Diplock's travel has helped NZ, says Securities Commission review

Thursday 24th September 2009

Securities Commission chair Jane Diplock's controversial international travel has helped restore the reputation of New Zealand's securities market to international investors and is appropriate as part her "unprecedented" three terms as chair of the International Organisation of Securities Commissions, IOSCO.

The review reveals the Securities Commission chair's travel has been the subject of inter-departmental coordination and investment involving the Ministry of Foreign Affairs and Trade and the export and investment advisory body, New Zealand Trade and Enterprise. NZTE has seconded a staff member to work with Diplock on using her international role to improve New Zealand's battered standing as an investment destination.

"This activity seems to the review team to be of particular importance at a time of turbulence in the global economy - and the systemic failure of New Zealand's non-banking financial institutions - when New Zealand needs to maintain its international visibility and reputation as a reliable business partner and worthwhile investment destination."

Diplock's critics have slammed her $227,000 international travel bill over the past two years and the review by former head of MFAT Neil Walter and Michel Prada of IOSCO is critical of the commission's communications efforts in its home market.

"With the Chair's third term as Chair of IOSCO's Executive Committee due to end next year, there will inevitably be a phasing down of the commission's international work," the reviewers say.

Businesswire.co.nz

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