I N C O N F I D E N C E
In Confidence
Office of the Minister for Trade and Investment
Cabinet Appointments and Honours Committee
Invest New Zealand: Board (re)appointments
Proposal
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1
This paper outlines my intention to:
1.1
reappoint Rob Morrison as a member and Chair of the Invest New Zealand
Board (the Board) for a three-year term, commencing on the 27 of December
2025;
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1.2
appoint Carmel Fisher as a member and Deputy Chair of the Board for a three-
year term, commencing on the date of appointment;
1.3
appoint David Tapsell as a member of the Board for a three-year term,
commencing on the date of appointment;
1.4
appoint Richard Hedley as a member of the Board for a three-year term,
commencing on the date of appointment;
1.5
appoint Mary MacLeod as a member of the Board for a three-year term,
commencing on the date of appointment; and
1.6
appoint Ross George as a member of the Board for a three-year term,
commencing on the date of appointment.
Background
2
Invest New Zealand (Invest NZ) is the country’s new investment promotion agency,
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focused on attracting foreign direct investment that will help drive innovation,
productivity, and economic growth. It works with multi-national corporations and
foreign investors to attract people, businesses, and capital to New Zealand. Invest NZ
also engages with experienced, skilled investors through the Active Investor Plus
Visa.
3
The Board of Invest NZ consists of between three and nine members. To establish
Invest NZ, I made three short term appointments. A list of current membership is
attached. This paper proposes to reappoint the current Chair and appoint five new
members to form a permanent Board. I do not intend to reappoint Charles Finny or
Catherine Savage, and their last day in office will be 26 December 2025.
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Comment
4
I intend to:
4.1
reappoint Rob Morrison as a member and Chair of the Board for a three-year
term;
4.2
appoint Carmel Fisher as a member and Deputy Chair of the Board for a three-
year term, commencing on the date of appointment;
4.3
appoint David Tapsell as a member of the Board for a three-year term;
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4.4
appoint Richard Hedley as a member of the Board for a three-year term;
4.5
appoint Mary MacLeod as a member of the Board for a three-year term; and
4.6
appoint Ross George as a member of the Board for a three-year term.
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Rob Morrison
5
Mr Morrison is an investment banker and corporate leader with a distinguished
international career in finance, governance, and sustainability. He is currently the
Chair of H.R.L. Morrison & Co and has previously served as Chair and chief
executive officer of CLSA Asia-Pacific Markets, a Hong Kong-based brokerage and
investment group.
6
He has held several prominent governance roles, including Chair of Kiwibank and is a
council member of the Asian Corporate Governance Association. Mr Morrison is well
placed to continue to Chair the Board of Invest New Zealand.
Carmel Fisher
7
Ms Fisher is a seasoned investment professional with more than 30 years' experience
in the New Zealand investment industry. Ms Fisher established Fisher Funds
Management Limited in 1998 and launched three NZX listed companies, Kingfish,
Barramundi and Marlin Global with a combined market capitalisation of $900
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million. She spent her early career in share broking before moving into the funds
management industry as an investment analyst and portfolio manager.
David Tapsell
8
Mr Tapsell is a respected legal and governance professional with a distinguished
career spanning law, Māori development, and corporate leadership. As a qualified
lawyer, Mr Tapsell has held senior roles across both the public and private sectors,
with a strong focus on governance and commercial law. He has served as a director
and advisor to a range of organisations, including iwi entities, Crown agencies, and
financial institutions.
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Richard Hedley
9
Mr Hedley is an experienced private markets investor and non-executive director with
over 20 years’ experience in global investment markets. He brings high quality
international investment experience, as well as extensive mergers and acquisitions,
transactional, corporate governance, and fiduciary asset management experience. He
is a non-executive director of a number of leading Australian and international
infrastructure companies.
Mary MacLeod
10
Ms MacLeod is a seasoned financial services executive and currently serves as the
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global head of strategy, sustainability, and business development for HSBC’s Global
Banking and Markets division. Based in Hong Kong, Ms MacLeod brings over two
decades of international experience across investment banking, corporate strategy,
and operational leadership.
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Ross George
11
Mr George is a seasoned private equity professional and is the founder and Executive
Chair of Direct Capital, New Zealand’s leading private equity fund manager. With
over three decades of experience in private equity, Mr George has led Direct Capital
to become one of New Zealand’s most experienced private company investors,
backing nearly 70 businesses and managing investments on behalf of sovereign
wealth funds, pension funds, iwi, and other institutional investors. Mr George has
been active in the private company industry since 1985, with experience spanning
New Zealand, Australia, Asia, and the United States.
