The Panel is a people organisation. It is also a relatively new organisation, having received its own funding only since late 2000 to function as the Crown entity administering the provisions of the Code. (Prior to that date the Panel was a policy-making body funded through the Ministry of Economic Development.)

At the time of its metamorphosis into a funded operating body the decision was made to have the Panel serviced both as to professional staff and also physical services such as offices, meeting rooms, computer systems, library and support services, by the Securities Commission.

There is a memorandum of understanding in place between the Panel and the Commission which governs the relationship between the two bodies. It also covers the arrangements for payments by the Panel to the Commission for the cost of the services provided.

The two main issues affecting the Panel's ongoing corporate health and capability are maintaining an effective membership and recruiting and retaining appropriately qualified and experienced staff.

The Panel has provision for 11 members and currently has 9 appointed. Members are appointed by the Governor-General on the recommendation of the Minister of Commerce. There is one position left deliberately vacant in case a matter arises where there are insufficient non-conflicted members to enable the Panel to exercise its statutory powers and functions. In such an instance, a new, suitably qualified member would be appointed for an appropriate period. The position for an Australian member is not currently filled.

Panel members must be qualified or experienced in business, law or accounting. The Panel has just gone through a period of significant change in membership. The terms of office of the former (and founding) Chairman, John King and of five other members, Daphne Rawstorne, Tony Frankham, Colin Giffney, David Quigg and Denis Byrne (Australian member) all expired in 2006/2007.

David Jones, the incumbent Deputy Chairman, was appointed Chairman for a period of four years from March 2007. Alastair Lawrence was appointed Deputy Chairman. The terms of Colin Giffney and David Quigg were extended for a further five years. New members Pip Greenwood, Keith Taylor and John Waller were appointed for terms of five years. These appointments have provided a balance between continuity of existing knowledge and the introduction of new skills and experience. The Panel worked closely with the Ministry and with the Minister to manage the period of change in membership to minimise disruption to the operations of the Panel.

The level of remuneration paid to the Chairman and members is set by the Remuneration Authority, effective from the time the Crown Entities Act 2004 came into force in January 2005.

All Panel staff are employees of the Commission. Currently there is a Senior Executive Officer, a Counsel, a Senior Lawyer, and three solicitors of varying levels of experience. Panel staff are supported by a full-time personal assistant. The Panel also has a Communications Manager and an accountant who are shared with the Commission.

The terms of employment of Panel staff are set by the Commission, not the Panel, although the Chairmen of the Panel and the Commission consult annually about the remuneration of the Senior Executive Officer.

The Senior Executive Officer is involved with the recruitment of new Commission staff to work for the Panel, and in the annual performance reviews of Panel staff.

In these ways the Panel has influence over, but not full control of, the recruitment and remuneration of its key personnel.

The Commission has modern premises and employs progressive management practices in the running of its business. This is evidenced, among other things, by the Commission being assessed as the winner in 2006 of all "Small Places to Work 20 - 49 employees" in New Zealand in the annual survey carried out by the "Unlimited" business magazine. The Panel staff have the benefit of access to activities and services which the Panel, if it were a stand-alone entity, could not provide without a significant increase in funding.

Panel staff have the opportunity to undertake appropriate training and to participate in relevant conferences and seminars. The Panel's Counsel attended the Summer School conducted by the Australian Securities and Investments Commission in Sydney in March 2007.

The Panel uses the Commission's IT systems. Part of those systems includes off-site back up for all computer files and records. The Panel's key documents are recorded and stored off-site as back-up in the event of fire or earthquake affecting the Panel's premises. The Commission has taken precautions to deal with a potential bird-flu pandemic. The Panel is currently reviewing its physical filing systems and will ensure it follows protocols for storage and disposal of files that are in accordance with the requirements of the Chief Archivist.

Within the context of the governance arrangements outlined above, the Panel is satisfied that it is effectively managing the Panel's ongoing organisational health and capability.