Serious Fraud Office chief executive Adam Feeley has work to do to rebuild the SFO's reputation in the business community. The fraud-buster was reprimanded for celebrating the laying of charges against Rod Petricevic with a bottle of Bridgecorp champagne.
The upshot is that CEOs rated the SFO's performance as average on a 1-5 scale where one equals poor performance and five an excellent performance.
The SFO let themselves down with the Bridgecorp champagne debacle," says Porter Novelli managing director Jane Sweeney. "It was not a good look for an enforcement agency." Others noted that "perception" was key.
Like the SFO, the new Financial Markets Authority also has work to do to cement its position as the leading enforcement agency for New Zealand's securities and capital markets.
Commerce Minister Simon Power, who is retiring at the November 26 election prior to joining Westpac as a senior executive in January, set up the authority to rebuild investor confidence after the finance company sector collapsed.