Commerce and Consumer Affairs Minister Andrew Bayly last Friday announced the appointment of Craig Stobo as the new chair of the Financial Markets Authority (FMA).
Mr Stobo takes over from Mark Todd, whose term expired at the end of April. His appointment is for a five-year term.
“The FMA plays a crucial role ensuring the financial market is fair and transparent,” stated Minister Bayly. “Their work gives people the confidence to invest and helps New Zealand realise its economic potential. To do this, and to achieve the Government’s commitment to rebuilding the economy, we need strong leadership.”
Mr Bayly stated that Mr Stobo brings a significant depth of experience to the role, having worked as a director, diplomat, economist, and chief executive.
“With Mr Stobo taking over as chair, the FMA is well placed to address future challenges and further develop our financial markets to increase resilience, trust and confident participation.”
“The FMA will benefit from Mr Stobo’s understanding of market issues and regulation, as well as the importance of informed participation from businesses and investors,” he said.
“I would also like to take this opportunity thank outgoing chair, Mark Todd. During Mr Todd’s term over nearly nine years, including five as chair, he provided clear leadership and commitment to strengthening the board’s governance capabilities to support the FMA’s transformation programme. He also oversaw the appointment of Samantha Barrass as chief executive.
“In addition, I would also like to acknowledge outgoing member Mark Weenink, who resigned from FMA’s board, effective from 1 May 2024. Mr Weenink was appointed to the board in March 2022 and chaired the Audit and Risk Committee. Mr Weenink brought expertise in a range of critical areas including banking, law, and organisational change.
Mr Stobo chaired Precinct Properties from 2010 to 2023, overseeing the development of Commercial Bay. In 2010, he chaired the Task Force for Prime Minister John Key on Exporting Financial Services, which lead to the creation of foreign investor PIEs and New Zealand signing up to the Asian Funds Passport regime.
He chaired AIG NZ, the subsidiary of the New York-listed global general insurer from 2012-2022.
“With Mr Stobo taking over as chair, the FMA is well placed to address future challenges and further develop our financial markets to increase resilience, trust and confident participation,” said the minister.
