And what do you know, when the recomendations come out it is all for more financial deregulation, surprise, surprise!
1. Ease requirements for listed debt issues. The taskforce notes the restrictions on normal debt funding from banks and suggests it is critical to allow debt issues to proceed as rapidly as possible with minimum compliance costs. Therefore, instead of an investment statement and prospectus, listed issuers should only be required to produce the following for (listed) debt issues:
(a) a simple term sheet offering document listing the terms of the debt issue;
(b) a warranty from a CEO, CFO and Board of Directors that the issuer has complied with its continuous disclosure obligations under the NZX Listing Rules – including that that they have no knowledge of any information which, if disclosed, would be relevant to an assessment of the offer (and any new material developments during the offer period would be disclosed to the NZX).
This is similar to the NZX recommendations made last week.
http://www.bellgully.com/resources/resource.02046.asp
Tax Working Group
The aim is to identify issues that need to be considered when reviewing medium-term tax policy, rather than to make specific policy recommendations. Topics to be considered include the fiscal framework, and the structure of personal income tax, corporate tax, GST and tax integrity. The Tax Working Group will be chaired by Victoria University Pro Vice-Chancellor and Dean of the Faculty of Commerce and Administration, Professor Bob Buckle.
The private sector and academic experts on the group will include Rob Cameron, Paul Dunne, Arthur Grimes, Rob McLeod, Gareth Morgan, Mike Shaw, Geof Nightingale, Casey Plunkett, John Shewan, Mark Weldon, John Prebble and David White.
http://www.voxy.co.nz/politics/english-amp-dunne-new-tax-working-group-assist-government/5/13692
Rob CameronWith more than 23 years experience, Rob is recognised as one of New Zealand’s most experienced and skilled investment bankers. Rob has led many of New Zealand’s high-profile transactions and advisory mandates over a number of years. At Cameron Partners major mandates include providing independent advice to Fonterra on its capital structure project, advisor to the Independent Directors of Carter Holt Harvey in relation to the takeover offer from Rank Group Limited, advisor to Fletcher Challenge Forests on the sale of forest assets and Wrightson on a range of initiatives including the sale of Wrightson Farmers Finance. In 2001 Rob was appointed leader in the Crown negotiating team in relation to the restructuring and recapitalisation of Air New Zealand. Early in his career Rob was a senior advisor at The Treasury where he played a central role in the policy development and formulation of the State Owned Enterprise Model. He joined one of New Zealand’s major sharebroking firms in 1984 and became Head of Research. In 1987 he established the investment banking services of Fay, Richwhite & Company Limited. Here, he was a Director and Head of Investment Banking and led a number of their M&A and capital management mandates. They included advising Bell Atlantic and Ameritech on the acquisition of Telecom New Zealand, and managing the public float of Telecom New Zealand.
Investment banker Rob Cameron has been appointed Chairman of the ISCR Board. Rob takes over from Richard Bentley, who has recently been appointed to the Electricity Commission. Rob is the founding partner of Cameron Partners Limited, established in July 1995. Cameron Partners is New Zealand’s leading independent investment bank. It has one of New Zealand’s largest corporate finance teams with 17 experienced professionals and operates from offices in Wellington and Auckland. Cameron Partners provides advice on mergers, acquisitions, takeovers, divestments, fundraisings, IPOs, restructurings and business strategy. It regularly ranks in the top five of the Thomson Financial Merger and Acquisition league tables.
He has a BCA in Economics with First Class Honours from Victoria University and an MPA (Finance & Economics) from Harvard University. He is a Harkness Fellow, a Hunter Fellow of Victoria University, a member of the Board of Trustees of Special Olympics New Zealand, a member of the Advisory Board for the Victoria University Faculty of Commerce and the School of Government and a member of the Supporters Council of Enterprise NZ Trust.
Franceska Banga
Chief Executive, New Zealand Venture Investment Fund Ltd
Franceska Banga is the founding CEO of New Zealand Venture Investment Fund Ltd since 2001 and has played a significant role in catalysing the local venture capital market.