Representativeness of appointment
12
I am satisfied that the proposed (re)appointments will provide for a well-balanced
Board in terms of an appropriate mix of skills and experience.
Remuneration
13
The Board is classified as a Group 3a, Level 4 body under the Cabinet Fees
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Framework (the Fees Framework). Due to the nature of the Board’s operating
environment, including the initial establishment phase, there is an exception to the
Fees Framework for the Chair to be paid $100,000 per year, the Deputy Chair
$62,500 per year, and members $50,000 per year until January 2027.
Appointment process and consultation
14
I can confirm that an appropriate process has been followed in selecting the proposed
appointees.
15
The Ministry of Business, Innovation and Employment has undertaken due diligence
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checks (public profile, criminal record, and credit checks) for the proposed
(re)appointments and no issues were identified.
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Conflicts of interest
16
I can confirm that appropriate enquiries concerning conflicts of interest have been
carried out, in accordance with the Public Service Commission appointment
guidelines, to identify any conflicts of interest. The following potential conflicts of
interest have been identified:
16.1
Mr Morrison has declared his involvement as Chair of H.R.L. Morrison & Co.
16.2
Mr Hedley has declared he is an employee of the Australian Retirement Trust.
17
I am satisfied that any real or perceived conflicts of interest will be managed
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appropriately, in line with the Board’s conflict of interest policy.
Communications
18
A notice announcing these appointments will be published in the
New Zealand
Gazette once the appointees have been informed of their (re)appointment, pursuant to
Act
section 28(4) of the Crown Entities Act.
Recommendation
19
It is recommended that the Committee note my intention to:
19.1
reappoint Rob Morrison as a member and Chair of the Invest New Zealand
Board (the Board) for a three-year term, commencing on the 27 of December;
19.2
appoint Carmel Fisher as a member and Deputy Chair of the Board for a three-
year term, commencing on the date of appointment;
19.3
appoint David Tapsell as a member of the Board for a three-year term,
commencing on the date of appointment;
19.4
appoint Richard Hedley as a member of the Board for a three-year term,
commencing on the date of appointment;
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19.5
appoint Mary MacLeod as a member of the Board for a three-year term,
commencing on the date of appointment; and
19.6
appoint Ross George as a member of the Board for a three-year term,
commencing on the date of appointment.
Once the Minister has approved the draft Cabinet paper for lodgement for Cabinet or a
Cabinet committee, this section should be updated to state ‘Authorised for lodgement’.
Hon Todd McClay
Minister for Trade and Investment
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Candidate CV Form
Sections with * must be completed.
This form should be completed by, or in consultation with, the candidate where possible.
Name*
Robert William Bentley MORRISON
(family name in upper case;
include title if appropriate)
The Position
Organisation/Entity*
Invest New Zealand
1982
Position *
Chair
(chair/member etc.)
Term*
Three-year term
Payment*
$100,000 per year
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(per day / per year)
How the Candidate Meets the Needs of the Position
Skills and attributes the
Mr Morrison is a highly respected investment banker and
candidate will bring to the
corporate leader with a distinguished international career in
position*
finance, governance, and sustainability. He is currently the
(e.g. business skills, community
involvement, cultural awareness,
Chair of H.R.L. Morrison & Co and has previously served as
regional perspective – as relevant
Chair and chief executive officer of CLSA Asia-Pacific
to the needs of the position)
Markets, a Hong Kong-based brokerage and investment group.
He has held several prominent governance roles, including
Chair of Kiwibank (2009–2017), and is a council member of the
Asian Corporate Governance Association.
Possible conflicts of
Mr Morrison has declared his involvement as Chair of HRL
interest*
Morrison - HRL Morrison is a global infrastructure management
company and potentially could benefit from an increase flow of
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FDI into New Zealand.
Proposals for conflict
Should a real or perceived conflict of interest occur, Mr
management
Morrison will remove himself from discussion.
