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2009 Annual Report

MEMBERS OF THE COMMISSION

The Securities Commission consists of between 5 and 11 Members appointed by the Governor-General on the recommendation of the Minister of Commerce. The maximum number increased from 10 to 11 with the passing of the Financial Advisers Act in September 2008 creating the new role of Commissioner for Financial Advisers. Members are appointed for their knowledge 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 reappointed.

There was a full complement of Members for most of the 2008/09 year. Elizabeth Hickey was appointed a Member in July, having previously served on the Commission from 1992 to 2003. Mai Chen and Keitha Dunstan were re-appointed for terms of one and five years respectively. In May, existing Member Annabel Cotton was appointed Commissioner for Financial Advisers for a period of up to 12 months.

The Commission held 11 regular monthly meetings (11 in 2007/08) and 75 division meetings (64). It passed an additional 87 written resolutions (68). The Audit and Risk Review Committee met 5 times (6); its chair is Keitha Dunstan. Other members of the Audit and Risk Review Committee are Annabel Cotton, David Jackson and Cathy Quinn.

Members of the Commission as at 30 June 2009

Jane Diplock AO BA (Hons), LL B, DipEd (Sydney), Dip Int Law (ANU), FIPAA, FNZIM
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;
Member of the Financial Crisis Advisory Group; Fellow of the New Zealand Institute of Management.

Colin Beyer LL B, DistFInstD
Consultant to Simpson Grierson, Wellington.
Professional: Solicitor, Wellington.

Mai Chen LL B (Hons) (Otago), LL M (Harvard), FNZIM
Founding Partner of Chen Palmer, Wellington, Barristers and Solicitors, Public Law Specialists.
Professional: Specialist in government regulation of business, administrative and constitutional law, public policy and legislation. Associate Member of the New Zealand Trade and Industry Beachhead Advisory Board and Member of the Asia New Zealand Foundation. Formerly on the Advisory Board of AMP Life Limited (NZ) and Senior Law Lecturer at Victoria University of Wellington. Fellow of the New Zealand Institute of Management.

Annabel Cotton BMS (Accounting and Finance), ACA, CSAP
Business Consultant, Hamilton.
Professional: Consultant to companies listed in New Zealand and overseas. Commissioner for Financial Advisers.
Directorships: Genesis Power Limited, Kingfish Limited, Barramundi Limited, Marlin Global Limited and a number of private companies.

Keitha Dunstan PhD (QLD), M Bus (QUT), Grad Dip Mgt (UCQ), B Com (QLD), CA
Research Professor, School of Accounting and Commercial Law, Victoria University of Wellington. Professional: Head of School, School of Accounting and Commercial Law, Victoria University of Wellington.

Elizabeth Hickey M Com(Hons), FCA, MInstD
Professional: Chartered Accountant, Auckland.
Directorships: New Zealand Institute of Chartered Accountants.

John Holland B Com, LL B
Solicitor, Christchurch.
Professional: Partner of Chapman Tripp specialising in securities and competition law and mergers and acquisitions.
Directorships: Board member of Chapman Tripp.

David Jackson M Com (Hons), FCA
Company Director, Auckland.
Professional: Chartered Accountant.
Directorships: Fonterra Co-operative Group Limited, Nuplex Industries Limited, Pumpkin Patch Limited, and The New Zealand Refining Company Limited.

Cathy Quinn LL B
Solicitor, Auckland.
Professional: Chair of Minter Ellison Rudd Watts and partner specialising in corporate and securities law.
Member of the Capital Market Development Taskforce.

Neville Todd B Com
Company Director, Wellington.
Directorships: Kinloch Funds Management Limited and its subsidiaries. Formerly a director of Milford Asset Management and Salomon, Smith Barney New Zealand Limited, and a member of the New Zealand Stock Exchange.

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