During this period, Franceska has grown funds under management at NZVIF to $200 million, undertaken due diligence for more than 60 prospective fund managers and overseen seven New Zealand venture capital funds investments by NZVIF. She represents NZVIF on the investor advisory committees of these funds.
Previously Franceska held positions as Director at New Zealand Treasury where she oversaw a $7 billion health budget; Chief Strategy Advisor at the Ministry of Research, Science and Technology, and as a financial markets economist both in the private sector (Wheeler Campbell Ltd) and the Reserve Bank of New Zealand. She is the deputy chair of the New Zealand Venture Capital Association and a director of a privately owned NZ company that provides business training and advice to successful small and medium sized businesses.
Franceska has a BCom from the University of Auckland in Economics and Finance and a BCA (Hons) from Victoria University of Wellington in Economics and Finance. She is also a graduate of the Stanford Business School Senior Executive Programme and the Darden Business School Leadership Programme.
Jonathan Ling
CEO + Managing Director, Fletcher Building Ltd Jonathan Ling is the Managing Director and CEO of Fletcher Building Ltd, New Zealand’s leading building materials company with operations in aggregates, cement, concrete, steel, fibreglass insulation, plasterboard, roofing and laminates and panels and is involved in residential and commercial construction and building materials.
Fletcher Building operates in New Zealand, Australia, Asia, North America and Europe. The company has annual sales of around $7 billion and has more than 20,000 employees. From a zero base in 2002, Fletcher Building now derives in excess of $3 billion of revenue from outside New Zealand.
Jonathan was appointed Chief Executive of Fletcher Building in 2006. He has extensive experience in very competitive manufacturing businesses through his management and leadership roles at Pacifica, Visy and Nylex before joining Fletcher Building in 2003.
Jonathan has a Bachelor of Engineering (Mechanical) degree from the University of Melbourne and an MBA from the Royal Melbourne Institute of Technology.
Rob Mcleod
Managing Partner, Ernst & Young New Zealand
Rob Mcleod is Managing Partner of Ernst & Young New Zealand and has been a specialist tax practitioner for more than 20 years. He was formerly managing partner of Anderson from 1992 to 2002 and chairman of Ernst & Young from 2002 to 2004. He chairs the NZ Business Roundtable, has previously chaired the NZ Institute of Chartered Accountants Tax Committee and was Chairman of the Government’s Tax Review 2001.
Rob’s primary specialisation has been New Zealand corporate income tax, but he has also had extensive experience in trusts, estate planning and international tax.
Rob’s previous directorships included: Telecom New Zealand Limited and Skycity Entertainment Group Limited; ANZ National Bank Limited; Sealord Group Limited; Tainui Group Holdings Limited; Aotearoa Fisheries Limited; Raukura Moana Fisheries Limited; and Te Ohu Kai Moana Trustee Limited.
His past appointments included: Commissioner of Waitangi Fisheries Commission; Chair of
Government Tax Review 2001; Towards 2005 Taskforce; Organisational Review of Inland Revenue Department; Ministerial (Todd) Taskforce on Tertiary Education; and Government Appointed Consultative Committee on Taxation of Income from Capital (Valabh Committee).
Gareth Morgan
Chief Executive, Gareth Morgan Investments
Dr Gareth Morgan is CEO of investment management company, Gareth Morgan Investments. He a director of Gareth Morgan KiwiSaver, and a director of economics consultancy, Infometrics. Gareth’s past directorships include Property For Industry Limited (industrial property owner), the Advisory Board of Work and Income New Zealand, the Board of national law firm Phillips Fox, Greens Industries Ltd (tap ware manufacturer), Trade Me Ltd (internet auction house), and public listed company Direct Capital Partners Ltd.
Dr Morgan is a well-known columnist and for more than a decade has contributed weekly columns to newspapers including the National Business Review, The New Zealand Herald, The Dominion, The Christchurch Press, Evening Post and Unlimited. He is also a television debater and conference speaker.
Gareth graduated from Victoria University of Wellington with a PhD in 1980 before joining the Reserve Bank of New Zealand to develop their macro-economic forecasting model.
Adrian Orr
Chief Executive, New Zealand Superannuation Fund
Adrian Orr is the Chief Executive Officer of the New Zealand Superannuation Fund and was appointed in February 2007.
