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Annual Report 30 June 2000

IN THIS SECTION: MEMBERS MEMBER PROFILES

CONTENTS: Statement of Purpose Notable Events Members Chairman's Review Chief Executive's Report New Zealand Securities Markets Enforcement Authorisations Exemptions Reform Internationl Liaison Public Understanding Administration and Staffing ----------------------------- Role, Functions and Powers Financial Statements Statement of Responsibility Statement of Objectives Statement of Service Performance Report of the Audit Office ----------------------------- Staff How to Contact Us

MEMBERS

THERE ARE AT PRESENT EIGHT COMMISSION MEMBERS.

MR EUAN H. ABERNETHY		MR FALCON R.S. CLOUSTON		MR IAN F. FARRANT		MR ANTHONY N. FRANKHAM
MS ELIZABETH M. HICKEY		MR LLOYD A.J. KAVANAGH		MS JOANNA M.G. PERRY		MR MICHAEL R.H. WEBB

The Securities Commission consists of not less than five nor more than 10 Members appointed by the Governor-General on the recommendation of the Minister of Commerce. Members hold office for a term not exceeding five years but may be re-appointed. There are no statutory qualifications for membership, except that the Chairman must be a barrister or solicitor of not less than seven years' practice.

Commission Members are chosen having regard to their qualifications, experience and skill in the public market for securities. One Member, Mr S.L. Franks, resigned on becoming a Member of Parliament. One new Member, Mr L.A.J. Kavanagh, was appointed during the year.

There were 11 regular monthly meetings and 46 quorum meetings. There were an additional 104 resolutions in writing, many of these arising from telephone conferences between Commission Members. The Audit Committee, comprising Mr A.N. Frankham (Chairman), Ms J.M.G. Perry and Mr M.R.H. Webb, met in person or by telephone on three occasions.

MEMBER PROFILES

MR EUAN H. ABERNETHY  LL.B. Chairman of the Commission since April 1995.Partner of Bell Gully Buddle Weir (and predecessor firms) 1962 to 1995 where his areas of legal practice included securities, company, banking and finance law.

MR FALCON R.S. CLOUSTON  B.Agr.Sc (Agricultural Economics). Business Consultant, Wellington. Directorship: Tower Managed Funds Limited. Professional: Member of Government Taskforce on Private Provision for Retirement 1991/1992; Past Member of New Zealand Stock Exchange.

MR IAN F. FARRANT  B.Com (Accounting/Marketing), FCA. Company Director, Dunedin. Directorships: Broadway Industries Limited (Chairman); Fulton Hogan Limited (Chairman); The New Zealand Refining Company Limited (Chairman); Skeggs Group Limited (Chairman); Airwork (N.Z.) Limited; Queenstown Airport Corporation Limited. Also a director of a number of private companies. Professional: Member of Ministerial Committee of Inquiry into the Sharemarket (The Russell Committee) 1988/1989.

MR ANTHONY N. FRANKHAM  FCA, FIOD, AAMINZ, AC Inst Arb. Chartered Accountant, Auckland, with his own specialist financial investigating practice. Directorships: Allstate Explorations NL (Australia) (Chairman); Auckland International Airport Limited; Otter Gold Mines Limited (Chairman); ProCare Health Limited. Professional: Chairman of Disciplinary Tribunal of Institute of Chartered Accountants of New Zealand; Past President of Institute of Chartered Accountants of New Zealand; Past Vice President Arbitrators & Mediators Institute of New Zealand.

MS ELIZABETH M. HICKEY  M.Com (First Class Honours), FCA. Chartered Accountant, Auckland. Directorship: Radio New Zealand Limited. Professional: Partner and National Director - Accounting, Ernst & Young; Chairman of Financial Reporting Standards Board of Institute of Chartered Accountants of New Zealand.

MR LLOYD A.J. KAVANAGH  LL.B. Corporate Secretary/Global & Manager, Legal & Secretariat, New Zealand Dairy Board Professional: Barrister and Solicitor, Wellington.

MS JOANNA M.G. PERRY  MA (Cantab), FCA (ICAEW), CA (ICANZ). Chartered Accountant, Auckland. Professional: Partner of KPMG; Member of Financial Reporting Standards Board of Institute of Chartered Accountants of New Zealand.

MR MICHAEL R.H. WEBB  LL.B, AAMINZ. Barrister, Auckland and Wellington, specialising in corporate, banking and securities law. Directorships: Learning Media Limited (Chairman); Fulton Hogan Limited. 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.