NZ Financial Services Council replaces chair Jenny Shipley

Thursday 4th June 2015

The Financial Services Council of New Zealand, which represents the nation's investment and life insurance companies, has replaced chair Jenny Shipley, who is facing legal action from the liquidators of collapsed property group Mainzeal.

Rob Flannagan, former managing director of Tower and Guardian Trust, has been appointed the new chair, the Auckland based council said in a statement. Flannagan chairs Guardian Trust and is a director of Airwork Holdings, Global Film Solutions, and the Ministry of Education Infrastructure Advisory Board.

In the statement, council deputy chair John Body welcomed the appointment of Flannagan, who he said had wide industry experience and reputation. The statement made no mention of Shipley. Body didn't immediately respond to messages left on his phone.

Former prime minister, Shipley has chaired the council since it replaced the Insurance, Savings and Investment Association in March 2012. A former chair 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 Shipley and other former directors, alleges a breach of directors' duties and seeks damages.

BusinessDesk.co.nz

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