He came from the Reserve Bank of New Zealand where he was Deputy Governor and Head of Financial Stability. Adrian has held the position of Chief Economist at Westpac Banking Corporation, Chief Manager of the Economics Department of the Reserve Bank of New Zealand and Chief Economist at The National Bank of New Zealand. He also worked at the New Zealand Treasury and the OECD.
Adrian has a Masters of Development Economics from Leicester University (UK) and a Bachelor of Social Sciences from Waikato University.
Cathy Quinn
Senior Corporate Partner, Minter Ellison Rudd Watts
Cathy Quinn is a senior corporate partner at Minter Ellison Rudd Watts and heads the firm’s Mergers and Acquisitions and Private Equity Group.
Cathy is a member of the New Zealand Securities Commission and is on the Sub Committee of the Legal Education Committee of the New Zealand Law Society.
She has led a number of high profile trans-Tasman merger and acquisition transactions including the sale of Independent Liquor for over NZ$1.2 billion.
Cathy is a past author of a leading text on company and securities law matters, Morison’s Company and Securities Law. Cathy has also contributed to various education initiatives on company and securities law issues for the New Zealand Law Society.
Cathy graduated with a Bachelor degree in Law from Victoria University in 1986.
Scott St John
Chief Executive, First NZ Capital
Scott St John is the Chief Executive Officer of First NZ Capital and was appointed in 2002.
His experience in the finance industry is extensive and includes roles as a Senior Equity Analyst, Equity Salesman, Head of Equity Sales and Head of Equities. Scott joined First NZ Capital’s predecessor company CS First Boston in 1993 following seven years at Hendry Hay McIntosh.
He is an accredited advisor for the New Zealand Stock Exchange, a member of the Institute of Chartered Accountants of New Zealand and a member of the Institute of Finance Professionals of New Zealand. He is also Chairman of the Securities Industry Association, an unincorporated body representing the interests of the share broking industry and a Director of FNZ Limited. Scott has a Bachelor of Commerce and a post graduate Diploma of Business from the University of Auckland.
Mark Weldon
Chief Executive, NZX
Mark Weldon has been CEO of New Zealand Exchange Limited (NZX) since June 2002. In that time he has led it through its transformation from a mutual to a listed company, changed the exchange’s overall approach both domestically and internationally, and brought home the relevance of capital markets to New Zealand.
Recent developments at NZX include the Electronic Communication Network – AXE ECN, with five Australian investment banks and more recently TZ1 – the proposed Carbon Market for the Asia Pacific region.
Prior to returning to New Zealand, Mark spent nine years in New York, where he worked first as a mergers and acquisitions attorney with a leading law firm Skadden, Arps, and subsequently for McKinsey & Company.
Mark has a Juris Doctorate degree from Columbia University, New York, a Diploma in International Law (Honours) also from Columbia, a Masters degree (1st Class Honours) in Economics, and Bachelor degrees in Commerce and Arts from the University of Auckland.
Mark was also an Olympic swimmer, having competed for New Zealand at the 1992 Barcelona Olympic Games, and the Commonwealth Games.
Nigel Williams
Managing Director, Institutional Corporate & Commercial ANZ National Bank
Nigel Williams, Managing Director, Institutional Corporate & Commercial, oversees ANZ National Bank’s relationships and business with corporate and institutional customers in New Zealand. His team of 1,000 staff operates in business units focused on working for the Bank’s customers:
Relationship Banking, Working Capital, Markets, Direct Broking, Corporate Finance, Operations and Economics.
Nigel has more than 20 years’ experience in both New Zealand and overseas capital markets, having also worked for The National Bank and South Pacific Merchant Finance.
Nigel graduated from the University of Otago with a Bachelor of Commerce in Marketing,
Accounting and Finance. He also attended leadership and strategy training at the University of Michigan, United States and Oxford University, England.
His community involvement includes Vice Chairman of New Zealand Exchange (NZX); Auckland University of Technology Business School Advisory Board; Chairman of the City Art Gallery Foundation, Wellington, and former Chairman of Wellesley College.
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