UPDATED: Shipley departure not about Mainzeal, says FSC
"None of these events can be linked to the Mainzeal liquidation and it is wrong and unfair to draw that inference," FSC boss Peter Neilson said.
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The Financial Services Council of New Zealand, which represents the nation's investment and life insurance companies, has replaced chairwoman Dame Jenny Shipley but says the change isn't related to a lawsuit from 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.
Dame Jenny advised the FSC board in February that she intended to resign as chairwoman because of the commitments of her role as chairwoman of the CERA Transition Board, FSC chief executive Peter Neilson said in a statement on behalf of deputy chairman John Body.
"None of these events can be linked to the Mainzeal liquidation and it is wrong and unfair to draw that inference," he said.
In an earlier statement, Mr Body welcomed the appointment of Mr Flannagan, who he said had wide industry experience and reputation.
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
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UPDATED: Shipley departure not about Mainzeal, says FSC
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