by Susan Edmunds
Rebecca Thomas is to stand down from her position on the Financial Markets Authority board.
Thomas, founder of Mint Asset Management, said her term was due to finish at the end of April, after five years.
“I have told them I do not wish to renew. They are advertising for my replacement and also for one other person leaving in June. I am likely to stay a bit longer until my replacement is found.”
The FMA advertisement says remuneration starts at $31,000 a year. “Applicants must have direct experience in financial markets, governance and knowledge of areas such as finance, economics, law, or accountancy. We are particularly interested in people with a strong market background in the managed funds industry.”
Board appointments are handled by the Ministry of Business, Innovation and Employment.
Some industry commentators, such as Brent Sheather, have criticised the FMA and its board for its close ties to the industry and the concern that those in regulatory positions move in and out of the sector they are regulating.
Sheather said it made sense that the FMA wanted someone who had fund management experience.
“The problem is the FMA need to find someone who has fund manager experience yet doesn't have a vested interest which preclude them from acting in the interest of investors,” he said.
“These vested interests can range from actual ownership of a fund manager to hanging out with fund managers socially. Both issues would make doing the right thing difficult. A retired person is probably best. Certainly a practicing fund manager is totally inappropriate as a prospective FMA board member.”
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