Appointments for Inaugural External Reporting Board

Commerce Minister Simon Power today announced the makeup of the soon-to-be established External Reporting Board (XRB).

The XRB supersedes the Accounting Standards Review Board (ASRB) but will have a much broader range of powers. It will be responsible for all aspects of financial reporting, and for accounting and auditing standards-setting. It will begin on 1 July.

Members of the board are: Simon Carey, Neil Cherry, Annabel Cotton, Michele Embling, Graeme Mitchell, Ralph Simpson, and Ken Warren.

All of them, excluding Mr Cherry and Mrs Cotton who have been appointed for five year terms from the date the XRB commences, are members of the ASRB.

ASRB chair Kevin Simpkins will have his role transferred to the XRB.

“The continuity of experience from the current ASRB members will be crucial to the success of the inaugural External Reporting Board,” Mr Power said.

“The collective experience of this group in strategy, governance and oversight will help the board get off to a strong start.”

Members’ background

Kevin Simpkins is chair of the ASRB. He has been involved in financial reporting as a preparer, advisor and auditor his entire career, with more than 20 years’ experience in accounting standard-setting.

Neil Cherry is a chartered accountant, and works as an independent business and financial consultant. He is former CFO of Wellington City Council and is chair of NZICA’s Professional Standards Board.

Annabel Cotton is an investment analyst and accountant specialising in providing advice on investor relations and equity management programmes. Her governance experience includes being a member of the Securities Commission, and a director for several NZX-listed companies.

Simon Carey is a practising chartered accountant. He has a broad understanding of the financial reporting and auditing issues facing small and medium-sized businesses. He has been a member of the ASRB since 2009.

Michele Embling has served as deputy chair of the ASRB since 2009. She has extensive industry experience, including providing advice on financial reporting, statutory and regulatory issues.

Graeme Mitchell has broad governance experience and applied auditing knowledge. He chaired Deloitte’s Board of Partners and is a member of NZICA’s Professional Conduct Committee and the ASRB.

Ralph Simpson is a litigation partner at Bell Gully. He has made a significant contribution to the ASRB since 2008 with his commercial and litigation experience.

Ken Warren is Chief Accountant at the Treasury, and is a long-standing member of the ASRB. His public sector accounting expertise comes from over 30 years’ experience.