New FMA chairperson James Miller appointed amid workplace culture inquiry
James Miller replaces Craig Stobo, who resigned after an independent review found his public commentary failed to meet the standards of required political neutrality for the role.
The Financial Markets Authority (FMA) has announced the appointment of James Miller as its new chairperson. The esteemed appointment marks a significant step forward in restoring the regulator's credibility as it confronts allegations of a deteriorating workplace culture.
Miller, a seasoned company director, will assume the role following the resignation of Craig Stobo. Stobo's departure was prompted by an independent review that unearthed his public comments falling short of the political neutrality expected of the head of an independent regulator. Miller's appointment is set to commence on Thursday, entailing a five-year tenure.
Finance Minister Nicola Willis hailed Miller as one of New Zealand's most respected directors, noting his dedication to reviving the country's capital markets over a period of nearly 12 years. Miller currently serves as the deputy chairperson of Fletcher Building and formerly chaired the NZX.
The FMA's scrutiny stems from its workplace culture, with the Ministry of Business, Innovation and Employment unveiling an investigation into the regulator's conduct and culture. Chief Executive Samantha Barrass took a leave of absence recently, following reports of awareness of cultural concerns within the board.
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