Dated at Wellington this 23rd day of November 2010.
Statement of reasons
This notice, which comes into force on 1 December 2010, exempts Fisher & Paykel Finance Limited (FPF Finance) from the requirements of section 157L(1)(a) of the Reserve Bank of New Zealand Act 1989 (the Act).
The Reserve Bank of New Zealand (the Bank), after taking into account the principles set out in section 157F of the Act and satisfying itself as to the matters set out in section 157G(2) of the Act, considers it appropriate to grant the exemption because—
the requirement to appoint independent directors is considered unduly onerous and burdensome, because Fisher & Paykel finance group is managed and operated on an interdependent basis, with its autonomous directors providing independent oversight to the same extent an independent director would, except to a group of companies rather than a single company. Independent directors appointed only to the deposit taker would be less effective by not having oversight of other group members whose operations are interdependent with that of the deposit taker:
Date of notification in Gazette: 25 November 2010.
This notice is administered by the Reserve Bank of New Zealand.