The inaugural GIC board comprises chairman Jim Bolger, Steve Barrett (Contact Energy), Denis Clifford (independent barrister and commercial lawyer), Robin Hill (former chairman of PricewaterhouseCoopers), Mark Franklin (Vector), Phil James (NGC) and Mark Verbiest (Telecom group general counsel).

The board will be responsible for the development of the rules under which the gas industry will operate and its initial areas of interest will be the wholesale markets and processing, transmission and distribution, and retail and consumer arrangements.

"The appointments introduce a range of business, regulatory and policy, financial and governance skills that provide a strong platform for the industry. I am very confident that this group can and will successfully balance the interests of the industry, the consumer and the government,” said Bolger.

The formation of GIC follows the recent passing of the Gas Amendment Act and the gas sector will want to work out its own destiny, rather than have solutions imposed by government as was done with the electricity industry and the Electricity Commission.