The Ministry of Business, Innovation and Employment says it has commenced an investigation “into matters that have been raised” about Financial Markets Authority Chair Craig Stobo.
MBIE says in a short statement that Stobo “…has agreed to temporarily step aside as FMA Chair while the investigation is undertaken. He will also step aside from his other Crown governance and advisory responsibilities.”
The ministry says that it will be leading an independent investigation into these matters as the monitoring department for the FMA, and that it can make no further comment until the investigation is complete.
The FMA’s website states that Stobo is a professional director with experience as a diplomat, economist, chief investment officer and chief executive.
It says he is currently the Chair of the Local Government Funding Agency and Founding Director of the Auckland Future Fund. He has previously held a variety of director and chair roles.