Commission Members
The Commission is losing its two longest serving Members. Liz Hickey completed 11 years' service in May and
Michael Webb will retire, also after 11 years, in August.
"We are very grateful to both Liz Hickey and Michael Webb for the years of dedication and commitment they have
given the Commission," Chairman Jane Diplock said. "Their special skills and generosity with their time have been
invaluable."
The Minister of Commerce, Hon Lianne Dalziel, has announced the appointments to the Commission of Mai Chen and Keitha Dunstan and the re-appointments of Falcon Clouston and Lloyd Kavanagh.
Keitha Dunstan is a research professor at the School of Accounting and Commercial Law and the founding
director of the Centre for Accounting, Governance and Taxation Research at Victoria University of Wellington.  Her combination of academic, professional
and research expertise will enable her to contribute a range of perspectives to the work of the Commission. Her appointment is for five years.
Mai Chen is a well known academic and practising constitutional lawyer. She is a foundation partner of
Australasia's first public law specialist practice, Chen Palmer & Partners, which she co-founded in 1994. Her extensive public law expertise and experience in advising a wide range of corporate clients on the interface between commercial law and public law will bring to the Commission valuable perspectives on governance and on the impact of regulation on business. Ms Chen has particular strengths in policy and law reform. Her appointment is for five years
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Contributory mortgage broker
General Mortgage removed
General Mortgage Limited, a Christchurch company, has been
ordered to cease to act as a contributory mortgage broker and
Crichton Horne & Associates Mortgage Brokers Limited have
been appointed to act as broker in its place. |
The Commission removed Clinton
John Rains as director of General
Mortgage Nominees Limited, and
appointed David Crichton and Keiran
Horne as directors in his place.
General Mortgage is prohibited from
offering contributory mortgages to the
public for two years.
"General Mortgage has failed to meet
the standards of care and governance |
expected from those who raise funds
from the public," Chairman Jane
Diplock said. "It has repeatedly failed
to comply with the law, including
requirements to prepare and file
financial statements on time and to
provide information to investors."
The Commission considered
Mr Rains had a significant conflict
(continued page 2) |
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Falcon Clouston is a business
consultant and company director.
Previously he was a member of the
New Zealand Stock Exchange and a
director of sharebroking firm Credit
Suisse First Boston NZ Securities. He
has had 20 years
experience as a
 sharebroker, and
considerable experience
as a company director.
Mr Clouston has been a
Member of the
Securities Commission
since 1995 and is reappointed
for two years.
Lloyd Kavanagh is a
Wellington-based
barrister and solicitor.
He is the general
counsel for New
Zealand Milk Limited
and a director of
Soprole SA. Mr Kavanagh brings
insights into New Zealand's primary
industries, the structure and operation
of international trade and regulatory
regimes, and an understanding of the
governance issues facing large
corporations in New Zealand and
overseas. He has been a Member of the
Securities Commission since 1999 and
is re-appointed for four years. |
Corporate governance
The Minister of Commerce, Hon Lianne Dalziel, has asked the Commission to take a leadership role in developing a set of corporate governance principles tailored to New Zealand's specific needs.
The objective is to achieve an agreed set of principles of corporate governance appropriate for this country, which also recognises the need to conform to international best practice.
The Commission will shortly be seeking direct input into developing the principles from a wide range of interested parties. The process for this will be published on www.seccom.govt.nz. To be sure of immediate information on this, visit
the website and register to receive email alerts to new items. |
ALSO IN THIS ISSUE:
- Exemptions - an option for
issuers
- Statutory management for
buy-back schemes
- FSAP assessment of New
Zealand
- Morgan Price in Court
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