Hon Simon Power 
Minister of Commerce

Two new appointments to Takeovers Panel

24 August 2011

Commerce Minister Simon Power today announced the appointment of Carl Blanchard and David Flacks as members of the Takeovers Panel.

They have been appointed for five-year terms.

"Mr Blanchard and Mr Flacks are both highly regarded in their sectors," Mr Power said.

"They bring real-world experience and will strengthen the panel’s existing expertise."

Mr Power thanked Pip Greenwood and David Quigg, who retired from the panel this month, for their contributions.

Background

Carl Blanchard has worked for First NZ Capital as Director of Investment Banking since 1999 and is responsible for First NZ Capital’s government, utilities, and property sector coverage. He has advised a number of major entities on mergers, takeovers, and equity and debt capital market transactions.

David Flacks is a partner at Bell Gully in Auckland, specialising in corporate law. He has previously been General Counsel and Company Secretary for Carter Holt Harvey in Auckland.

The Takeovers Panel was established under the Takeovers Act 1993. It is responsible for carrying out enforcement functions under the Act, administering the Takeovers Code, and making recommendations to the Minister of Commerce for changes to takeovers law. The panel acts as the regulator of the corporate takeovers market, and has an important role in assisting the government to achieve its goals by ensuring transparent and equitable takeovers processes. This results in reduced transaction costs for domestic and international investors, and increased confidence in the integrity of the takeovers market.