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Taskforce Holds First Meeting

Fuseworks Media
Fuseworks Media

Wellington, Aug 1 NZPA - The Capital Market Development Taskforce set up by the Government has held its first meeting in Wellington.

Commentator Brian Gaynor has criticised the group for having a long timetable when urgent measures are needed to restore investor confidence in the wake of the collapse of finance companies.

He also said the taskforce is stacked with "drys" and representatives of the sell-side of the market.

Today , chairman Rob Cameron, a former treasury official who advised on the sale of many state assets, said taskforce members were committed to producing a blueprint and action plan.

"We have a year in which to do this. It is a challenge we welcome because we know that this work has the potential to have a positive impact on all Kiwis whether they're investing for their futures or looking to start or develop their own businesses."

He said the taskforce recognised that the issues they were going to deal with included, but went well beyond, the size and depth of the sharemarket.

"We need to look at the full spectrum of our capital markets and understand the characteristics and behaviour of the investors. We also need to understand the way in which these markets support and develop different activities in our economy."

The taskforce emphasised that its work must be underpinned by robust analysis and evidence and not anecdote.

"We plan to pull together data and evidence on the key characteristics of our markets and to benchmark New Zealand against comparable countries and understand our differences.

"We believe that much is strong in New Zealand's system - our attention will focus on where there are weaknesses and where we can make real improvements."

He said the taskforce had received enormous support since it was announced on July 21.

The taskforce will next meet again in about six weeks.

Its members are Rob Cameron (chairman), Adrian Orr, Cathy Quinn, Franceska Banga, Gareth Morgan, Jonathan Ling, Mark Weldon, Nigel Williams, Rob McLeod and Scott St John. NZPA WGT pjg gt

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