Takeovers Panel appointments

Commerce Minister Lianne Dalziel today announced the re-appointment of John King as Chair of the Takeovers Panel, plus the appointment of new members Sue Suckling and Anthony Frankham.

“I am pleased to re-appoint Mr King for a second term, until March 2005. The introduction of the Takeovers Code has been highly successful, largely due to his leadership and specialist knowledge of the Code," Lianne Dalziel said.

“To assist the Panel in managing its workload, I have increased the number of members from eight to 11, with Anthony Frankham and Suzanne Suckling filling two of those new positions, each for a three-year term.”

Mr King is a consultant to Russell McVeagh, solicitors, having recently stepped down after 40 years as a Partner. He specialised in corporate and commercial law and has extensive experience with securities issues. He is a director of Telecom, WestpacTrust Investments, New Zealand Guardian Trust, and a Vice President of the board of the Employers & Manufacturers Association (Northern).

Mr Frankham is a principal and director of Frankham Lyne Limited, an Auckland-based specialist financial investigation practice, who has acted as independent appraiser of several companies subject to offer and has been involved as a director of 10 listed companies that have been the subject of takeover offers.

He is a director of Auckland International Airport, and is a director and chairman of New Zealand Experience. He is chairman of the Audit Office's New Zealand Audit Committee, chairman of the Institute of Chartered Accountants Disciplinary Tribunal, and a former member of the Securities Commission.

Ms Suckling is a South Island company director and business consultant with in-depth commercial experience with large and small organisations in both the public and private sectors. She has gained a very strong understanding of New Zealand’s legislative framework and compliance obligations of commercial organisations, with 17 years of governance experience.

Ms Suckling has previously served on health, science, technology, broadcasting and business boards. Her current government appointments are Chair of the National Institute of Water & Atmospheric Research and Chair of AgriQuality.

Role of the Takeovers Panel

The Takeovers Code came into effect on 1 July 2001. The Panel is responsible for implementing the Code and carrying out the enforcement functions outlined in the Takeovers Act 1993. These functions include:

keeping under review the law relating to takeovers and recommending changes to the Minister; investigating any act or omission or practice for the purpose of exercising its enforcement powers under the Act; making determinations and orders and to make applications to the Court in accordance with the Act; enabling the Panel to co-operate with any overseas regulator where the Panel considers it may assist that regulator in the performance of its functions; and promoting public understanding of the law and practice relating to takeovers.

Appointment of Members

Under the Takeovers Act 1993, the Panel is required to have eight to eleven full members appointed from time to time by the Minister. At least one member of the Panel must be a barrister or solicitor of the High Court of not less than seven years’ experience. The Chair fulfils this criterion. Members must, in the opinion of the Minister, be qualified or experienced in business, law or accounting.

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