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NZ Post Appoints Board For Proposed New Bank

5 November 2001

NEW ZEALAND POST APPOINTS BOARD FOR PROPOSED NEW BANK

New Zealand Post Chairman Ross Armstrong confirmed today the appointment of the members of the board of directors for the proposed new bank. The bank, which will be known as Kiwibank, will be a subsidiary of New Zealand Post.

In September, former Prime Minister Rt Hon Jim Bolger was appointed as bank chairman.

Dr Armstrong said three external directors had accepted appointment to the Kiwibank board, joining representatives from the New Zealand Post board and CEO Elmar Toime. The external directors are Richard Westlake, Ian Fitzgerald and Adrienne Cleland.

Dr Armstrong said the three external directors brought a wealth of banking experience to the board, including senior managerial roles in trading banks in Australia and New Zealand. Their banking expertise would complement the skills and experience of the other directors.

"This is a very high calibre board. In New Zealand, governance responsibilities for banks are very strict to protect depositors. The reputation and probity of the proposed bank's board are key to public confidence and credibility. The people of New Zealand should have no doubt about the commitment, integrity, skills and experience of the new board," he said.

The board members are:

Rt Hon Jim Bolger, ONZ, Chairman of Kiwibank. Mr Bolger was Prime Minister of New Zealand from 1990 until 1997 and has served as New Zealand's Ambassador to the United States since June 1998 (the posting concludes in January 2002). Mr Bolger was elected Member of Parliament for King Country in 1972 and has held Ministerial portfolios including Labour, Fisheries, Maori Affairs, Immigration, State, Associate Foreign Affairs and Trade, Associate Agriculture, and Minister in Charge of the New Zealand Security Intelligence Service. Mr Bolger was President of the International Labour Organisation in 1983 and was appointed member of the Order of New Zealand on 31 December 1997.

Dr Ross Armstrong, Auckland, Chairman of New Zealand Post. Dr Armstrong has a PhD from Queens University and MA (Hons) from the University of Auckland. He has been Chairman of New Zealand Post since 1994 and is currently Chairman of Television New Zealand and Industrial Research Limited. Dr Armstrong is Managing Director of a fish export company, is a member of the Institute of Directors and a Justice of the Peace.

Elmar Toime, Wellington, Chief Executive of New Zealand Post. Mr Toime has tertiary qualifications in science and economics. He has worked in the Australian telecommunications sector and has been CEO of New Zealand Post since 1993. He is also Chief Registrar of Electors for New Zealand and a Director of State Insurance Ltd, Sky City Ltd and Datamail Ltd.

Linda Robertson, Wellington, a Director of New Zealand Post and Treasurer of Contact Energy Ltd. Ms Robertson has a Bachelor of Commerce Degree from Canterbury University, a Diploma of Banking from Massey University, is a Certified Treasury Professional and is a Fellow of the Australasian Institute of Banking and Finance. Ms Robertson has worked for Westpac and ANZ.

Syd Bradley, Christchurch, is Deputy Chairman of New Zealand Post. Mr Bradley is Chairman of Christchurch International Airport and a Director of Lincoln Holdings. He was honoured with an MBE for services to New Zealand. Mr Bradley worked for New Zealand Post for more than 45 years.

James Ogden, Wellington, a Director of New Zealand Post. Mr Ogden is also a Director of Macquarie Equities and Macquarie New Zealand. He has worked in investment banking and has had a long association with the dairy industry. Mr Ogden is a trustee of the Scots College Foundation and the Victoria University of Wellington Foundation. He has a First Class Honours degree in Accountancy.

Richard Westlake, Christchurch, has a Masters Degree from Oxford and is a decorated Royal Air Force pilot. Mr Westlake received the Sword of Honour while completing his Royal Air Force training. He is Chairman of Quotable Value New Zealand, Chairman of the Holmes Group and a Director of the Institute of Geological and Nuclear Sciences. He was Chief Executive of Trust Bank Canterbury and General Manager of Mortgages with the Housing Corporation. Mr Westlake has worked for several banks including Lloyds, Chase-NBA and Barclays.

Ian Fitzgerald, Wellington, established Burleigh Evatt, a company specialising in the ownership and management of a number of private companies. Mr Fitzgerald managed the establishment of Industry New Zealand for the Ministry of Economic Development and has worked for Westpac and the Prime Minister's office. He has also worked for Aotearoa Financial Services which significantly increased banking services for Maori. Mr Fitzgerald has a Masters Degree with Honours in Economics from Canterbury University.

Adrienne Cleland, Palmerston North, is Registrar at Massey University. In addition to her work in the education sector, Mrs Cleland has worked as a private consultant in the banking and financial sectors for clients including BNZ, Crown companies and Auckland International Airport. Mrs Cleland has a Masters of Business Administration degree with Distinction from Massey University and worked for many years in marketing and account management for the BNZ.

ENDS


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