(if applicable)
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The Candidate
Name*
Robert William Bentley MORRISON
(family name in upper case;
include title if appropriate)
Address
s 9(2)(a)
Ethnicity(s)
1982
Age range*
s 9(2)(a)
Gender*
M
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Current or most recent
Chair, H.R.L. Morrison & Co (2012 – present)
Employment*
(specify position and employer,
include years)
Government board
Chair, Invest New Zealand (June 2025 – present)
appointments held*
Director, Antarctica New Zealand (2015 – 2025)
(current and previous, include
years)
Private and/or voluntary
Current Board roles
sector board appointments Chair, Pure Advantage
held*
(current and previous, include
Chair, Wellington Phoenix Football Club (2011 – present)
years
Director, New Zealand Advisory Board, The Nature
Conservancy
Member, Asian Corporate Governance Association
Previous Board experience
Director, Asian advisory board of The Nature Conservancy
Chair, Kiwibank (2011 – 2017)
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Independent Director, Kiwibank (2009)
Chairman, CLSA Asia Pacific Markets
Qualifications and
Significant work experience
experience
Chief executive officer and Chair, CLSA Asia Pacific
(include significant work history
and community involvement)
Markets (2002 – 2008)
Executive VP & Head of Equities at Bankers Trust Australia
Chief executive officer of Bankers Trust New Zealand
Use further pages, if required.
Date: 10 / 10 / 2025
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Women, and the Ministry for Ethnic Communities.
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Candidate CV Form
Sections with * must be completed.
This form should be completed by, or in consultation with, the candidate where possible.
Name*
Carmel FISHER
(family name in upper case;
include title if appropriate)
The Position
Organisation/Entity*
Invest New Zealand
1982
Position *
Deputy Chair
(chair/member etc.)
Term*
Three-year term
Payment*
$62,500 per year
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(per day /per year)
How the Candidate Meets the Needs of the Position
Skills and attributes the
Ms Fisher is a seasoned investment professional with more than
candidate will bring to the
30 years' experience in the New Zealand investment industry.
position*
Ms Fisher established Fisher Funds Management Limited in
(e.g. business skills, community
involvement, cultural awareness,
1998 and launched three NZX listed companies, Kingfish
regional perspective – as relevant
Limited, Barramundi Limited, and Marlin Global Limited with a
to the needs of the position)
combined market capitalisation of $900 million. She spent her
early career in share broking before moving into the funds
management industry as an investment analyst and portfolio
manager.
Possible conflicts of
None identified.
interest*
Information
Proposals for conflict
Should a real or perceived conflict arise it will be managed in
management
accordance with the Board’s conflict of interest policy.
(if applicable)
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The Candidate
Name*
Carmel FISHER
(family name in upper case;
include title if appropriate)
Address
s 9(2)(a)
Ethnicity(s)
s 9(2)(a)
1982
Age range*
s 9(2)(a)
Gender*
F
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Current or most recent
Retired as Fisher Funds Managing Director in July 2018
Employment*
(specify position and employer,
include years)
Government board
Director, New Zealand Trade and Enterprise (2017 – 2020)
appointments held*
(current and previous, include
years)
Private and/or voluntary
Director, Fisher Funds Management Ltd (1998 – 2018)
sector board appointments Director, Kingfish Ltd (2004 – 2021)
held*
(current and previous, include
Director, Barramundi Ltd (2006 - 2021)
years
Director, Marlin Global Ltd (2007 – 2021)
Director, Rembrandt Suits Ltd (2020 – present)
Qualifications and
Significant work experience
experience
Managing Director, Fisher Funds (1998 – 2018)
(include significant work history
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and community involvement)
Use further pages, if required.
Date: 24 / 10 / 25
Ethnicity, age and gender information is collected for statistical collation by Te Kawa Mataaho - Public Service Commission, Ministry for
Women, and the Ministry for Ethnic Communities.
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Candidate CV Form
Sections with * must be completed.
This form should be completed by, or in consultation with, the candidate where possible.
Name*
David Winiata TAPSELL
(family name in upper case;
include title if appropriate)
The Position
1982
Organisation/Entity*
Invest New Zealand
Position *
Member
(chair/member etc.)
Term*
Three-year term
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Payment*
$50,000 per year
(per day /per year)
How the Candidate Meets the Needs of the Position
Skills and attributes the
Mr Tapsell is a respected legal, governance, commercial, and
candidate will bring to the
negotiation professional with a distinguished career spanning
position*
law, Māori economic development, corporate leadership, and
(e.g. business skills, community
involvement, cultural awareness,
negotiations. A qualified (but no longer practising) lawyer, Mr
regional perspective – as relevant
Tapsell has held senior roles across both the public and private
to the needs of the position)
sectors, with a strong focus on governance and commercial law.
He has served as a director and advisor to a range of
organisations, including private companies, Iwi entities, and
Ministers and Crown agencies.
Possible conflicts of
None identified.
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interest*
Proposals for conflict
Should a real or perceived conflict arise it will be managed in
management
accordance with the Board’s conflict of interest policy.
