Long-serving super fund chair to retire

Finance Minister Michael Cullen today announced that David Wale CBE would retire as chair of the National Provident Fund Board of Trustees on 31 March, this year.

“David has provided strong leadership and direction to the Board since his appointment in June 1991.

“Under his stewardship the 92 year old $2 billion fund has moved from being a government department to a modern financial institution and has achieved a significant reduction in overhead costs while greatly improving the services to its 60,000 members and pensioners.

“His experience and skills, and the rigour he brought to bear during this important process have been greatly valued,” Dr Cullen said.

Mr Wale was formerly Chairman of the New Zealand Stock Exchange and is currently Chairman of Jarden Morgan Investment Services and the Life Education Trust New Zealand.

He will be succeeded by Sue Sheldon who takes up her position on 1 April 2003.

Mrs Sheldon is the principal of accounting practice Sue Sheldon Advisory, Deputy Chair of Meridian Energy Limited and Christchurch International Airport Limited, a Director of Ngai Tahu Holdings Corporation Limited and a former President of the Institute of Chartered Accountants of New Zealand.

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