8 August, 2002 Media Statement

Securities Commission Appointments

Commerce Minister Paul Swain has announced two one-year re-appointments to the Securities Commission. The re-appointees are:

Michael Webb

Mr Webb is a commercial barrister specialising in corporate, banking and securities law. Prior to his move to the Bar in 1995, he was a partner with a major New Zealand law firm. Mr Webb has extensive legal experience in capital markets and corporate financing, corporate and securities law, insurance, superannunation, collective investment schemes, funds management, insolvency, statutory management, financial restructuring, public policy and banking issues. Mr Webb has acted as interim chairman and deputised for the chairman of the Commission. Mr Webb is a member of the Pacific Economic Co-operation Council Financial Markets Development Project Group and a director of Fulton Hogan Ltd and Tower Trust Group. In his professional capacity he is joint convenor of the New Zealand Law Society / Institute of Chartered Accountants of New Zealand Joint Insolvency Committee.

Lloyd Kavanagh

Mr Kavanagh, a barrister and solicitor, was first appointed to the Commission in August 1999. He is the General Counsel for New Zealand Milk, part of Fonterra Co-operative Group Limited, and immediately before that, was the Corporate Secretary/Global Manager, Legal & Secretariat for the New Zealand Dairy Board. In those roles, he has been heavily involved in the dairy sector reforms over the last four years, as well as a broad range of New Zealand and international corporate and commercial legal matters. Until April 1998 he was a partner with Russell McVeagh specialising in banking and finance, derivatives, securities, superannuation, unit trusts, and funds management. Prior to 1990, he spent three years in a major London firm practising in international capital markets. Mr Kavanagh’s articles on securities and securities law have been published in banking journals in New Zealand and overseas.

ENDS

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