Katrina Shanks: Taking the reins

Vol 47: Issue 1 | April 2024

It’s still early days, but ANZIIF’s new CEO Katrina Shanks isn’t wasting any time.

Shanks, a former politician and Financial Advice New Zealand CEO, took over the helm at ANZIIF in January and has been flat out visiting stakeholders, attending events and asking lots of questions.

“ANZIIF has a really long, proud history and solid foundations, so what I would like to do is build on that in terms of engaging with the insurance sector, with regulators and policymakers, and being in front of what’s coming at us,” she says.

For Shanks, there are many issues facing the industry, including tough new compliance measures and a market that is under pressure from natural disasters and macroeconomic forces such as inflation. 

“We’re seeing the affordability of insurance becoming a challenge, both locally and overseas,” observes Shanks. “I think there are a lot of other issues that will need [the industry] to work through in the long term. It remains to be seen whether the insurance and financial service sectors do this on their own or in collaboration with government.”

Values forged at an early age

Born in the small town of Dannevirke, in New Zealand’s North Island, Shanks grew up on a farm. Her parents also ran shoe manufacturing and retail businesses and exported products overseas.

With a population of 5,000, Shanks recalls that “everybody in Dannevirke knew everybody”.  

When she was 12, Shanks went to boarding school at Masterton, about two hours away from home — a foundational experience she credits with helping to build her independence and resilience.

Shanks says she was also inspired from an early age by her grandmother, a strong businesswoman who was “before her time”.

“My grandmother ran multiple businesses [and] was on many councils and hospital boards,” she says. “She was very forward thinking and wanted to make a difference in people’s lives. As a result of her influence, public service and putting others before herself, I ingested these values into my life and career.”

After completing a Bachelor of Business Studies at Palmerston North’s Massey University, Shanks became a senior auditor for Audit New Zealand and later started her own accounting business. In between, she worked at Newton Investment Management in the United Kingdom and then at Westpac Trust in Wellington.

Political career

Shanks joined the New Zealand National Party in 2001 and stood for parliament in 2005, narrowly missing out on beating the incumbent. 

After the election, Shanks assumed the role of financial controller of the National Party, and then entered parliament 18 months later. “Parliament and being an MP is really exciting and rewarding,” she says.

“I had many roles, including chairing committees, inter-parliamentary groups and international conferences, so a wide range of experience.”

Wideranging is an apt description: during her seven years in parliament, Shanks chaired the Social Services Committee; the National Party Caucus SME, Energy and Tourism Committee; and the Asia Pacific Parliamentarians on Population and Development Women’s Standing Committee. She was also a member of the Commerce Select Committee; the Justice and Electoral Select Committee; and the Maori Affairs Select Committee.

Rebuilding public confidence

With the collapse of many finance companies during the global financial crisis, Shanks invested time in developing relevant legislation for the sector and rebuilding public confidence and trust through the provision of consumer protections and standards for financial advice. 

The opportunity to manage change continued when Shanks was charged with overseeing the merger of three financial advice bodies into one professional entity — Financial Advice New Zealand. She was inaugural CEO of this organisation for more than five years immediately prior to joining ANZIIF. 

Inclusive leadership

As a leader, Shanks describes herself as inclusive.

“I’m very transparent, and I believe leaders must have the ability to listen, to understand what’s being said and make decisions based on that,” she says.

She prides herself on having an open-door policy that allows anybody to come and see her at any time.

“I believe in taking the organisation on a journey together,” says Shanks. “I may have some new ideas, but it’s important that everybody’s going in the same direction at the same time.”

Most importantly, she adds, everybody has a value in the organisation and it’s important that they understand what their value is and the contribution they make. 

Shanks is grateful to ANZIIF’s members for their commitment to professional development and raising standards.

TWO-MINUTE BIO

BACKGROUND 

Katrina Shanks grew up on a farm in New Zealand’s North Island. After attending St Matthew’s Collegiate School for Girls in Masterton and Dannevirke High School, she graduated with a Bachelor of Business Studies from Massey University in Palmerston North. 

CAREER 

Shanks’ career began as a senior auditor for Audit New Zealand, followed by roles for Newton Investment Management in the United Kingdom and Westpac Trust in Wellington. While raising a young family, she started her own accounting business before embarking on a political career as a member of the National Party. She joined parliament in February 2007 and retired as an MP at the end of 2013. Shanks then became chief executive of the Funeral Directors Association of NZ. She held this role until 2018 when she became the inaugural CEO of Financial Advice New Zealand. She started her role of CEO of ANZIIF in January 2024.

OUTSIDE THE DAY JOB 

Shanks is a keen pickleball player and found a club to join on the day she relocated to Melbourne to take up her role with ANZIIF. She also enjoys bike riding — “but nothing too extreme” — and cooking. 

PHILOSOPHY

“I’m really curious about how things work and how they interact. I like to look underneath things and try new ideas. Doing something different all the time keeps me interested and engaged.”

TOP TIPS

“Opportunities come along and when they do, just put your hand up. Also, find a mentor you can work with within your organisation. I’ve had mentors all the way through my life and I think they’re really helpful, especially when you’re at a crossroads or you just need a bit of a boost.”

Read this article and all the other articles from the latest issue of the Journal e-magazine.

Read issue 1 of the Journal