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FMA appoints new board members

Three new members have been appointed to the Financial Markets Authority Board, along with the reappointment of a current board member.

Monday, February 28th 2022, 12:00PM 1 Comment

Kendall Flutey is an entrepreneur and co-founder and chief executive of Banqer, a financial education platform that helps teachers deliver important financial concepts. She is also a Commissioner to the Insurance and Financial Services Ombudsman Scheme, and a member of the Digital Council for Aotearoa.

Mark Weenink is an experienced corporate lawyer and was most recently general counsel at Westpac New Zealand.  Prior to joining Westpac, Weenink held various positions, including managing partner at Minter Ellison Rudd Watts, and head of legal at Challenger Asset Management in Sydney.

Steven Bardy is a senior executive with extensive experience as a regulator and adviser in financial services and financial services regulation. He was previously managing director of Promontory Australia, and a senior executive at the Australian Securities and Investments Commission in Sydney. He was also the chairman of the Assessment Committee of the International Organisation of Securities Commissions (IOSCO) and an ASIC representative on the IOSCO Board.

Vanessa Stoddart has been reappointed to the board. She is an independent director for NZ Refinery, OneFortyOne Holdings. She was previously group general manager of technical operations and people at Air New Zealand.

The three new members have been appointed for a term of five years.

“These new members will bring a mix of skills and experience to the FMA Board and support the FMA to fulfil its important role as the regulator for New Zealand’s financial markets during a time of growth and evolution of its mandate,” MBIE general manager small business, commerce and consumer policy, Andrew Hume, says in a statement.

Stoddart’s considerable governance experience will help the FMA ensure continuity during this transition period.

Hume says considerable time has been taken to consider the diversity of the FMA Board. A range of factors, including ethnicity and age, were considered. Flutey has strong connections to Māori and young New Zealanders, as well as geography and knowledge. Bardy and Weenink both having international experience and a wealth of industry knowledge.

With the newest board members, the gender mix of the FMA Board will be five men and four women.

The appointments mean the board moves to its maximum number. One one director has a term ending this year and that is Sue Chetwin, whose current term expires in September.

Tags: FMA

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Comments from our readers

On 10 March 2022 at 4:31 pm Pragmatic said:
Other than Kendall Flutey, I'm struggling to understand how any of these appointments add value to the FMA's mandate to preside over the dispensing of advice?

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