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2002 Annual Report

ADMINISTRATION AND STAFFING

Jane Diplock assumed an Executive Chairman role
Staff roles redefined
John Farrell retired

Staff
2001-2002 has been a time of considerable change. It was a demanding year for staff who nonetheless produced high quality work often under severe time constraints. The Commission is grateful for their contribution.

The Chairman assumed an executive management role and staff positions were redefined to create a team approach to the Commission's work. The senior management structure makes Senior Executive Norman Miller responsible for enforcement, General Counsel Liam Mason responsible for legal matters and Senior Executive Kerry Morrell responsible for takeovers. Sanjiv Jetly was appointed as General Manager responsible for corporate services and administration.

Administration Officer Dewi Evans retired in May after five years of dedicated service. Four other full time staff left during the year. Seven full time and two part time staff were appointed. At 30 June 2002 there were 21 full time and three part time staff. We expect to recruit more staff in the new year as we assume the new responsibilities heralded in the Securities Markets and Institutions Bill. Various staff members attended professional development courses during the year.

Chief Executive John Farrell
John Farrell stepped down in May after being Chief Executive since August 1984. He served with five Commission Chairmen and 29 Members. When John became Chief Executive the Commission had five Members and a staff of four. It was principally a law reform body, responsible for formulating securities regulations and other legal reforms. During his tenure there were many changes in the market and to securities law. The Commission and its staff increased in numbers as the work evolved, particularly as the Commission took on enforcement and authorisation responsibilities relating to secondary markets and futures dealing. John was active in the work of IOSCO. Through all the changes he maintained a steadying hand on the work of the Commission, demanding and delivering high standards and consistent quality. His great depth of legal knowledge and broad business experience enabled him to occupy a unique position as Chief Executive. That this was appreciated and valued was clear from the high turnout of former Commission Chairmen and Members and people from the regulatory, legal, and business communities at his farewell in May. John made an outstanding contribution to the work of the Commission and we thank him for this.

ROLE, FUNCTIONS AND POWERS

The role and functions of the Commission include:

to keep under review the law relating to bodies corporate, securities and unincorporated issuers of securities and to recommend changes to the Minister of Commerce
to keep under review practices relating to securities and to comment to any appropriate body
to cooperate with overseas securities commissions
to promote public understanding of the law and practice of securities
by agreement with the Takeovers Panel, to provide administrative and support services to the Panel
to perform any other functions conferred by statute law.

To perform these functions we have a number of powers. These include:

to receive evidence as to securities law and practice, with power for this purpose to summon any person to appear before us
to publish any report or comment made by us in the course of the exercise of our functions
to exempt persons from compliance with provisions of the Securities Act or of Regulations under the Act
to suspend or cancel a registered prospectus
to suspend or prohibit an investment statement
to prohibit advertising of any securities
to approve trustees and statutory supervisors
to inspect the documents of issuers and promoters of securities and of investment advisers
to hear appeals against certain decisions of the Registrar of Companies
to recommend regulations
to administer aspects of insider trading and substantial security holder law
to administer the law relating to futures contracts
to recommend approval of electronic systems for the transfer of securities
to receive financial statements of issuers which do not comply with the Financial Reporting Act 1993.

The Commission may also consider certain matters arising under the Corporations (Investigation and Management) Act 1989 (in particular, directions to "at risk" corporations and declarations of statutory management).

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