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MEDIA RELEASE

15 July 2010

MEDIA RELEASE

For the Attention of the Business Editor

ISI CHIEF EXECUTIVE RESIGNS

The Investment Savings and Insurance Association (ISI) chairman Sean Carroll has today announced that Vance Arkinstall, Chief Executive of the Insurance Savings and Investment Association, has resigned from the association.

Mr Arkinstall will continue working at the ISI till the end of July.

The decision comes after last week’s announcement that the Securities Commission has laid charges against the directors of Dominion Finance Group and sister company North South Finance.

Carroll says Mr Arkinstall has assumed a leadership position when coming to this decision, placing the association’s credibility and reputation ahead of his own personal circumstances.

“Vance wanted to preserve the ISI’s integrity and ensure it continued to operate without being affected by the unrelated charges he is facing, regardless of his intentions to defend the charges.”

Carroll says Mr Arkinstall acted in good faith and has conducted himself commendably over recent days. “He will be strenuously defending the charges, but in the interim he believed it would not be in the ISI's best interests to continue as chief executive during court proceedings. Vance is aware of the importance of retaining public confidence in the investment, savings and insurance sector and today’s decision reflects that.”

The ISI says discussions held between the ISI Board and Vance have been forward thinking and amicable. “While we would have preferred to have reached an outcome earlier, we also believed the process should not be rushed given the severity of the situation and the implications on the professional interim career of a longstanding chief executive.”

ENDS

For further information, please contact:
Sean Carroll
Chairman
Insurance Savings and Investment Association (ISI)