The FMA says it has reached a settlement agreement with its former CEO, Samantha Barrass, under which it has agreed to pay an amount equal to her existing contractual entitlements to the end of her term on January 24, 2027.
In a statement, following a variety of Official Information Act requests, the FMA says that as noted in its last Annual Report, the Chief Executive’s remuneration was between $640,000 to $650,000 per annum.
The statement lays out that the FMA and Barrass agreed a settlement agreement, under which it was agreed she would resign with immediate effect on September 3, 2026 (see: FMA CEO Leaves Role Immediately).
“As part of the agreement, it was agreed the independent investigation that was being undertaken by Paul Wicks KC would be subsumed by the investigation commissioned by the Ministry of Business, Innovation and Employment, in which Ms Barrass has indicated she looks forward to participating.”
The FMA says it decided to reach a settlement with Barrass in light of legal advice it received regarding the FMA’s obligations to her under employment law.
It also notes the FMA has employer obligations to contribute to her professional development and that she had not attended any professional development courses since May of the previous year.
“The FMA therefore agreed to pay the course costs for Ms Barrass’s attendance at a governance course [in the United Kingdom], with a value of approximately £18,500. No other additional costs to attend the course will be met by the FMA. The Board considered that the funding of the governance course was appropriate and consistent with the FMA’s contractual obligations to support Ms Barrass’s professional development.”
As part of the settlement, the FMA also agreed to pay legal fees incurred by Barrass.
It says that separately, Barrass has indicated that she wishes to arrange personal farewell catchups, rather than participate in the farewell events envisaged in public statements issued earlier.