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Page last updated: 25 October 2024

Board and governance

Role of the FMA Board

The Crown Entities Act 2004 sets out the collective and individual duties of the FMA Board and its members. The Board is the governing body of the FMA. The Board’s focus is generally on the critical strategic and regulatory policy issues that determine the overall success of FMA. This includes:

  • setting the FMA’s strategic direction and strategic priorities
  • appointing the Chief Executive and providing oversight of their performance and, through them, FMA staff
  •  ensuring the FMA’s actions are consistent with its objectives, functions, SOI and output agreement (if any)
  • maintaining appropriate relationships with stakeholders
  • complying with the FMA’s obligations under all applicable legislation
  • ensuring the FMA operates in a financially responsible manner – achieving results and doing so within budget (operating within agreed budget parameters and managing assets and liabilities prudently).

The Board is responsible for setting policies to govern how the FMA operates, including policies for:

  • managing staff conflicts of interest
  • holding and dealing with information securely
  • procurement and purchasing
  • managing sensitive expenditure and the receipt of gifts.

The Board has delegated most regulatory decisions to staff but retains ultimate decision-making authority for the use of some of the FMA’s powers related to enforcement and exemptions. These matters are often considered by a division of the Board, which is a group of at least three Board members who have been assigned to deal with a matter or class of matter.

The Board has also two advisory subcommittees:

  •  the Audit and Risk Committee, which advises on internal controls, accounting policies and internal and external audit, and approves the financial statements. On risk management, the Committee advises on key issue or project risks and provides oversight of the FMA’s framework for managing organisation-wide strategic and operational risks  
  • the People, Performance and Remuneration Committee, which oversees FMA’s performance, remuneration, development and engagement systems, including setting the Chief Executive’s remuneration and key performance indicators, and considering talent management and succession planning strategies. 

The FMA Board is appointed by the Governor General, on the advice of the Minister of Commerce and Consumer Affairs. Our current Minister is the Hon Andrew Bayly. View the latest Annual Letter of Expectation sent to us by the Minister. 

Introducing the Board

Image of FMA Board

From left to right: Christopher Swasbrook, Tracey Berry, Nick Hegan, Kendall Flutey, Sue Chetwin, Prasanna Gai, Mariette van Ryn, Steven Bardy, Craig Stobo.

Craig Stobo Chairman FMA Board

Craig Stobo

Chairman, Audit and Risk Committee member, People, Performance and Renumeration Committee member

Craig Stobo is a professional director with experience as a diplomat, economist, chief investment officer and chief executive. He is currently the Chair of the Local Government Funding Agency and NZ Windfarms Ltd. His qualifications include a Bachelor of Arts, First Class Honours in Economics from Otago University, Advanced Management Programme from Wharton School of the University of Pennsylvania, and Associate Member CFA Society New Zealand. He is the former chief executive of BT Funds Management and has previously held a variety of director and chair roles, including AIG Insurance New Zealand, Precinct Properties Limited and Fliway Group Limited.

Current term expires May 2029.

 

Suzanne Chetwin, CNZM

Board member, People, Performance and Remuneration Committee Chair

Sue has more than 15 years’ experience working for and on behalf of consumers. She is a strong supporter of financial regulations that encourage innovation while protecting consumer interests. She is the former CEO of Consumer NZ and was a director of the Banking Ombudsman Scheme. She is on the board of Food Standards for Australia NZ and chairs the Grocery Action Group. She chairs the Elizabeth Fletcher Foundation, the investment vehicle which provides funding for the charity Share My Super. Last year she chaired an independent consumer panel assisting Chorus prepare its investment proposals to the Commerce Commission. She also chaired the Government Review into drug buying agency Pharmac. Her experience includes 25 years in journalism, including editing the Sunday Star Times and the Herald on Sunday. Sue holds a Bachelor of Laws.

Current term expires November 2025.

Sue Chetwin Member FMA Board
Prasanna Gai Member FMA Board

Prasanna Gai

Board Member, Audit and Risk Committee member

Prasanna is Professor of Macroeconomics at the University of Auckland and a member of the Monetary Policy Committee of the Reserve Bank of New Zealand. He was Special Adviser to the Governor of the Bank of Canada, Senior Adviser at the Bank of England, and Member of the Advisory Scientific Committee of the European Systemic Risk Board. Prasanna has also been Professor of Economics at the Australian National University and a Visiting Fellow of All Souls College, Oxford. He was educated at the Australian National University and Christ Church, Oxford.

