Chair for Local Government Funding Agency appointed

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Chair of establishment board for Local Government Funding Agency appointed

12 May 2011

Capital markets specialist Craig Stobo has been appointed chair of the establishment board for the proposed Local Government Funding Agency (LGFA.)

Mr Stobo is currently chair of the listed property company AMP NZ Office Limited and of executive recruitment company OCG Consulting Limited. He is a shareholder and director of a number of private companies including Elevation Capital Management, Saturn Portfolio Management and Appello Services.

An Otago University graduate (1981) and graduate of the Wharton Business School (2004,) Mr Stobo has worked as an investment banker, economist and diplomat. He was also CEO of BT Funds Management Limited. He recently chaired the Government’s International Fund Services Development Group in 2010/11.

Mr Stobo has authored several papers including The Taxation of Investment Income (2004) and Creating Wealth for New Zealanders (2008.)

Steering group member and Local Government New Zealand chief executive Eugene Bowen says the LGFA will benefit from Mr Stobo’s appointment.

The LGFA was initially mooted at the 2009 Job Summit as an opportunity for significant cost savings for local government borrowers. A steering group comprising central and local government representatives has since made significant progress in reviewing and developing the LGFA.

Legislation to facilitate its establishment was introduced to the House in April.

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