Green Party Demands Investigation into FMA Chair’s Political Submission

The Green Party has called for an investigation into Craig Stobo, chair of the Financial Markets Authority (FMA), regarding his recent submission in support of the ACT Party’s Principles of the Treaty of Waitangi Bill. Marama Davidson, co-leader of the Green Party, asserted that this submission should be reviewed as part of the ongoing investigation by the Ministry of Business, Innovation and Employment (MBIE) into Stobo’s conduct.

Stobo has stepped aside from his role as FMA chair while the investigation is underway. Neither MBIE nor Stobo has disclosed the specifics of the matters under review, leading to speculation about the nature of the concerns, which reportedly include Stobo’s appearances on the right-leaning media outlet, The Platform, where he has discussed various economic and political issues.

The controversy intensified when Stobo submitted his personal views on the Principles of the Treaty of Waitangi Bill, which were published on Parliament’s website in May 2025. In his submission, he expressed support for the bill, stating it was essential to clarify the principles of the Treaty for all New Zealanders. He suggested this clarity is vital for New Zealand’s prosperity as a modern representative democracy, noting the existing ambiguity surrounding sovereignty and property rights.

This particular bill has garnered significant attention, accumulating over 300,000 written submissions, with a majority expressing opposition. Davidson criticized Stobo’s involvement, arguing that publicly supporting such a controversial piece of legislation undermines the necessary political neutrality expected of someone in his position. She emphasized that adherence to the code of conduct for Crown board members is vital, stating, “Publicly submitting on the most politically controversial bill in recent decades is clearly inappropriate for a public servant of Stobo’s position.”

The code of conduct mandates that Crown entity board members act in a politically impartial manner. It stresses the importance of maintaining neutrality irrespective of personal political interests, allowing them to perform effectively under any government. Moreover, it advises board members to avoid political activities that could compromise their ability to fulfill their roles or erode public trust.

A spokesperson for the Labour Party, which also opposed the Principles of the Treaty of Waitangi Bill, indicated they would wait for the investigation to conclude before making further comments. Stobo has declined to engage with The Post regarding the MBIE’s investigation and has refrained from commenting on Davidson’s statements.

Commerce Minister Scott Simpson has also chosen to withhold further remarks until the investigation is complete. This incident draws parallels to a previous case in 2023, when concerns over political neutrality led to the dismissal of Rob Campbell, chair of Te Whatu Ora Health New Zealand. Campbell faced backlash for openly supporting co-governance in healthcare, prompting ACT leader David Seymour to label his comments as an “egregious breach” of the code of conduct.

As the investigation progresses, the implications for Stobo’s future and the broader conversations about political neutrality among public officials remain to be seen. The outcomes could have lasting effects on how Crown entities navigate political discourse and maintain public trust in their operations.