Current term expires June 2028.

Christopher Swasbrook

Board Member

Christopher has more than 25 years’ experience in stockbroking and funds management. He is currently the Managing Director of Elevation Capital, Co Founder & Director of NZX-listed New Zealand Rural Land Company, Director of Bethunes Investments Limited and McCashin’s Brewery Limited. He is also Chair of the Auckland Future Fund and an Inaugural Member and currently Chair of the Auckland Art Gallery Toi o Tamaki Advisory Committee. He was previously a Partner at Goldman Sachs JBWere. Christopher holds a Bachelor of Commerce.

Current term expires August 2025.

Christopher Swasbrook Member FMA Board
Kendall Flutey Member FMA Board

Kendall Flutey

Board member, People, Performance and Remuneration Committee member

Kendall Flutey (Ngāi Tahu, Ngāti Kahungunu) is the Co-Founder and Chief Product Officer of Banqer, a financial education platform utilised by more than 500,000 Australasian students. Kendall has been a vocal advocate of financial education, innovation, and consumers within Aotearoa for over a decade through her professional endeavours and community engagement. Kendall has a broad range of governance experience, currently sitting on the boards of Whai Rawa, and the Insurance & Financial Services Ombudsman Scheme. Previously she has chaired the Canterbury Momentum Investment Committee, sat on the Digital Council for Aotearoa New Zealand, and was board member through the establishment of Te Hiringa Mahara - Mental Health and Wellbeing Commission. Kendall holds a Bachelor of Commerce, a Graduate Diploma and a Master of Entrepreneurship.

Current term expires February 2027.

Steven Bardy

Board Member, Audit and Risk Committee Chair

Steven is a senior executive with extensive experience as a regulator and advisor in financial services, financial services regulation, compliance and risk management. He consults on financial services regulation to the World Bank and foreign governments and is a senior advisor to Principia Advisory, a European based global leader in ethics consulting. He was previously Managing Director of Promontory Australia, an IBM company, and a senior executive leader at the Australian Securities and Investments Commission. He served as the inaugural chair of the Assessment Committee of the International Organization of Securities Commissions (IOSCO) and an ASIC representative on the IOSCO Board. He has also worked in the finance and tax practices of the Australian and US offices of an international law firm, held ministerial advisor positions in the Victorian Government and senior risk and compliance positions in an Australasian Bank, and consulted on strategy in both Australia and Europe.

Steven holds a BEc and an honours LLB degree from the Australian National University and an MBA from the London Business School. 

Current term expires February 2027.

Steven Bardy Member FMA Board
Tracey Berry Member FMA Board

Tracey Berry

Board Member

Tracey Berry is a consultant and financial services professional with 26 years’ experience in Wealth Management, Banking, KiwiSaver and Insurance. She is currently a partner at Mosaic FSI, as well as a member of the Board for the National Provident Fund. A former Chair of Nikko Asset Management, she was also a member of the Financial Advisers Disciplinary Committee for 13 years. During her career she has held senior or executive roles at a number of New Zealand’s largest banks.

Current term expires August 2029.

Nick Hegan

Board Member

Nick Hegan is an experienced financial services lawyer who has also worked as a trader in wholesale financial markets in New Zealand and offshore. He has sat on the NZ Markets Disciplinary Tribunal for more than ten years and was formerly Head of Legal at Forsyth Barr for eight years until 2022. A former Partner at Russell McVeagh, he was also Chair/Deputy Chair of the Securities Industry Association for five years.

Current term expires August 2029.

Nick Hegan Member FMA Board
Mariette van Ryn Member FMA Board

Mariette van Ryn

Board Member

Mariette van Ryn is an experienced director and former barrister and solicitor. For in excess of 30 years she has worked across all facets of financial services and regulation in executive, consulting and governance roles. A member of the FMA’s Establishment Board, she has more recently been a Special Division member of the NZ Markets Disciplinary Tribunal and is a former Director of Milford Asset Management where she was chair of the Risk & Audit Committee. She has also held executive and governance roles at Westpac and is a former partner and Board member of national law firm Simpson Grierson. Mariette has a particular interest in risk management, organisational redesign and productivity improvement. She continues to consult and hold board roles in other sectors.

Current term expires August 2029.

The FMA discloses the board's expenses, gifts and hospitality as part of its commitment to transparency and accountability. 

Archive

Year Time period Board expenses disclosure
2024

Craig Stobo:

1 July 2023 - 30 June 2024

 Travel Hospitality Gifts Other Summary