Tuesday, June 18, 2024

Craig Stobo appointed new FMA chair

Commerce and Consumer Affairs Minister, Andrew Bayly, has announced the appointment of Craig Stobo as the new chair of the Financial Markets Authority (FMA).

Mr Stobo (pictured) takes over from Mark Todd, whose term expired at the end of April. Mr Stobo’s appointment is for a five-year term.

“The FMA plays a crucial role ensuring the financial market is fair and transparent. 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 says.

“Mr Stobo brings a significant depth of experience to the role, having worked as a director, diplomat, economist, and chief executive.

“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.

“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.

“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.”

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