The New Zealand Ministry of Business, Innovation and Employment has released an independent review into the conduct of Financial Markets Authority Chair Craig Stobo. The review found no evidence of an inappropriate relationship with a former staff member and no impropriety in his travel applications. It also found that he acted reasonably in disclosing a governance-related interest and later agreeing to resign from it, although he should not have delayed doing so for as long as he did. However, aspects of his public commentary did not meet the standards of political neutrality expected of the chair of an independent Crown entity and financial markets regulator. Following completion of the review, Minister Brewer accepted Stobo’s offer of resignation. The investigation was carried out by Wendy Aldred KC after several matters were raised by members of the Financial Markets Authority Board. Steven Bardy will continue as Acting Chair while a process is undertaken to appoint a permanent Chair.
Ministry of Business, Innovation and Employment (New Zealand) 2026-05-04
New Zealand Ministry of Business Innovation and Employment releases review finding Financial Markets Authority Chair fell short on political neutrality and confirms Craig Stobo resignation
The New Zealand Ministry of Business, Innovation and Employment has published an independent review into Financial Markets Authority Chair Craig Stobo, which found no impropriety in his personal relationships, travel applications or management of a governance-related interest, although it criticised delays in his resignation from that interest and aspects of his public commentary that fell short of expected political neutrality. Following the review, Minister Brewer accepted Stobo’s resignation, with Steven Bardy to continue as Acting Chair pending appointment of a permanent Chair.