Implemented Investment Solutions’ (IIS) ‘six million dollar governance man’, Lee Mauger, has separated from the board after landing a senior IT role with ANZ.
IIS founder, Anthony Edmonds, said Mauger stepped down due to a potential conflict of interest with his new employer.
“Given ANZ and IIS compete in some product spaces – especially now we are about to enter the KiwiSaver market – Lee decided to resign our board with immediate effect,” Edmonds said.
“Since joining as IIS independent director in 2018, Lee has made a fantastic contribution to our growth where his technology nous proved particularly insightful.”
Mauger said while he was disappointed to leave the IIS board after a relatively short stint, the company was in good health following rapid expansion in its core fund-hosting business and direct platform, InvestNow.
“It’s been exciting to be a part of an innovative Kiwi financial services firm during a period of fast growth,” he said. “IIS is well-placed to benefit as the NZ fund industry matures further. I wish them well.”
According to Edmonds, IIS would look to strengthen both board and management capabilities to accommodate the increasing importance of digital technologies.
Edmonds remains on the IIS board along with independent chair, Ian Russon, and Jeremy Valentine.
In other board moves last week, long-time Pie Funds director and Auckland GP, Roy Knill, has resigned from a fully-stocked board.
Following his departure, the Pie board is down to six including four independent members: Steve Nichols, Ana-Marie Lockyer, Roger Kerr and Cecilia Robinson.
Knill joined as Pie director in 2013, serving at one time as head of the $1 billion boutique’s investment committee. Following an executive restructure last year that saw the exit of Pie’s KiwiSaver scheme (Juno) founder, Jacqueline Taylor, he stepped down from the investment committee chair.
At the time, Pie founder, Mike Taylor, replaced Knill as head of the investment committee.
As at the end of December 2019, Pie reported assets under management of just over $1 billion held in 10 products, including $30 million in the now-shuttered multi-asset fund and a further $110 million in Juno.
Finally, Public Trust, named Meleane Burgess and former TSB chief, Kevin Murphy, as new directors.
Burgess is part of the Pacific Steering Group for the Ministry of Social Development while Murphy retired from the top TSB job in 2018 after a 38-year career with the Taranaki-based financial institution.
The board rejig also saw incumbent director, John Duncan, rise to the deputy chair position.
In a release, Public Trust chair, Ian Fitzgerald, said: “Public Trust is entering an exciting new growth phase with an emphasis on building and expanding the company’s future capability. The wide-ranging industry experience that Meleane and Kevin bring to this endeavour is invaluable.”
Under its governing legislation, Public Trust must have a board of between five and nine members at any one time with directors appointed for three-year terms (that may be renewed).
“The last departing board members from Public Trust were Fiona Oliver and Bevan Killick, who both had terms that ended on 31 October 2019,” a spokesperson for the government-owned organisation said.
Public Trust direct spots are political appointees determined by the Associate Minister of Justice – a role currently held by Aupito William Sio.