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2005 Annual Report

ACHIEVEMENTS

SERVICES TO THE TAKEOVERS PANEL

Kerry Morrell	David Tsai	Margaret Bearsley	Marion Hemphill

Responsibility

• provide support services to the Takeovers Panel

Achievements

• staff provided executive, administrative and support services to the Panel

Takeovers activity was high during the year. The Panel's work has involved several complex and controversial exemption applications and some important enforcement matters. A considerable amount of management time has been required on legislative developments, particularly the Crown Entities Act 2004 and the Securities Legislation Bill. The Takeovers Panel was recently given increased funding for more resources to handle additional work that will arise from forthcoming legislative changes. As a consequence the number of full-time staff working for the Panel increased to five near the end of the year. An additional lawyer is being sought. This appointment will increase the full-time staff working to Senior Executive Officer, Kerry Morrell, to two senior lawyers and three lawyers. Administrative and communications staff provide support to the Panel on a part-time basis. The Commission and the Panel have a good working relationship.

13% of expenditure

OTHER GOVERNMENT AGENCIES

The Commission values its relationships with other government agencies including the Ministry of Economic Development, the Registrar of Companies, the Reserve Bank of New Zealand, the Serious Fraud Office, the Commerce Commission, the Retirement Commission and the State Services Commission.

STAFF AND CAPABILITY

The Commission was named as one of the Top 20 Workplaces in New Zealand based on a staff survey by Unlimited magazine. The Commission is able to deliver high quality outcomes for New Zealand capital markets because of the calibre and dedication of its staff. The Commission thanks its staff for their outstanding contributions during the year. It remains committed to preserving its staff capabilities through professional training programmes. It is committed to being a good employer. Staff numbers increased to 37 (36 full-time and one part-time) to meet the extra demands of higher workloads, particularly in enforcement and international work.

Recent law changes and increases in the Commission's powers have increased our workloads and information technology needs. We are identifying ways to meet these needs, and developing standards for information and technology to ensure compatibility and consistency. We are reviewing our knowledge management needs. The Commission has projects to deliver the information and technology parts of its strategic plan over 3 - 5 years. Progress to date includes a litigation support system for enforcement work, improved telecommunications, and a video-conferencing facility.

Sanjiv Jetly	Nigel Brunsdon	Murray Aitken