Shipley quits role at China bank
Less than a week after being handed a $6 million bill for her part in the collapse of Mainzeal, Dame Jenny Shipley has told the China Construction Bank New Zealand (CCBNZ) that it is in the best interests of the company that she retires from the board.
She is the board’s chairwoman but will step down on March 31.
Shipley said she was proud to have served on the board of CCBNZ since its establishment five years ago, and of its many achievements including the recent securing of a branch banking licence.
She said CCBNZ now provided a diversified and global bank offering, and served a variety of customers including some of New Zealand’s largest companies.
She served as a director of the Hong Kong- and Shanghai-listed China Construction Bank’s global board from 2007 to 2013.
Today, China Construction Bank is the world’s fifth largest bank by market capitalisation.
In a statement, Shipley said she intended to put her energy into dealing with personal and legal matters related to the Mainzeal case and to spending more time on her private business and philanthropic interests and to speaking in New Zealand and offshore.
She is listed on the Celebrity Speakers website as able to talk about the economy, finance, leadership, motivation, politics and women in business.
Massey University banking expert Claire Matthews said Shipley would most likely quit all her financial sector roles.
‘‘Following the judgment in the Mainzeal case, I think it was inevitable.’’
Mainzeal was put into liquidation in 2013, owing creditors more than $110m, but the High Court at Auckland found the company had traded while insolvent.
Shipley and fellow directors Richard Yan, Peter Gomm and Clive Tilby were found to have breached their legal duties.