Governance and Structure

Page updated 17 Feb 2016

The New Zealand Treasury is responsible for the operation of NZECO.

We are located within the Treasury and are part of Treasury's Financial Operations group.

The authority to issue Crown guarantees is pursuant to the Minister of Finance’s powers under section 65ZD of the Public Finance Act 1989. The Minister of Finance has delegated the Secretary to the Treasury with the responsibility of operating NZECO and issuing its range of export credit guarantees.

All transactions we underwrite are reviewed, approved and signed by the Treasury in accordance with delegated authorities.

Visit the Treasury web site for accountability documents such as the Annual Report of the Treasury and the Statement of Intent of the Treasury.

Technical Advisory Committee

The Technical Advisory Committee supports the Secretary to the Treasury with advice on a range of strategic and operational matters relating to NZECO. This includes assessing and advising on the risk and pricing of most NZECO transactions. The Technical Advisory Committee consists of four members:

Tim Sole

Tim was appointed Chair of NZECO’s Technical Advisory Committee on 1 April 2013. He is a former CEO of Royal & SunAlliance Life, former CEO of State Insurance, former CEO of Public Trust, and currently CEO of Local Government Insurance Corporation. Tim is an actuary, a fellow of ANZIIF (CIP), and holds an MBA from Victoria University.

Derek McCorkindale

Derek is a consultant with over 30 years experience in banking and finance. He is a former Director of Structured Finance for BNZ’s Corporate and Institutional Banking group and was a Credit Controller in the BNZ’s Risk Division for a number of years. He provides financial and risk advice to a number of NZ financial institutions.

Burke Steel

Burke manages a private investment company involved mainly in agriculture and related sectors. He was formerly CEO of Euler Hermes Oceania, prior to which he founded Lumley Trade Credit Limited, and has extensive experience in credit evaluation over a period of three decades.

Linda Robertson

Linda is a professional director with over 30 years corporate and banking experience in the NZ finance sector. In the corporate environment she has worked predominately in the energy sector and held senior management roles encompassing treasury, credit management, audit, risk management and insurance. She was most recently Group Manager Treasury & Procurement at Meridian Energy Ltd. Linda has served on the Board of New Zealand Post, Kiwi Bank, Speirs Group and the Earthquake Commission. She was a member of Audit and Risk Committee of Inland Revenue, and Chaired the Audit and Risk Committee of Statistics New Zealand. Current governance positions include; Member of Audit & Risk Committee of Ministry of Social Development, Director of Hunter Downs Development Company Ltd, Dunedin City Holdings and Dunedin City Treasury and Dunedin Venues.

Linda is a Certified Treasury Professional, a Fellow of INFINZ, a Fellow of Governance New Zealand, a Certified Fellow of the New Zealand Institute of Directors and a Graduate Member of the Australian Institute of Company Directors. Linda has a Bachelor of Commerce Degree and a Diploma in Banking.

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