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 New Zealand Debt Management Directorate and New Zealand Export Credit team, as well as monitoring and advising on the performance against them.
Current members of CMAC are: Leilani Frew (Chair), Michael Allen, Phillip Anderson, Martin Jones, Linda Robertson, and Toni Kerr.
Leilani Frew (Chair)

Leilani Frew is currently the Deputy Secretary of New Zealand Treasury Te Tai Ohanga, responsible for overseeing the management of the NZ Government's activities in Financing, Infrastructure and Urban Development; New Zealand Debt Management; and Commercial Performance and Governance directorates.
With a career spanning over 25 years, Leilani has extensive global infrastructure and finance experience having held leadership roles in global investment banks, and in Australian commercial banking and the public sector. Leilani has held several board and advisory committee positions for organisations focussed on significant infrastructure investment and major project delivery. She is currently an Advisory Board Member of Infrastructure Partnerships Australia.
Leilani holds a Masters of Applied Finance from Macquarie University and a Bachelor of Business and Bachelor of Engineering, both from Queensland University of Technology.
Leilani's contribution to the infrastructure industry was recognised by her peers in 2015 when she received the Women's Achievement in Infrastructure Award from Infrastructure Partnerships Australia.
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 the Director for 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.
Martin Jones

Martin is an independent consultant with over 24 years’ experience in trade credit insurance in New Zealand. Before that, he specialised in law in Zimbabwe for over 18 years holding several senior legal positions, culminating in Magistrate (New Zealand equivalent of a district court judge) for 6 years.
During his time as a credit insurer, Martin held senior positions in Atradius, one of the world’s largest credit insurers. He was involved in business planning, policy and buyer underwriting, marketing, stakeholder relationships and legal and regulatory compliance.
Martin was Country Manager of Atradius in New Zealand, Singapore and China (where he established Atradius's first office). While based in Singapore, he set up fronting agencies in Malaysia, Indonesia, the Philippines and Vietnam.
Martin holds the degrees of Bachelor of Arts and Bachelor of Laws, a Post-graduate Certificate of Chinese Commercial Law, a Diploma of Management Studies, a Certified Diploma in Accounting and Finance, a Certificate of International Trade, a Diploma in Project Management and is certified as a Better Business Case practitioner. He is also a Justice of the Peace.
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.
Toni Kerr

Toni brings extensive expertise in governance, Māori development, investment, and risk and assurance, with deep knowledge of Treasury operations. Her career has been largely shaped by financial and capital markets, both in New Zealand and internationally. She is currently the General Manager, Investments for Ngāti Kahungunu ki Wairarapa Tāmaki-nui-a-Rua Settlement Trust.
Toni has a strong background in Treasury operations, having held senior roles including Associate Director – Risk at Société Générale and Regional Head of Exposure Management, as well as Regional Head of Risk, Asset, and Management Services at BNP Paribas Hong Kong. She later joined Kiwibank as Head of Treasury and International Operations, where she chaired the Wholesale Banking Committee, the International Operations Committee, and the Client Acceptance Committee.
Beyond her executive roles, Toni has significant governance experience. She has served on the Board of the Government Superannuation Fund and the New Zealand Community Housing Fund and has been a Standing Māori Committee member on the South Wairarapa District Council. In addition to being the Independent Committee Member on The Treasury’s Green Bond Committee, Toni currently serves as a director and co-chair for Māpua Wealth Limited, Fiduciary Pacific Limited, Mapua Wealth (CNI) Limited, Raukawa ki Te Tonga AHC Limited.