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2004 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.

Michael Webb retired in August after 11 years' service. Michael's experience and understanding of the securities markets were of considerable benefit to the Commission. We are grateful for his very significant contribution. New Members Mai Chen and Keitha Dunstan were appointed for five years, and Falcon Clouston and Lloyd Kavanagh were re-appointed for two and four years respectively, bringing the Commission to full strength.

The Commission held 11 regular monthly meetings and 114 division meetings. There were an additional 70 resolutions in writing, many of these arising from telephone conferences between Commission Members. The Audit Committee, Joanna Perry (chair), Cathy Quinn and Rodger Spiller, met on three occasions and settled one matter by written resolution.

JANE DIPLOCK AO 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 of Australia; Chevening Fellow at London School of Economics; Chairman of the Executive Committee of IOSCO.	COLIN A.N. BEYER LL.B, FIOD. Consultant to Simpson Grierson, Wellington. Professional: Solicitor, Wellington. Directorship: Capital Properties New Zealand Limited (Chairman).	MAI CHEN LL.B (Hons) (Otago), LL.M (Harvard), FNZIM. Foundation partner of Chen Palmer & Partners, Wellington, Barristers and Solicitors, Public Law Specialists. Professional: Specialising in Government regulation of business, public policy and legislation. Formerly on the Advisory Board of AMP Life Limited (NZ) and senior lecturer in law at Victoria University of Wellington.	FALCON R.S. CLOUSTON B.Agr.Sc (Agricultural Economics). Business Consultant, Wellington. Professional: Member of Government Taskforce on Private Provision for Retirement 1991/1992; Past Member of New Zealand Stock Exchange. Directorships: Abacus Biotech Limited; Palliser Estate Wines of Martinborough Limited; and director of a number of private companies.	ANNABEL M. COTTON BMS (Accounting & Finance), ACA, CSAP. Business Consultant, Auckland. Professional: Consultant to companies listed in New Zealand and overseas. Directorships: Genesis Power Limited; Kingfish Limited and its subsidiaries; Merlin Consulting Limited; and director of a number of private companies.
KEITHA DUNSTAN PhD (QLD), M Bus (QUT), Grad Dip Mgt (UCQ), B Com (QLD). Research Professor, School of Accounting and Commercial Law, Victoria University of Wellington. Professional: Founding director of the Centre for Accounting, Governance and Taxation Research at Victoria University of Wellington; New Zealand President (Elect) Accounting and Finance Association of Australia and New Zealand	LLOYD A.J. KAVANAGH LL.B. Associate Director - Mergers & Acquisitions, Fonterra Co-operative Group Limited. Formerly a partner at Russell McVeagh, specialising in banking and securities law. Professional: Barrister and Solicitor, Auckland. Directorship: Soprole S.A.	JOANNA M.G. PERRY MA (Cantab), FCA (ICANZ), FCA (ICAEW). Chartered Accountant, Auckland. Professional: Partner of KPMG; Chairman of the Financial Reporting Standards Board of the Institute of Chartered Accountants of New Zealand.	CATHY A. QUINN LL.B. Solicitor, Auckland. Professional: Partner of Minter Ellison Rudd Watts specialising in corporate and securities law. Joint author Morison's Company and Securities Law.	RODGER M. SPILLER PhD, M.Com (First Class Honours), CFP, CA, Dip. Mgt., ANZIM. Personal Investment Adviser and Business Consultant, Auckland. Professional: Past Chairman of the Association of Investment Advisers and Financial Planners; author CCH's Essential Guide to Financial Planning in New Zealand. Directorships: Managing Director of Money Matters (NZ) Limited and Rodger Spiller & Associates Limited; Executive Director of the New Zealand Centre for Business Ethics and Sustainable Development; Director of Transparency Intoernational (NZ).