1. About us
  2. Governance
  3. Our Board

Our Board

The FMA Board comprises between 5 and 9 members. The Governor-General, on the advice of the Minister, appoints all members of the Board and determines, on the recommendation of the Minister, who will be Chairperson and Deputy Chairperson. Members hold office for up to 5 years and may be reappointed.

Meet our board of directors

In accordance with the State Sector Commission guidelines, the Board periodically reviews its own role and overall performance, its processes and procedures, the use of supporting Committees and Divisions and the performance of each Board member.

The remuneration of the FMA Board members is determined by the Remuneration Authority. See more information about the Remuneration Authority.

Board committees and divisions

The FMA has two Board committees:

Audit and risk committee

This committee considers internal controls, accounting policies, and risk management. It also approves financial statements, and helps with the scope, objectives and functions of external and internal audits. Currently it has three members: Mark Todd (Chair), Ainsley McLaren and Elizabeth Longworth.

Performance and remuneration committee

This committee assesses performance measures and staff remuneration. It has three members: Murray Jack (Chair), Vanessa Stoddart and Campbell Stuart.

A Division is a group of at least 3 members of the Board who have been assigned to deal with a matter or class of matter, determined by the Board or Chairperson. A Division is brought into existence by a determination of the Board or Chairperson and has the all the powers of the Board in relation to the matter or class of matter to which it has been assigned. Divisions are convened to consider matters such as class exemptions and for decisions on litigation matters.

Murray Jack

Chairman, BCom, FCA

Murray has over 30 years’ experience as a management consultant, and was previously a member of the Securities Commission. He is also Chair of Chartered Accountants Australia & New Zealand and Education Payroll Limited and a director of Aurecon Pty Ltd.

Current term expires April 2019.

Ainsley McLaren 

Member, BCom

Ainsley has 25 years of broad financial services experience including investment management, fixed interest and financial markets. Her experience includes various senior roles at ASB Group Limited and First State Investments (NZ). Ainsley is currently leading client relationships at Harbour Asset Management, is a member of the New Zealand Institute of Directors and the Hohepa Auckland Regional Board.

Current term expires September 2021.

Campbell Stuart


Campbell has 30 years’ experience in stockbroking and funds management. He is also a Director of Aspiring Asset Management. He was previously Managing Principal at UBS New Zealand, was on the NZX Disciplinary Committee, and was Vice Chair of NZX.

Current term expires June 2019.

Carol Cheng

Observer as non-member, CA

As a successful candidate in the selection of the Future Directors’ programme to state sector boards, Carol joins the FMA Board as an observer to work with and learn from the Board for one year from 1 September 2017. Carol is the founder of Hong Consulting Limited and is an experienced business adviser and China business specialist. Carol previously held leadership roles in New Zealand and China including the Executive Director of PwC New Zealand and Partner at Grant Thornton in China. She is an Executive Member of New Zealand China Trade Association (NZCTA).

Current term expires 31 August 2018.

Elizabeth Longworth

Member, LLM

Elizabeth has over 20 years commercial legal experience and international governance expertise.  She has specialties in information policy and disclosure, risk management, ethics and ADR. As the Executive Director of UNESCO, Paris, Elizabeth had strategic and oversight responsibilities across the organisation. She was the Director of the UN office for disaster risk reduction, Geneva. Previous roles include Sector Director at Industry New Zealand and In-house Counsel at the Reserve Bank. 

Current term expires June 2020.

Mark Todd

Member, LLB Hons

Mark has over 20 years’ experience in financial markets regulation, and has held governance roles with both listed and unlisted companies. He co-founded Anti-Money Laundering Solutions and chairs Mint Asset Management.

Current term expires June 2020.

Mary Holm

Member, BA, MA, MBA

Mary is a financial columnist, author, seminar presenter and director of Financial Services Complaints Ltd. She was a member of the Capital Markets Development Taskforce, and the Savings Working Group. and has been a newspaper business editor and part-time senior lecturer at the University of Auckland.

Current term expires June 2019.

Prasanna Gai

Member, Professor B.Ec (Hons), M.Phil, D.Phil

Prasanna is Professor of Macroeconomics at the University of Auckland. He brings over 20 years of experience in financial market issues from academic and high-level policy roles.

Prasanna was Special Adviser to the Governor of the Bank of Canada and a Senior Adviser at the Bank of England.  He is currently a Member of the Advisory Scientific Committee of the European Systemic Risk Board.  Prasanna was also Professor of Economics at the Australian National University and a Visiting Fellow of All Souls College, Oxford.

Current term ends 15 April 2023.

Vanessa Stoddart

Vanessa StoddartMember, B Com/LLB (Hons), PG Dip in Prof Ethics

Vanessa is also a Director of NZ Refinery, Heartland Bank and The Alliance Group, a member of the Tertiary Education Commission and the Audit and Risk Committee for DOC and MBIE. She was previously a Senior Executive at Air New Zealand and CEO of Carter Holt Harvey Packaging Australia.

Current term expires June 2021.

William Stevens

Member, BBS

William has 30 years’ experience as an investment adviser. He is an NZX adviser, is a Director of Craigs Investment Partners, and Chairs the Dingwall Trust for Children. He was previously Deputy Chair of the New Zealand Markets Disciplinary Tribunal.

Current term expires June 2020.