Change of Chairman - Takeovers Panel


9 March 2007

David Jones has assumed the chairmanship of the Takeovers Panel. This follows John King's retirement at the completion of his term.

David Jones was previously Deputy Chairman and his appointment as Chairman by the Governor General on the recommendation of the Minister of Commerce is for four years.

"My appointment as Chairman does not herald any change. It will be business as usual," David Jones said. "I have worked closely with John King on the development, implementation and enforcement of the Code in my capacity as Deputy Chair; we share the same philosophy on the application of the code and its underlying principles."

David Jones paid tribute today to John King's long involvement with the regulation of takeovers from the initial panel set up in 1993, the subsequent development and drafting of the Code, the reactivation of the Takeovers Panel in 2000 and the introduction of the Code in 2001.

"He has lead the Panel through almost six years of operation during which time it has been tried and tested, and generally well received," he said. "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."

Panel member Alastair Lawrence is now the Deputy Chairman of the Panel. Three new members have been appointed. They are Pip Greenwood a partner of Russell McVeagh, Keith Taylor former chief executive of Tower, and John Waller of Price WaterhouseCoopers.