Governance

The XRB Board is responsible for the overall governance of the organisation, reporting and standard-setting strategy and oversight of its subsidiary technical boards: the NZ Accounting Standards Board (NZASB), the NZ Auditing and Assurance Standards Board (NZAuASB) and the Sustainability Reporting Board (SRB)

The XRB Board comprises up to nine members, appointed by the Governor-General on the recommendation of the Minister of Commerce and Consumer Affairs.

Read the Board’s Te Tiriti o Waitangi Commitment Statement here.

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Meet the XRB Board

CA

John is Financial Services Audit Partner at KPMG in Auckland. He is a contributor to KPMG's Financial Institutions Performance Survey. 

John is a licensed auditor and his audit experience covers a wide range of commercial sector clients including Banking, Insurance, Funds Management, and the Automotive Industry.  He has particular expertise in financial services auditing and related Reserve Bank and Trustee reporting requirements. 

John is a member of the IOD and a committee member of the Royal New Zealand Yacht Squadron and the NZ Multihull Yacht Clubs Coastal and Harbour classic committees.

John Kensington headshot

FCA, CMInstD

Jacqueline (Jackie) is a professional director, finance and sustainability specialist. She has 30 years’ experience in financial audit and advisory services, including 11 years as a partner at Deloitte. She is a member of Queenstown Airport, Pioneer Energy and EcoCentral boards.

As well as being the Deputy Chair of the External Reporting Board (XRB), Jackie is a member of the XRB’s Sustainability Reporting Board. She has a particular interest in sustainability, having chaired the project steering group for the development of the New Zealand Climate Reporting Standards at XRB and led the Sustainability Assurance and Advisory team at Deloitte.

Jacqueline Cheyne headshot

Aaron Hockly was originally a corporate, property and financial services lawyer in New Zealand, Australia and the UK before moving into executive roles in Australia and New Zealand. He is currently the Chief Executive Officer of Minter Ellison Rudd Watts. His previous roles include Chief Operating Officer and General Counsel of a large ASX listed property group, Growthpoint Properties Australia, for nearly 10 years, and Chief Executive Officer of the NZX listed healthcare landlord, Vital Healthcare Property Trust, for 5.5 years.

Aaron is currently a Trustee of Dilworth Trust and was previously on boards including Eke Panuku Development Auckland and Mercy Healthcare.

Aaron Hockly headshot

Andrew has over 40 years’ experience in senior commercial, accounting and legal practice, government and academic roles. He is currently Chair of the Financial Reporting Council, Chair of NSW Independent Planning Commission, a member of the Board of Tax, and a Principal Fellow/Associate Professor at the University of Melbourne Law School.

Previously, Andrew served as Second Commissioner of Taxation at the Australian Taxation Office. He was also a Director-Partner at Greenwoods & Freehills for over 20 years, including Managing Director of the firm between 2006 and 2011 and has held senior roles in financial services companies.

Andrew has a Bachelor of Business from the University of Technology, Sydney, a Graduate Diploma of Tax Law from Charles Sturt University and a Master of Laws from the University of New South Wales. He is also a Fellow of CPA Australia, Graduate Member of the Australian Institute of Company Directors, a Fellow of the Governance Institute of Australia, a Chartered Tax Adviser (Life), and a member of the International Fiscal Association.

Andrew Mills headshot

PhD, FCA

Michael is a Professor Emeritus of Accounting at Massey University. His research interests are in the area of corporate financial reporting, financial analysis and governance. He served on the Financial Reporting Standards Board of the Institute of Chartered Accountants of New Zealand , the International Joint Working Group of Standard Setters, Financial Instruments, IFRIC and the International Financial Reporting Standards Advisory Council.

Michael Bradbury headshot

Ngāti Maniapoto, Waikato

Sheree joins the XRB with over twenty years’ experience spanning accounting, tax, audit and corporate governance. Sheree has held several Chief Financial Officer appointments from PSGE, manufacturing and dairy industries. Sheree is a Fellow Chartered Accountant of the Chartered Accountants Australia and New Zealand, a Fellow Certified Practicing Accountant (CPA) of Australia and a Chartered Governance Professional of the Chartered Governance Institute of New Zealand.

Sheree is passionate about reporting, tax and governance and brings with her a significant understanding of Te Ao Māori and strong connections with Māori business, Marae and Iwi. She holds a number of governance and advisory roles including with; Wintec council as Chair, Tuu Aatea Limited as Director, Te Nehenehenui, Te Whakakitenga o Waikato and the Mangarapa Trust. She is also a member for the Inland Revenue’s Tax and Social Policy Māori Reference Group. Sheree has several years mentoring accounting and governance professional from University students to Chartered/Certified attainment.

Sheree Ryan headshot

Simone Robbers is a senior lawyer, having held executive roles at the Reserve Bank of New Zealand (RBNZ) as Assistant Governor Strategy, Engagement and Sustainability, and the Financial Markets Authority (FMA) as director of Strategy, Risk and Assurance. Simone was Chair of the FMA’s Strategic Risk Committee and Regulatory Policy Committee, and was a member of the RBNZ’s Financial Stability Committee and Enforcement Committee.

Simone is currently a board member at the Centre for Sustainable Finance, a trustee of the Gift Trust and a Juno lawyer supporting Invest NZ.

Simone Robbers headshot

Board members are part time. The Remuneration Authority is responsible for determining the remuneration of the chairs, deputy chairs and members of the XRB Board and the technical boards. 

Role and responsibilities

The XRB Board is responsible for general governance of the XRB, strategies for the issue of standards and oversight of the technical boards.

Delegation of functions to technical boards

The XRB Board has used the powers under clause 14 of Schedule 5 of the Crown Entities Act 2024 (CE Act) to establish standard-setting technical boards (subject to a requirement that at each technical board includes at least one member of the XRB) and delegate the following functions to them under section 73 of the CE Act: 

  • The New Zealand Accounting Standards Board: To prepare and issue financial reporting standards and authoritative notices for the purposes of the definition of generally accepted accounting practice.
  • The New Zealand Auditing and Assurance Standards Board: To prepare and issue auditing, assurance and related service standards, and professional and ethical standards for audit and assurance practitioners.
  • The Sustainability Reporting Board: To prepare and issue climate standards and authoritative notices for the purposes of the definition of climate-related disclosure framework, and issue non-binding guidance for other non-financial reporting matters.

As stated in section 75 of the CE Act, the delegations do not prevent the XRB Board from performing a delegated function.

External accountability process 

The CE Act establishes accountability processes that all Crown Entities are required to follow.  These processes apply to Independent Crown Entities including the XRB.

In broad terms those processes involve:

  • Establishing the multi-year strategic direction of the XRB organisation at least once every three years and agreeing this with the Minister – The Statement of Intent.
  • Agreeing the annual performance expected of the XRB each year with the Minister – the annual Statement of Performance Expectations.
  • Reporting actual annual performance, compared to that expected, to the Minister at the end of each year – the Annual Report.

Find our accountability documents here

XRAP

The External Reporting Advisory Panel (XRAP) provides a forum where the XRB and its sub-boards can consult with individuals and representatives of organisations affected by their work. The XRAP is a key part of the XRB's strategy to enhance meaningful engagement with the sector. 

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