Hon Bill English

Minister of Finance

9 March 2012

Media Statement

Government announces new appointments

The Government has appointed board members to two new Crown companies - Southern Response Earthquake Services Ltd and Crown Asset Management Ltd – and reappointed Reserve Bank chairman, Arthur Grimes.

Southern Response Earthquake Services Ltd is the renamed residual parts of AMI Insurance that will remain in Government ownership once the sale of AMI Insurance’s non-Christchurch earthquake related business is finalised.

The Government announced Ross Butler as chairman last year. He will be joined on the board by Anne Urlwin (deputy chair), Jenn Bestwick, Bevan Killick, Susan Thodey and David Whyte. The board members will take up their new roles when the sale process is complete. This is expected to be in April.

"All appointees have relevant governance or senior executive level backgrounds that collectively offer the skills required for the establishment board. I am confident the new board will effectively assist the residual company to assess and meet AMI’s Canterbury earthquake-related claims," Mr English says.

Mr English also announced the appointment of six new board members to Crown Asset Management Ltd (CAML), which has been established to consolidate the management and recovery of six finance companies in active receivership, which were covered under the Crown Retail Deposit Guarantee.

The appointees are Gary Traveller (chair), Peter Castle (deputy chair), Debbie Birch, Steven Fyfe, Keiran Horne and Steve Smith.

"As experienced commercial directors and insolvency practitioners with varied backgrounds including banking, law, accounting and finance, the board is well placed to assist the company to provide a better return to the Crown by maximising returns and minimising costs," Mr English says.

Mr English has reappointed Dr Grimes to the board of the Reserve Bank This will enable him to assist in the appointment of a new Reserve Bank Governor when the current Governor, Alan Bollard, finishes his term in September.

The new Governor is appointed by the Minister of Finance on the recommendation of the Reserve Bank board.

ENDS

© Scoop Media