It was announced by the Minister of Commerce Simon Power that the establishment board of the new Financial Markets Authority has been formed by a mix of market players and bureaucrats. Simon Botherway founder of Brook Asset Management is the chairman of the board. He is already a member of the Securities Commission.

Mr. Botherway required higher standards for the financial sector, at the time when it was still quite unfashionable to do so. Bruce Sheppard is also on the board, he has a taste for publicity and theatre. Mr. Shepppard will be playing a role which is equivalent to the role of high-profile economist Gareth Morgan.

Andrew Harmos, NZX Chairman is one of the board members. He is there because Mark Weldon, NZX CEO has already served on roughly every business related body the Government has set up.

Paula Rebstock, the former Commerce Commission Chairwoman is also on the board. She stood down from the Commerce Commission last year, but has kept herself busy in the Government sector.

Another member of the board is Chapman Tripp partner Frank McLaughlin, who served as part of the taskforce on financial advisers under the last Government. Registrar of Companies Neville Harris is also on the board.