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From the Minister of Commerce, Hon Lianne Dalziel
Minister of Commerce, Hon Lianne Dalziel
I want to thank John King for his major contribution to New Zealand’s business regulatory environment and in particular for his dedication to the development and implementation of the law covering takeovers. John’s interest in takeovers law saw him involved from the initial Panel, set up in the early 1990s, through the preparation and implementation of the Takeovers Code, and the first almost six years of its application.
The smooth transition of this new law and the wide general acceptance of the Code are largely due to John’s foresight and wisdom. Takeovers in New Zealand now follow disciplined processes and involve well-informed shareholders.
Alastair Lawrence
I congratulate David Jones on his appointment as chair and Alastair Lawrence on becoming deputy chair.
Three new Panel members have been appointed for five year terms. They are:
John Waller who has in-depth commercial experience from his role leading the PricewaterhouseCoopers Advisory Division. He is also a member of the PwC New Zealand board;
Keith Taylor who has considerable experience gained over many years in the corporate world, including his time as chief executive with Tower; and
Pip Greenwood a partner at Russell McVeagh who specialises in securities offerings, mergers and acquisitions, takeovers and general corporate advisory work. She is a member of the firm’s board of management.
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From the Chairman David Jones
David Jones
I take this opportunity to pay tribute to John King for his long involvement with the regulation of takeovers. John had a key role from the initial Panel set up in 1991, through the development and drafting of the Code, the reactivation of the Takeovers Panel in 2000 and the introduction of the Code in 2001. He chaired the Panel through almost six years of operation during which time it has been tried and tested, and generally well received. Takeovers in the New Zealand market now take place in an orderly way and shareholders are kept well informed of, and involved in, the takeover process.
My appointment as Chairman does not herald any change. It will be business as usual. I worked closely with John King on the development, implementation and enforcement of the Code for more than a decade in my capacity as Deputy Chair, and we share the same philosophy on the application of the Code and its underlying principles. This will contribute to market certainty.
I am assuming the Chair when the Code is "bedded down" in that the manner in which the Code is applied and its provisions interpreted is largely settled. The market understands the Code and the Panel’s approach to interpretation and enforcement very well. We recognise the importance to the market of maintaining consistency in this approach.
That is not to say that there will not be changes in the future. Commerce and the takeovers market is a dynamic environment where change is a part of the landscape. In the face of change the Code will be tested and the Panel may need to respond. Any response will be made in a manner consistent with the principles of the Code and, to the extent possible, in consultation with the market. The Panel will continue to work with the market as it has always done. We pride ourselves on providing certainty and, subject to the legal limitations of the Takeovers Act and the Code, will always strive for sensible commercial outcomes.
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