Phil Combes will retire as Chief Executive of the Local Government Funding Agency (LGFA) on 30 June 2014, after two and a half years in the role.
He has enjoyed the challenge of helping to build LGFA from scratch, as the country’s first and only semi-government issuer. Phil has described this as one of the great adventures in New Zealand’s debt capital markets.
LGFA’s Chairman acknowledged Phil’s important contribution to New Zealand’s debt capital markets, particularly during the start-up phase of the new business. He has gained the respect of both council borrowers and domestic and global investors. The Chairman and Board wish Phil all the best in his retirement.
During Phil’s term as Chief Executive to date, LGFA has issued $3.2 billion of bonds in 18 tenders. A total of 43 councils (out of 78 in New Zealand) are currently approved borrowers. Overall, LGFA has achieved its primary purposes of reducing the cost of debt to its council borrowers by at least 30 basis points, and deepening the capital pool and improving the duration of debt available to councils in New Zealand.
The Board will shortly commence a search process to find a new Chief Executive.
Contact: Phil Combes, Chief Executive
T 04 974 6744