Is the Securities Commission ‘Missing in Action’ #2
On December 20 Adam commented on an article in the NZ Herald concerning the role and activity of the Securities Commission which had been written by Brian Gaynor.
Gaynor was not overly impressed by the recent performance of the Securities Commission and thought it had not been pro-active enough over issues such as finance companies.
Jane Diplock, Securities Commission head, responded in this letter to the NZ Herald published on 30 December 2008.
Letters to the Editor - NZ Herald - 30 December
As can be seen Ms Diplock seems to be taking a view that the Commission is the ambulance at the bottom of the cliff rather than a preventative body.
If that is the case and her view prevails, then New Zealand needs an overhaul of it’s systems of corporate governance and related legislation.
In other words Ms Diplock and the Commissions role is to stand by let what will be, be and then say we will try to fix in now.
Another example of Government spending of a government agency that is absolutely useless.
Ms Diplock also seems to be taking the view that the Commission has no educative function.