The three appointees are company director and investment banker Tim Saunders, commercial solicitor Andrew Harmos and investment banker Lloyd Morrison.
The Exchange has resolved to demutualise and these appointments are part of that process as previously signalled by the Board. According to Mr Allen, "We have made a number of significant commercial changes and improvements in the Exchange this year including pricing changes, the upgrading of the Debt Market, introduction of Common Shareholder Numbers, active participation in changes to the regulatory environment in New Zealand and greater focus on the Exchange's objective of growing and supporting the New Zealand capital market.
Mr Allen said he was particularly grateful to the three existing directors who had agreed to stand down to facilitate the changed board structure.
The three brokers: Hamish Taylor, Malcolm Brown and former Exchange chairman Eion Edgar, had made a significant contribution to the Exchange, Mr Allen said.
"Eion and Malcolm have been on the Board since its inauguration in March 1989, following the change in structure at that time. Hamish joined the Board in September 1991. During the subsequent time they have played a major role in implementing significant change especially the introduction of new technology, the FASTER system and contribution to the world best practice for the Exchange in terms of efficiency, trading, settlement and costs".
In making these changes the NZSE was very conscious of the need to maintain continuity and the set of skills necessary for governance of the NZSE. In particular, Hamish Taylor has agreed to continue as a member of the NZSE's listing sub-committee.
The three new directors provided a considerable breadth of experience and all had been actively associated with the regulated public securities market.
Mr Saunders is a director of Auckland investment bank Northington Partners and is also a director of several prominent companies.
Mr Harmos is senior commercial partner with Russell McVeagh and has extensive experience in capital raising and IPOs.
Mr Morrison is the principal of HRL Morrison and Co, a specialist infrastructure sector manager and investment bank in Wellington.
Mr Morrison's firm acts as manager for the listed infrastructure investor Infratil NZ Ltd.
