Experienced director, James Miller has been appointed as Chair of the Financial Markets Authority for a five-year term with Trevor Janes also appointed as a Director.
Finance Minister Nicola Willis and Commerce and Consumer Affairs Minister Cameron Brewer announced the appointments with Willis saying Miller is one of New Zealand’s most respected directors who, for many years, has been making the case for a renaissance in New Zealand’s capital markets.
Willis pointed to Miller’s expertise in capital markets, corporate governance and financial regulation, including his time chairing the NZX, and as an inaugural director of the FMA.
Brewer notes that Janes, who has been appointed for a two-year term, was the inaugural Chair of NZ RegCo, the NZX’s independent regulatory arm, and brings significant capital markets expertise including in investment management and regulation, and as Chair of NZX-listed companies.
Miller’s appointment follows the FMA’s previous Chair Craig Stobo resigning in May (see: FMA Chair Resigns). More recently, the monitoring department for the FMA, MBIE, has commenced an independent investigation into “matters raised in relation to workplace conduct and culture at the FMA.” (see Investigation into Conduct and Culture).
FMA CEO Samantha Barrass remains on a period of leave (see: Cultural Concerns at FMA).