Multi-hatted NZ investment industry luminary, Craig Stobo, has stepped aside as Financial Markets Authority (FMA) chair pending the outcome of a government enquiry into mysterious “matters raised”.
As per a statement issued late on Friday last week, the Ministry of Business, Innovation and Employment (MBIE) would lead “an independent investigation into these matters as the monitoring department for the FMA”.
“MBIE can make no further comment until the investigation is complete,” the release says.
Stobo was named FMA chair last year for a five-year term set to expire in 2029. The FMA has yet to name an interim chair on a board that also includes Sue Chetwin, Prasanna Gai, Christopher Swasbrook (whose term was due to end this August), Tracey Berry, Nick Hegan, Mariette van Ryn and Steven Bardy.
But the once BT Funds NZ chief, also fills a string of government-related and private sector governance roles including as director of the $1.3 billion Auckland Future Fund (AFF).
According to AFF disclosures, Stobo is chair of the Local Government Funding Authority as well as holding directorships with: Desert Holdings; Sahara; Legend Terrace; Biomarine; Indi; Maverick; and, the Stobo Group.
He also serves in an advisory capacity to a Ministry of Education property body, the Public Services Commissioner on digitialising government services, Capital Solutions Group, the AMP Financial Services investment committee, Saturn Portfolio investment committee (as well as a shareholder in the firm) and to the director-general of the Department of Conservation.