7 July 2003 Media Statement

Keitha Dunstan, Mai Chen new appointments

Commerce Minister Lianne Dalziel today announced two new appointments and two re-appointments to the Securities Commission.

Research professor Keitha Dunstan and constitutional lawyer Mai Chen have both been appointed as new members of the Securities Commission, both for a period of five years. Current Commission members Falcon Clouston and Lloyd Kavanagh have been re-appointed for two and four years respectively.

The Commission’s roles include keeping securities law under review; a supervisory role in relation to securities exchanges; granting exemptions from securities law; and promoting public understanding of securities law. Since changes to the Securities Markets Act 1998 came into effect on 1 December 2002, the Commission also has an enforcement role for insider trading and continuous disclosure breaches.

New Appointments:
Professor Keitha Dunstan
Professor Dunstan is a Research Professor at the School of Accounting and Commercial Law and the founding Director of the Centre for Accounting, Governance and Taxation Research at Victoria University of Wellington.
Her combination of academic, professional and research expertise will enable her to contribute a range of perspectives to the work of the Commission.

Ms Mai Chen
Ms Chen is a nationally renowned academic and practising constitutional lawyer. She is a foundation partner of Australasia's first public law specialist practice, Chen Palmer & Partners, which she co-founded in 1994. Her extensive public law expertise and her decade of experience in advising a wide range of corporate clients on the interface between commercial law and public law will enable her to bring to the Commission valuable perspectives on governance and on the impact of regulation on business. She brings particular strengths in policy and law reform.

Reappointments:
Mr Lloyd Kavanagh
Mr Kavanagh is a Wellington based Barrister and Solicitor. He is the General Counsel for New Zealand Milk Limited and a Director of Soprole SA, both of which are part of the Fonterra Co-operative Group. Prior to this he was the Corporate Secretary of the New Zealand Dairy Board.
From these roles, in addition to his legal expertise, he brings insights into New Zealand’s primary industries, the structure and operation of international trade and the regulatory regimes, and an understanding of the governance issues facing large corporations in New Zealand and overseas. He has been a member of the Securities Commission for four years.

Mr Falcon Clouston
Falcon Clouston is currently a Business Consultant/Company Director, and previous to this he was a Member of the New Zealand Stock Exchange and a Director of Sharebroking for Credit Suisse First Boston NZ Securities Ltd. He has had 20 years experience as a sharebroker, and considerable experience as a company director and has been a Member of the Securities Commission for eight years.

ENDS

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