierson.

Shelley Cave is a partner at Simpson Grierson, specialising in corporate and securities law. She is a member of the New Zealand Venture Capital Association and the Institute of Directors. She is a current member of the Securities Commission and has been a member of the FMA Establishment Board.

Murray Jack has been chief executive of Deloitte since 2005. He has been involved in the development of the proposed auditor oversight regime and related regulatory issues, is a board member on the Institute of Chartered Accountants, and is involved in the governance of accounting and auditing matters.

James Miller has more than 15 years' experience in the financial sector, specialising in company research. He is an experienced board member, currently sitting on the boards of the New Zealand Stock Exchange, Vector and Auckland International Airport.

Justine Smyth is chair of the NZ Breast Cancer Foundation and deputy chair of NZ Post Ltd. She gained important financial experience as a tax partner of Deloitte and as a finance director of a large public company.

Mary Holm is a financial columnist, author and lecturer in financial literacy. She holds an MBA in finance, is a director of the Banking Ombudsman Scheme, and was a member of the Capital Market Development Taskforce and the Savings Working Group.

Colin Giffney is a corporate adviser at Giffney& Jones. He has extensive experience in financial markets and the boards of public, private, and government entities. He is deputy chair of the Takeovers Panel.

Michael Webb is a commercial barrister with extensive knowledge of financial markets, banking, securities, and insolvency law. He has valuable international experience from working in the financial sector in Qatar, and was previously a member of the Securities Commission.

Associate members' background

Rebecca Eele has a background in law, finance, and investment. She has specialised knowledge of financial markets in New Zealand and overseas.

Bruce Sheppard is an experienced accountant, having set up his own firm in 1985. He founded the New Zealand Shareholders Association in 2001 and was chair until July last year. He was a member of the FMA Establishment Board.

Arthur Grimes is an economist, and is chair of the board of the Reserve Bank. He has been heavily involved in economic research with Motu and the University of Waikato and has extensive practical experience in the financial sector.

All Simon Power's media statements and speeches are at www.beehive.govt.nz/minister/simon+power