South Canterbury Finance appoints new directors

www.depositrates.co.nz

Friday 30th October 2009

South Canterbury Finance has appointed Bill Baylis, Stuart McLauchlan and Denham Shale as independent directors of the company.

SCF chairman Allan Hubbard said the combined experience and skills of the new directors would make a significant contribution to the company.

"We are privileged to obtain the services of three outstanding directors. We recognise the desire across various stakeholders for South Canterbury Finance to enhance its governance arrangements with the appointment of additional independent directors. These appointments are a further step forward in the restructuring of South Canterbury Finance. Further announcements regarding the company's restructuring plans will be made when we are able to do so."

Baylis is chairman of Real Journeys, director of Port of Tauranga, Landcorp Farming (effective 1 November 2009), and a number of private companies. He is a former chairman of PGG Wrightson, Pyne Gould Guinness and Naylor Love Enterprises.

Baylis was a partner in the national firm of KPMG until 1992 when he established his own specialist practice. Company directorships now occupy the majority of his time.

McLauchlan is chairman of Scott Technology, deputy chairman of the Pharmaceutical Management Agency (Pharmac) and a director of a number of other companies including Scenic Circle Hotels, Dunedin Casinos, AD Instruments Pty and Aurora Energy.

His other appointments include pro-chancellor of the University of Otago and crown monitor to Southland District Health Board.

Shale is a practicing lawyer and has been a member of boards of listed companies for over 20 years. At present he is chairman of The Farmers' Trading Company, Jenkin Timber, Eastern Hi-Fi Group, the Japan New Zealand Business Council and Mercy Hospice Auckland Foundation.

He is a director of listed companies OceanaGold Corporation and Turners Auctions. He is also a director of Munich Reinsurance Company of Australasia and several other private companies.

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