27 January 2005 Media Statement

King re-appointed Chair of Takeovers Panel

Commerce Minister Pete Hodgson today announced the re-appointment of John King as Chair of the Takeovers Panel.

“Prior to my taking over the Commerce portfolio, former Minister of Commerce, Margaret Wilson completed the re-appointment process for Mr King for a further two years. I have full confidence in that appointment and know that John King will continue to lead the Panel with considerable skill and expertise”, Pete Hodgson said.

John King is a barrister and solicitor of the High Court and a consultant to, and former senior partner of, Russell McVeagh. He specialised in corporate and commercial law and has extensive experience of securities issues. As a corporate lawyer and company director Mr King has been involved in the New Zealand business world for over 30 years. Since December 2001 Mr King has been the New Zealand member of the Australian Takeovers Panel.

BACKGROUND

The Takeovers Panel is established by the Takeovers Act 1993 (the Act). It is responsible for carrying out enforcement functions under the Act and administering the Takeovers Code that was activated on 1 July 2001. The Panel’s functions include:

- recommending amendments to the Code as the Panel thinks fit;
- for that purpose, keeping under review practices relating to takeovers of companies subject to the Code;
- investigating any act or omission or practice for the purpose of exercising its enforcement powers under the Act;
- making determinations and orders and applications to the Court in accordance with the Act; and
- promoting public understanding of the law and practice relating to takeovers.
Membership Criteria

Under section 6 of the Act, the Panel is required to consist of between five and eleven members appointed by the Minister of Commerce. The Minister appoints one member as the Chair and another as the Deputy Chair. At least one member of the Panel must be a barrister or solicitor of the High Court of not less than seven years’ experience. Members must, in the opinion of the Minister, be qualified or experienced in business, law or accounting. Members can be appointed for a term not exceeding five years and are able to be re-appointed.

Membership of the Panel

Name Role
John King Chair
David Jones Deputy Chair
Denis Byrne Australian Member
Anthony Frankham Member
Colin Giffney Member
Alastair Lawrence Member
Daphne Rawstorne Member
Kevin O’Connor Member
Suzanne Suckling Member
David Quigg Member

For further information on the Takeovers Panel see www.takeovers.govt.nz

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