The FMA Board comprises between 5 and 9 members. The Governor-General, on the advice of the Minister, appoints all members of the Board and determines, on the recommendation of the Minister, who will be Chairperson and Deputy Chairperson. Members hold office for up to 5 years and may be reappointed.
In accordance with the State Sector Commission guidelines, the Board periodically reviews its own role and overall performance, its processes and procedures, the use of supporting Committees and Divisions and the performance of each Board member.
The remuneration of the FMA Board members is determined by the Remuneration Authority. See more information about the Remuneration Authority.
The FMA has two Board committees:
Audit and risk committee
This committee considers internal controls, accounting policies, and risk management. It also approves financial statements, and helps with the scope, objectives and functions of external and internal audits. Currently it has three members: Arthur Grimes (Chair), Mark Todd and William Stevens.
Performance and remuneration committee
This committee assesses performance measures and staff remuneration. It has three members: Murray Jack (Chair), Shelley Cave and Campbell Stuart.
A Division is a group of at least 3 members of the Board who have been assigned to deal with a matter or class of matter, determined by the Board or Chairperson. A Division is brought into existence by a determination of the Board or Chairperson and has the all the powers of the Board in relation to the matter or class of matter to which it has been assigned. Divisions are convened toe consider matters such as class exemptions and for decisions on litigation matters.
Ainsley is a board member of the Government Superannuation Fund Authority and has more than 25 years' broad financial services experience including investment management, fixed interest and financial markets. She was previously Head of Investment Management for ASB Group Investments Limited. In that role, she was accountable for the performance of ASB Bank’s retail managed funds and immunising the long-dated liabilities of Sovereign Assurance, New Zealand’s largest life insurer. Prior to joining ASB Group Investments, Ainsley was Head of Sales and Service for ASB Financial Markets leading the team of dealers providing foreign exchange and interest rate risk management solutions to a wide range of clients.
Current term expires September 2021.
Member, BSocSc (Hons), MSc, PhD
Arthur is Senior Fellow with Motu Economic and Public Policy Research Trust, Adjunct Professor (Economics) at Victoria University of Wellington and Chair of the Hugo Group strategy sessions. He was previously Southpac CEO and Chair of the Reserve Bank.
Current term expires April 2019.
Campbell has 25 years’ experience in stockbroking and funds management. He is also a Director of Aspiring Asset Management. He was previously Managing Principal at UBS New Zealand, was on the NZX Disciplinary Committee, and was Vice Chair of NZX.
Current term expires June 2018.
Member, LLB Hons
Mark has over 20 years’ experience in financial markets regulation, and has held governance roles with both listed and unlisted companies. He co-founded Anti-Money Laundering Solutions, Chairs Mint Asset Management and is a Director of Westpac Life.
Current term expires June 2020.
Member, BA, MA, MBA
Mary is a financial columnist, author and seminar presenter. She was a member of the Capital Markets Development Taskforce and the Savings Working Group. and has been a newspaper business editor and part-time senior lecturer at the University of Auckland.
Current term expires June 2019.
Shelley is a professional director who also sits on the board of the Government Superannuation Fund Authority, and held roles on the Financial Markets Establishment Board and the Securities Commission. She was previously a lawyer for over 20 years.
Current term expires April 2017.
Member, B Com/LLB (Hons), PG Dip in Prof Ethics
Vanessa is also a Director of NZ Refinery, The Warehouse Group, and The Alliance Group, and a member of the Tertiary Education Commission. She was previously a Senior Executive at Air New Zealand and CEO of Carter Holt Harvey Packaging Australia.
Current term expires June 2021.
William has over 25 years’ experience as an investment adviser. He is an NZX adviser, is a Director of Craigs Investment Partners, and Chairs the Dingwall Trust for Children. He was previously Deputy Chair of the New Zealand Markets Disciplinary Tribunal.
Current term expires June 2020.