Hon Paul Goldsmith

Minister of Commerce and Consumer Affairs
20 August 2015

Commerce appointments announced

Commerce and Consumer Affairs Minister Paul Goldsmith today announced two reappointments to the Takeovers Panel and three reappointments to the Disciplinary Committee under the Financial Advisers Act.

David Jones has been reappointed as Takeovers Panel Chairperson for one further year, starting on 1 October. Richard Hunt, who is a member cross-appointed from the Australian Takeovers Panel, has been reappointed to the Takeovers Panel for a further term until April 2018.

“I am pleased David Jones and Richard Hunt have accepted further terms on the Takeovers Panel. They have a wealth of experience and their contribution to the Panel has been very valuable so far,” Mr Goldsmith says.

The Takeovers Panel provides a mechanism for peer review and enforcement of takeovers activity, with the aim of being more efficient, less formal and faster than the courts. The cross-appointment arrangement between the New Zealand and Australian Takeovers Panels aims to help harmonise regulatory frameworks and strengthen business relationships in both countries.

The Minister also reappointed Peter Houghton, Geoff Clews and David Macdonald to the Disciplinary Committee under the Financial Advisers Act for further terms of four-five years.

“The Disciplinary Committee plays an important role reviewing complaints against financial advisers and I am pleased Peter Houghton, Geoff Clews and David Macdonald are able to continue their roles on the Committee,” Mr Goldsmith says.

The Disciplinary Committee is chaired by Hon Sir Bruce Robertson.

The Takeovers Panel carries out enforcement functions under the Takeovers Act and administers the Takeovers Code. As regulator of the corporate takeovers market, the Panel has an important role in helping to achieve the Government’s goals of ensuring transparent and equitable takeover processes.

David Jones is founding partner of law firm Jones Young. He has been in legal practice for over 30 years. He was appointed to the Takeovers Panel Advisory Committee in 1991 and has been a member of the Panel since its formation in 1995. He has recognised expertise in mergers and acquisitions and corporate law and has been Chairperson of the Takeovers Panel since 2007. Mr Jones was appointed to the New Zealand Order of Merit as a Member for his services to business in 2012.

Richard Hunt has been a principal of Fort Street Advisers in Sydney since 2009. Prior to establishing Fort Street Advisers, he worked for UBS Australia for 16 years holding a number of senior roles including co-head of Investment Banking Australasia, Head of Real Estate Australasia and was a member of the UBS Global Investment Bank Board and Talent Development Board. With 20 years of investment banking experience, Mr Hunt is a market leader in mergers and acquisitions, equity capital market and debt capital market transactions.

The Disciplinary Committee under the Financial Advisers Act conducts proceedings against authorised financial advisers based on complaints referred to it by the Financial Markets Authority. The Disciplinary Committee was established under section 103 of the Financial Advisers Act 2008.

Peter Houghton has 19 years’ experience in the United Kingdom investment banking industry, including experience as a mergers and acquisitions practitioner, equity analyst, and investment research manager. Mr Houghton spent the bulk of his career with JPMorgan Chase, providing investment research to fund managers’ globally.

Geoff Clews is a senior barrister who specialises in contentious tax and trusts matters. He has taught and written extensively on the obligations of investment professionals and on fiduciary investment standards for trustees. He is a director of Regional Facilities Auckland and of Pathfinder Advisors' Group. Mr Clews is Chairman of the Auckland Communities Foundation and is a Trustee of the Sir George Elliot Charitable Trust. He is also an adjunct member of the faculty of commercial law at Auckland University.

David Macdonald has a wide range of governance experience, having served on professional, government and community boards since 1971. He has a background in accounting, having spent 24 years as a Partner at Deloitte. From 1995 to 2002, Mr Macdonald served as Auditor-General of New Zealand. He has also spent time teaching accounting at Victoria University, where he taught in the Master of Public Management programme run by the School of Government.

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