(if applicable)
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Ethnicity, age and gender information is collected for statistical collation by Te Kawa Mataaho - Public Service Commission, Ministry for
Women, and the Ministry for Ethnic Communities.
Candidate CV Form
Sections with * must be completed.
This form should be completed by, or in consultation with, the candidate where possible.
Name*
Richard William HEDLEY
(family name in upper case;
include title if appropriate)
The Position
1982
Organisation/Entity*
Invest New Zealand
Position *
Member
(chair/member etc.)
Term*
Three-year term
Act
Payment*
$50,000 per year
(per day /per year)
How the Candidate Meets the Needs of the Position
Skills and attributes the
Mr Hedley is an experienced private markets investor and non-
candidate will bring to the
executive director with over 25 years’ experience in global
position*
investment markets. He brings high quality international
(e.g. business skills, community
involvement, cultural awareness,
investment experience, as well as extensive mergers and
regional perspective – as relevant
acquisitions, transactional, corporate governance, and fiduciary
to the needs of the position)
asset management experience, including as non-executive
director of a number of leading Australian and international
infrastructure companies.
Possible conflicts of
Employee of Australian Retirement Trust, a leading Australian
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interest*
profit-for-members superannuation fund, which is currently
invested in New Zealand and may be interested in further
investments in New Zealand.
Proposals for conflict
Should a real or perceived conflict arise it will be managed in
management
accordance with the Board’s conflict of interest policy.
(if applicable)
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Information
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I N C O N F I D E N C E
Legal Counsel, Global Equities, Dresdner Kleinwort Benson
(1998 - 1999)
Solicitor, Bell Gully (1995 - 1998)
Education
Australian Institute of Company Directors, Fellow FAICD
(2016 - present); Graduate Company Directors Course
(2014)
Macquarie University, Master of Applied Finance, Finance ·
(2000 - 2001)
University of Otago, Bachelor of Laws with Honours;
Bachelor of Commerce, Law, Accounting · (1990 - 1994)
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Date: 10/10/2025
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Ethnicity, age and gender information is collected for statistical collation by Te Kawa Mataaho - Public Service Commission, Ministry for
Women, and the Ministry for Ethnic Communities.
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Candidate CV Form
Sections with * must be completed.
This form should be completed by, or in consultation with, the candidate where possible.
Name*
Mary Rose MACLEOD
(family name in upper case;
include title if appropriate)
The Position
Organisation/Entity*
Invest New Zealand
1982
Position *
Member
(chair/member etc.)
Term*
Three-year term
Payment*
$50,000 per year
Act
(per day /per year)
How the Candidate Meets the Needs of the Position
Skills and attributes the
Ms MacLeod is a seasoned financial services executive and
candidate will bring to the
currently serves as the Global Head of Strategy, Sustainability,
position*
and Business Development for HSBC’s Global Banking and
(e.g. business skills, community
involvement, cultural awareness,
Markets division. Based in Hong Kong, Ms MacLeod brings
regional perspective – as relevant
over two decades of international experience across investment
to the needs of the position)
banking, corporate strategy, and operational leadership.
Possible conflicts of
None identified.
interest*
Information
Proposals for conflict
Should a real or perceived conflict arise it will be managed in
management
accordance with the Board’s conflict of interest policy.
(if applicable)
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The Candidate
Name*
Mary Rose MACLEOD
(family name in upper case;
include title if appropriate)
Address
s 9(2)(a)
Ethnicity(s)
1982
Age range*
s 9(2)(a)
Gender*
F
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Current or most recent
Global Head of Strategy, Chief Commercial Officer, and Head
Employment*
of Sustainability, Global Banking and Markets, HSBC Holdings
(specify position and employer,
PLC (2021 – 2025)
include years)
Government board
appointments held*
(current and previous, include
years)
Private and/or voluntary
sector board appointments
held*
(current and previous, include
years
Qualifications and
Significant work experience
experience
COO / Chief of Staff, Global Banking, HSBC Holdings PLC
(include significant work history
(2019 – 2021)
and community involvement)
Senior Advisor, McKinsey & Company (2018 – 2019)
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CFO and CTO institutional division, ANZ Group (2014 –
2017)
Deputy CEO, ICBC International Limited (2011 –
2014)Deutsche Bank AG
Managing Director, COO Global Banking (Asia Pacific),
COO, Deutsche Bank AG (2010 – 2011)
Managing Director, COO, Coverage, Global Corporate
Finance, Asia Pacific, Deutsche Bank AG (2008 – 2010)
Managing Director, Global Corporate Finance, Australia /
New Zealand, Deutsche Bank AG (2002 – 2008)
Official Director M&A, Deutsche Bank AG (1991 – 2002)
Head of Credit, Bankers Trust NZ, Deutsche Bank AG
(1989 – 1990)
Tax Accountant, McLeod Lojkine Associates (1988 – 1989)
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Commercial Finance Manager, NatWest New Zealand
Limited
Planning Manager, IBM New Zealand (1985)
Education
Victoria University of Wellington, Bachelor of Commerce
and Administration majoring in Accountancy (1984)
Use further pages, if required.
