Annual Report

Members Member Profiles

CONTENTS: --- Quick Jump --- Statement of Purpose Notable Events Role, Functions and Powers Members Member Profiles Chairperson's Review Chief Executive's Report New Zealand Securities Markets Enforcement Authorisations Exemptions Reform Internationl Liaison Public Understanding Litigation Services to the Takeovers Panel Administration and Staffing ----------------------------- Financial Report Sources of Funding Statement of Responsibility Financial Statements Statement of Objectives Statement of Service Performance Report of the Audit Office ----------------------------- Staff How to Contact Us

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Members

MR EUAN H. ABERNETHY	MR COLIN A.N. BEYER	MR FALCON R.S. CLOUSTON	MR IAN F. FARRANT	MS ELIZABETH M. HICKEY
MR LLOYD A.J. KAVANAGH	MS JOANNA M.G. PERRY	MS CATHY A. QUINN	DR RODGER M. SPILLER	MR MICHAEL R.H. WEBB

The Securities Commission consists of not less than five nor more than ten Members appointed by the Governor-General on the recommendation of the Minister of Commerce. Members are appointed for their knowledge of, or experience in, industry, commerce, economics, law, accountancy, public administration or securities. At least one Member must be a barrister or solicitor of not less than seven years' practice. Members hold office for a term not exceeding five years and may be re-appointed.

The Chairperson, Mr E.H. Abernethy, retired on 30 June 2001 after six years and three months' service. On 25 June 2001 the Minister of Commerce announced the appointment of Ms Jane Diplock, presently National Director Infrastructure and Strategic Planning and New South Wales Commissioner for the Australian Securities and Investments Commission, as the new Chairperson. Mr M.R.H.Webb has been appointed Chairperson from 1 July 2001 until 3 September 2001 when Ms Diplock takes office. Mr A.N. Frankham retired during the year after ten years on the Commission. Mr C.A.N. Beyer, Ms C.A. Quinn and Dr R.M. Spiller were appointed to the Commission.

There were 12 regular monthly meetings and 51 quorum meetings. There were an additional 102 resolutions in writing, many of these arising from telephone conferences between Commission Members. The Audit Committee, comprising three Members, met in person or by telephone on five occasions. Mr A.N. Frankham chaired the Audit Committee until he retired in April. Ms J.M.G. Perry now chairs the Committee. Mr M.R.H.Webb stood down from the Audit Committee on his appointment as Chairperson and was replaced by Ms C.A. Quinn. Dr R.M. Spiller is the other Member of the Audit Committee.

Member Profiles

At balance date there were ten Commission Members.

MR EUAN H. ABERNETHY  LL.B. Chairperson of the Commission since April 1995. Professional: Partner of Bell Gully (and predecessor firms) 1962 to 1995 where his areas of legal practice included securities, company, banking and finance law.

MR COLIN A.N. BEYER  LL.B, FIOD. Senior partner of Simpson Grierson,Wellington. Directorships: Tower Limited (Chairman); Summit Resources Limited (Chairman); Capital Properties New Zealand Limited (Chairman); Tower Risk & Investment Management Limited. Professional: Solicitor,Wellington.

MR FALCON R.S. CLOUSTON  B.Agr.Sc (Agricultural Economics). Business Consultant, Wellington. Directorships: Abacus Biotech Limited; Palliser Estate Wines of Martinborough Limited; also a director of a number of private companies. Professional: Member of Government Taskforce on Private Provision for Retirement 1991/1992; Past Member of New Zealand Stock Exchange.

MR IAN F. FARRANT  B.Com (Accounting/Marketing), FCA. Company Director, Dunedin. Directorships: Broadway Industries Limited (Chairman); Fulton Hogan Limited (Chairman); The New Zealand Refining Company Limited (Chairman); Skeggs Group Limited (Chairman); Airwork (N.Z.) Limited; Queenstown Airport Corporation Limited. Also a director of a number of private companies. Professional: Member of Ministerial Committee of Inquiry into the Sharemarket (The Russell Committee) 1988/1989.

MS ELIZABETH M. HICKEY  M.Com (First Class Honours), FCA. Chartered Accountant, Auckland, specialising in financial reporting and financial investigations. Directorship: Radio New Zealand Limited. Professional: Chairman of Financial Reporting Standards Board of Institute of Chartered Accountants of New Zealand.

MR LLOYD A.J. KAVANAGH  LL.B. Corporate Secretary/Global Manager, Legal & Secretariat, New Zealand Dairy Board. Professional: Barrister and Solicitor,Wellington.

MS JOANNA M.G. PERRY  MA (Cantab), FCA (ICAEW), CA (ICANZ). Chartered Accountant, Auckland. Professional: Partner of KPMG; Member of Financial Reporting Standards Board of Institute of Chartered Accountants of New Zealand.

MS CATHY A. QUINN  LL.B. Solicitor, Auckland. Professional: Partner of Rudd Watts & Stone specialising in corporate, securities and competition law. Joint author Morison's Company and Securities Law.

DR RODGER M. SPILLER  PhD, M.Com (First Class Honours), CFP, CA, Dip. Mgt., ANZIM. Personal Investment Adviser and Business Consultant, Auckland. Directorships: New Zealand Businesses for Social Responsibility; Transparency International (NZ). Professional:Managing Director of Money Matters (NZ) Limited and Rodger Spiller & Associates Limited; Executive Director of the New Zealand Business Council for Sustainable Development and the New Zealand Centre for Business Ethics and Sustainable Development. Author CCH's Essential Guide to Financial Planning in New Zealand.

MR MICHAEL R.H. WEBB  LL.B, AAMINZ. Barrister, Auckland and Wellington, specialising in corporate, banking and securities law. Directorships: Fulton Hogan Limited; Tower Trust Group. Professional: Joint Convenor New Zealand Law Society/Institute of Chartered Accountants of New Zealand Joint Insolvency Committee; Past Convenor, New Zealand Law Society Commercial and Business Law Committee; Member of Pacific Economic Cooperation Council Financial Markets Development Project Group.