New chair for regulator
The government has announced the appointment of James Miller as the new chair of the Financial Markets Authority (FMA).
Miller, pictured, sits on the boards of Channel Infrastructure NZ, Fletcher Building, Ryman Healthcare and Vista and has been described by the coalition as “one of this country’s most respected directors”.
He previously spent 13 years as a director of the NZX, including eight as chairman, and is a former director of Mercury NZ, ACC, Auckland International Airport and Vector Limited. He was also a member of the FMA from March 2010 to May 2015.
Miller has been appointed for a five-year term from August 6 and replaces Craig Stobo, who resigned in May this year after an independent review into his conduct.
FMA board member Steven Bardy has been serving as acting FMA chair in the interim.
Cameron Brewer, Minister of Commerce and Consumer Affairs, says a fair, efficient and transparent financial market gives Kiwis the confidence to invest and businesses the confidence to grow.
“Promoting the confident and informed participation of businesses, investors and consumers is core to what the FMA was set up to do. Delivering on that is how we build markets that are not just well policed, but successful,” he continues.
“With the transfer of consumer credit regulation from the Commerce Commission, the FMA is now the single financial markets conduct regulator.
“That means balancing strong protection for consumers with markets dynamic enough to drive economic growth. It is a demanding brief, and James Miller is the right person to deliver it.”
Nicola Willis, Minister of Finance, announced Miller’s appointment on August 6 and says he has been making the case for a renaissance in New Zealand’s capital markets for the best part of 12 years.
“His expertise in capital markets, corporate governance and financial regulation, including his time chairing the NZX, and as an inaugural director of the FMA, makes him exactly the leader the FMA needs as it steps into its expanded role,” she adds.
“Every New Zealander with a KiwiSaver account has a stake in our capital markets. They are how your savings become finance for a growing business, a new house, or the infrastructure this country needs. But our markets are too shallow, and New Zealanders miss out because of it.
“That is why this government is undertaking a programme of capital markets reform. We are cutting the cost and complexity of raising capital here, so growing companies can list in New Zealand rather than looking offshore.
“Rules written for a different era are being modernised, with a higher climate reporting threshold taking hundreds of businesses out of requirements never designed for them.
“Deeper markets mean stronger KiwiSaver balances and higher wages. It is a core part of our economic plan, and getting the right leadership at the FMA is central to seeing it through.”
Brewer has also announced the appointment of Trevor Janes, the inaugural chair of NZ RegCo, the NZX’s independent regulatory arm, to the FMA board for a two-year term.
Janes brings significant capital markets expertise to the role, including in investment management and regulation, and as chair of NZX-listed companies.
