Financial Markets Authority CEO Samantha Barrass resigns while being investigated
Samantha Barrass has resigned as CEO of New Zealand's Financial Markets Authority amid an ongoing investigation into workplace conduct and bullying allegations. The board has faced criticism for planning farewell events despite the serious nature of the inquiry.
Why it matters
The resignation highlights governance challenges and the importance of accountability within public regulatory bodies.
The head of New Zealand’s financial markets regulator has resigned amid an investigation into her employment and an inquiry into conduct and culture at her workplace.
Samantha Barrass is quitting as Financial Markets Authority (FMA) chief executive before her term ends in January.
Barrass stepped back from her role on July 29 when allegations of bullying behaviour by those in the upper echelons of the FMA became public and were escalated to the Public Service Commission.
FMA board member Alastair Hercus temporarily replaced Barrass, and the Ministry of Business, Innovation and Employment (MBIE) appointed Kristy McDonald, KC, to do an organisation-wide conduct and culture review of the regulator.
On August 11, the FMA board commissioned a separate investigation , led by Paul Wicks, KC, into Barrass’ employment.
Barrass wanted to be reinstated to her role while the investigations were underway and complained to the Employment Relations Authority.
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