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	IN THIS ISSUE   The Takeovers Panel & its members   The Code in business language   Seeking Panel members   How to contact us OBJECTIVES OF CODE WORD Code Word will provide information about the Takeovers Code and about the Takeovers Panel and its work. It aims to be of use to shareholders, companies, lawyers and anyone else interested in New Zealand takeovers law and how it affects both shareholders and companies. In the lead up to the code coming into force on 1 July 2001 issues of Code Word will publish information about proposed exemptions from the Code and other matters of interest to those affected by the Code. Code Word is available in hard copy or by email in PDF format. If you wish to be placed on our mailing list please contact Catherine Chapman by phone (04)471 7659 or email: takeovers.panel @takeovers.govt.nz . SEEKING PANEL MEMBERS The Minister of Commerce is seeking expressions of interest from people wishing to be considered for appointment as members of the Takeovers Panel. See the Panel’s website (www.takeovers.govt.nz) for details or contact Sirma Karapeeva at the Ministry of Economic Development (email sirma.karapeeva @med.govt.nz). Applications close on 7 March 2001.	The Takeovers Panel and its members THE TAKEOVERS PANEL IS A BODY CORPORATE ESTABLISHED BY THE TAKEOVERS ACT 1993. UNDER THE ACT THE PANEL MUST HAVE NOT LESS THAN FIVE AND NOT MORE THAN EIGHT MEMBERS APPOINTED BY THE MINISTER OF COMMERCE. THE MINISTER APPOINTS ONE MEMBER AS THE CHAIRPERSON OF THE PANEL AND ANOTHER MEMBER AS THE DEPUTY CHAIRPERSON. AT LEAST ONE MEMBER MUST BE A BARRISTER OR SOLICITOR OF THE HIGH COURT OF NOT LESS THAN SEVEN YEARS’ PRACTICE. ALL OTHER MEMBERS MUST BE QUALIFIED OR EXPERIENCED IN BUSINESS, ACCOUNTING OR LAW.
		MEMBERS OF THE PANEL The present members of the Takeovers Panel are: CHAIRPERSON John King, Lawyer DEPUTY CHAIRPERSON David Jones, Lawyer MEMBERS Gordon Gilmour,    Company Director Alistair Lawrence,    Investment Banker Kevin O’Connor,    Company Director Malcolm Ott,     Chartered Accountant Paul Randall,    Investment Consultant Daphne Rawstorne,    Company Director    and Business Consultant	FUNCTIONS OF THE PANEL The Takeovers Act 1993 determines the functions of the Panel. In summary these functions are:   to recommend a Takeovers Code and subsequent amendments;   to enforce the Code;   to grant exemptions from the Code; and   to promote public understanding of the law and practice relating to takeovers. To recommend a Takeovers Code The Panel was required to recommend a Takeovers Code with the following objectives:   to encourage efficient allocation of resources;   to encourage competition for the control of companies subject to the Code;   to assist in ensuring that shareholders are treated fairly in a takeover;   to promote international competitiveness of New Zealand’s capital markets; (continued p2)

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