Date: 10/10/2025
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Ethnicity, age and gender information is collected for statistical collation by Te Kawa Mataaho - Public Service Commission, Ministry for
Women, and the Ministry for Ethnic Communities.
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Candidate CV Form
Sections with * must be completed.
This form should be completed by, or in consultation with, the candidate where possible.
Name*
Ross Andrew GEORGE
(family name in upper case;
include title if appropriate)
The Position
Organisation/Entity*
Invest New Zealand
1982
Position *
Member
(chair/member etc.)
Term*
Three-year term
Payment*
$50,000 per year
Act
(per day /per year)
How the Candidate Meets the Needs of the Position
Skills and attributes the
Mr George is a seasoned private equity professional and the
candidate will bring to the
Founder and Executive Chair of Direct Capital, New Zealand’s
position*
leading private equity fund manager. With over three decades of
(e.g. business skills, community
involvement, cultural awareness,
experience in private equity, Mr George has led Direct Capital
regional perspective – as relevant
to become one of New Zealand’s most experienced private
to the needs of the position)
company investors, backing nearly 70 businesses and managing
investments on behalf of sovereign wealth funds, pension funds,
iwi, and other institutional investors.
Mr George has been active in the private company industry
since 1985, with experience spanning New Zealand, Australia,
Asia, and the United States.
Possible conflicts of
Information
None identified.
interest*
Proposals for conflict
Should a real or perceived conflict arise it will be managed in
management
accordance with the Board’s conflict of interest policy.
(if applicable)
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The Candidate
Name*
Ross Andrew GEORGE
(family name in upper case;
include title if appropriate)
Address
s 9(2)(a)
Ethnicity(s)
s 9(2)(a)
1982
Age range*
s 9(2)(a)
Gender*
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Current or most recent
Founder and Executive Director, Direct Capital Limited (1994 –
Employment*
present)
(specify position and employer,
include years)
Government board
appointments held*
(current and previous, include
years)
Private and/or voluntary
Current directorships
sector board appointments Caci Group (2025 – present)
held*
(current and previous, include
Fusion Group (2023 – present)
years
Power Paper Board (2021 – present)
Mondiale VGL (2020 – present)
Climate Coating Limited (2020 – present)
Auckland Business Chamber (2019 – present)
Urban Events Limited (2018 – present)
Information
Bayley Corporation (2010 – present)
Bio Pacific Ventures (1999 – present)
Previous directorships
Beca Group (2019 – 2025)
Complectus (Perpetual Guardian) (2017 – 2021)
Fishpond (2014 – 2019)
Rodd & Gunn (2014 – 2014)
Cavalier Wool Holdings (2013 – 2016)
Noel Leeming (2009 – 2012)
New Zealand King Salmon (2008 – 2009)
Official Go-Bus (2007 – 2008)
Max Fashions (2005 – 2007)
TMT Ventures (2000 – 2021)
Blue Star Group (1995 – 1995)
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Robinhood Industries
BKW Group, Hong Kong
Elders Finance Asia, Hong Kong
Qualifications and
Significant work experience
experience
Director, Grant Samuel & Associates Limited, Auckland
(include significant work history
and community involvement)
(1992 - 1994)
Partner and Director, BKW Associates Limited (1990 –
1992)
Investment Banker, Elders Finance Asia (Pan Asia
Investment Bank) (1987 - 1990)
Attorney, Baker & McKenzie US Attorneys (300-person
1982
Hong Kong office) (1985 – 1987)
Solicitor, Cameron & Co, Christchurch (1983 – 1984)
Qualifications and awards
NZVCA Leadership Tribute Lifetime Award (2014)
University of Canterbury, Bachelor of Law (1979 – 1982)
Act Use further pages, if required.
Date: 22/10/2025
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Women, and the Ministry for Ethnic Communities.
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