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2002 Annual Report

MEMBERS

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.

Chairman Jane Diplock took up her appointment on 3 September 2001. Michael Webb was appointed Chairman from Euan Abernethy's retirement on 30 June 2001 until 3 September 2001. Ian Farrant retired in May 2002 after five years' service.

He brought a wide range of commercial experience to the work of the Commission and a forthright and practical approach to resolving problems. The Commission is grateful for Ian Farrant's significant contribution. Liz Hickey and Joanna Perry were re-appointed for terms of one and five years respectively. Annabel Cotton was appointed as a Member.

The Commission held 11 regular monthly meetings and 49 quorum meetings. There were an additional 108 resolutions in writing, many of these arising from telephone conferences between Commission Members. The Audit Committee, Joanna Perry (Chairman), Cathy Quinn and Rodger Spiller, met in person or by telephone on four occasions.

MEMBERS OF THE COMMISSION


IAN F. FARRANT B.Com (Accounting/Marketing), FCA. Company Director, Wanaka. Directorships: Broadway Industries Limited (Chairman); Fulton Hogan Limited (Chairman); The New Zealand Refining Company Limited (Chairman); Skeggs Group Limited (Chairman); Queenstown Airport Corporation Limited. Director of a number of private companies.	ANNABEL M. COTTON BMS (Accounting & Finance),ACA, CSAP. Investment Analyst and Accountant, Auckland. Consultant to companies listed in New Zealand and overseas. Directorships: Enigma Nominees Limited and Merlin Consulting Limited.	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.	JANE DIPLOCK BA (Hons), LL.B, DipEd (Sydney), Dip Int.Law (ANU). Chairman of the Commission since September 2001. Professional: Barrister and Solicitor of the ACT Supreme Court and High Court of Australia; Barrister of the New South Wales Supreme Court; Fellow of the Institute of Public Administration Australia; Chevening Fellow at London School of Economics.	LLOYD A.J. KAVANAGH LL.B. Barrister and Solicitor, Wellington. Professional: General Counsel - New Zealand Milk (part of Fonterra Co-operative Group Limited).


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.	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: Member, Accounting Standards Review Board.	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.	JOANNA M.G. PERRY MA (Cantab), FCA (ICANZ), FCA (ICAEW). Chartered Accountant, Auckland. Professional: Partner of KPMG; Member of Financial Reporting Standards Board of Institute of Chartered Accountants of New Zealand.	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 for 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.	CATHY A. QUINN LL.B. Solicitor, Auckland. Professional: Partner of Minter Ellison Rudd Watts specialising in corporate, securities and competition law. Joint author Morison's Company and Securities Law.

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