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Modernisation Board Appointed For Public Trust

The modernisation of Public Trust took another step today with the appointment of a Modernisation Board.

The new board is responsible for the establishment of Public Trust as a Crown entity, including the appointment of a chief executive and approval of a business plan.

The Modernisation Board will be chaired by experienced Wellington company director Peter Taylor. He is a member of the Commerce Commission and a former CEO of CCMAU.

Other board members are financial services industry expert Pat Waite, lawyer David Quigg and company director Liz Coutts.

Minister in charge of Public Trust, Jim Anderton said Public Trust needs new laws to ensure it can provide services effectively.

"The changes include new governance and accountability arrangements, including the appointment of an independent board from 1 July.

"In addition, Public Trust will have more freedom to operate as a business. For example, it will be able to alter the interest rate it offers without having to come to the Government for an Order in Council.

"This government is going to turn Public Trust around into a successful public enterprise."

Jim Anderton said he hoped new Public Trust laws would be in place by 1 July.

Ends

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