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Capital Markets Advisory Committee

The Capital Markets Advisory Committee (CMAC) provides independent perspectives and advice to the Treasury’s Executive Leadership Team. The committee offers challenge to functions that effect financial outcomes related to debt management, export credit, treasury services and supporting functions. This includes; strategy and prioritisation, business performance, strategic and business risk management, control and compliance functions and assurance framework.

The committee will also consider appropriate strategic targets and key performance indicators for the Treasury’s Capital Markets Directorate as well as monitoring and advising on the directorate’s performance against them.

Current members of CMAC are: Burke Steel, Linda Robertson, Michael Allen, Phillip Anderson,  Bryan Chapple and Andrew Hagan (Chair).


Burke Steel

Burke a preeminent authority on export credit in New Zealand and has a significant background in private sector investment management. Over a career spanning 30 years, Burke has had responsibility for managing domestic Trade Credit underwriting, strategy, finance and operations for a number of companies.

As Chief Executive of Euler Hermes’ Oceania, Burke’s remit covered all aspects of Trade Credit Insurance operations, governance, compliance, reporting, and meeting profit and growth targets. Since then, Burke has focused on private sector investments in the primary sector. He is owner and Director of KFR Investments Ltd, Jankat No9 Ltd, Miro Agri Ltd and is a Director and minority shareholder in Mahoe Dairy Farm Management Ltd.

Burke also has a strong interest in environmental sustainability and when he’s not focused on growing financial capital, is helping grow New Zealand’s natural capital through the development of a native tree nursery and planting initiative.  


Linda Robertson

Linda has over 28 years’ experience in financial markets working across the banking, corporate treasury and export credit fields. Her time in the banking sector has included positions in debt origination, capital markets, and risk management. She has also held treasurer roles at Meridian Energy and Contact Energy. As Group Treasurer for Meridian, Linda oversaw US private placements and transacted a number of export trade-finance deals.

Linda has held a number of Director roles since 1999; spanning a broad range of sectors and is currently a non-executive director at the NZ Local Government Funding Agency Ltd, Crown Irrigation Investments Ltd; and Dunedin City Holdings Ltd and its subsidiaries Dunedin City Treasury Ltd and Dunedin Stadium Property Ltd. Linda is a member of the Audit & Risk Committee for the Ministry of Social Development and Chairs the Audit and Risk Committee for Central Otago District Council.  Linda is also Chair of Pacific Radiology Limited and Central Lakes Trust. Linda has recently been appointed the Treasury’s Risk and Audit Committee (RaC ). She has also previously been a member of the Treasury’s Technical Advisory Committee (TAC).  

Linda was recently recognised with a Distinguished Fellowship for her leading role within the Institute of Financial Professionals New Zealand (INFINZ) and for her efforts in advancing the skills amongst the treasury profession. She also a Certified Treasury Professional, a Fellow of Governance New Zealand; a Chartered Fellow of the New Zealand Institute of Directors and a Graduate Member of the Australian Institute of Company Directors. 


Michael Allen

Michael has an extensive 25- year background in financial markets, sovereign debt and financial risk management.  He has managed a number of large financial, corporate and financial services organisations in both the public and private sectors. Michael works for the Victorian Department of Treasury and Finance as a Director Balance Sheet Management. Previously the Chief Executive Officer of the Australian Office of Financial Management, Michael has also held senior management positions with the New South Wales Treasury Corporation and the Treasury Corporation of Victoria.  In the private sector, Michael has held senior risk management and advisory roles with UBS Investment Bank, Ernst & Young Corporate Finance and Telstra.

Social capital is as important to Michael as financial capital and so in his (limited) spare time, is a director of Aussie Deaf Kids - a charity that supports children with a deafness disability.  

Michael has a Bachelor of Economics and has completed the Advanced Management Program at Harvard Business School.


Phillip Anderson 

Phillip is an independent consultant with over 30 years’ experience in public debt management and market development. From 2002 to 2015 Phillip was Senior Manager of the Banking and Debt Management Department at the World Bank Treasury, where he led the advisory activities of the department in over 100 countries.

Prior to this, Phillip worked at the New Zealand Treasury and during a 17 year tenure held a number of front office and management positions, including Head of the New Zealand Debt Management Office (1997 -2002).  During this time Phillip also made a significant contribution to the public debt management reforms implemented in the early 1990’s.

Since 2016, Phillip has provided consultancy services to a range of organisations including; the International Monetary Fund (IMF), World Bank, non-profit organisations, and private companies.

Phillip has authored publications on a variety of topics including; reform implementation, institutional arrangements, asset-liability management, and debt in emerging market economies. He has master’s degree in natural resource management from the University of Canterbury and is a member of the Panel of Experts of the World Bank’s Debt Management Facility.


Bryan Chapple 

Bryan has an extensive background in economic policy and strategy. Prior to joining the Treasury in 2017 Bryan was with the Ministry of Business, Innovation and Employment (MBIE) where he held roles as the Head of the Office of the Chief Executive, and General Manager Strategic Policy. Bryan has also worked in a range of policy and economic functions at the Ministry of Economic Development, the De Nederlandsche Bank (Netherlands Central Bank) and the Reserve Bank of New Zealand. Bryan holds a Bachelor of Commerce and Administration (Hons) in Economics from Victoria University of Wellington as well as a Bachelor of Business Studies from Massey University. Bryan lives in Wellington with his wife and two children. He enjoys getting out into the hills around Wellington when he can, and supporting his boys' sports teams.


Andrew Hagan (Chair) 

As Acting Deputy Secretary, Financial and Commercial, Andrew is responsible for Financial Operations, Commercial Operations, and the Infrastructure and Housing Group.

In his substantive role, Andy has strategic and operational responsibility for the Treasury’s Capital Markets directorate and alongside his Director colleagues, provides strategic leadership to organisational initiatives across the Treasury. 

Andrew has held a number of roles across the Treasury. More recently, he was responsible for Treasury’s Infrastructure and Housing function, which delivers the Treasury’s finance and policy functions relating to infrastructure provision, public housing and housing affordability. Andy also spent four years as Head of Risk Policy and Balance Sheet, where he was responsible for risk management and compliance for the Treasury’s financial market activities alongside Crown balance sheet strategy and policy. He also had responsibility for Capital Markets' Portfolio Management team, where he was responsible for debt issuance strategy and execution, investment activity, and interest rate and foreign currency risk management. 

Andy has a Master’s degree in Finance from the University of Otago and is a CFA charter holder. He spends his spare time training for and competing in national level road cycling events.



Last updated: 
Thursday, 12 March 2020