NZ Financial Services Council replaces chairwoman Dame Jenny Shipley
Rob Flannagan, former managing director of Tower and Guardian Trust, has been appointed the new chairman.
The Financial Services Council of New Zealand, which represents the nation's investment and life insurance companies, has replaced chairwoman Dame Jenny Shipley, who is facing legal action from the liquidators of collapsed property group Mainzeal.
Rob Flannagan, former managing director of Tower and Guardian Trust, has been appointed the new chairman, the Auckland-based council said in a statement. Mr Flannagan chairs Guardian Trust and is a director of Airwork Holdings, Global Film Solutions and the Ministry of Education Infrastructure Advisory Board.
In the statement, council deputy chairman John Body welcomed the appointment of Mr Flannagan, who he said had wide industry experience and reputation. The statement made no mention of Dame Jenny. Mr Body didn't immediately respond to messages left on his phone.
The former prime minister has chaired the council since it replaced the Insurance, Savings and Investment Association in March 2012. A former chairwoman of Mainzeal, she intends to defend legal action being taken against her by the liquidators of the company, which collapsed in 2013. The claim, against Dame Jenny and other former directors, alleges a breach of directors' duties and seeks damages.
(BusinessDesk)
Tina Morrison
Thu, 04 Jun 2015
Thu, 04 Jun 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ Financial Services Council replaces chairwoman Dame Jenny Shipley
48325