Institute of Regulation's Podcast
Jul 29, 2026 · 36 min · 10 segments
This podcast introduces the concept of regulatory stewardship, widely used in New Zealand and Australia but less familiar in Europe. The Institute of Regulation Chair, Marcial Boo, speaks with Keith…
Marcial BooHostAdam SlaterGuest
And all elements of a regulatory system, the rules, the regulators, the guidance, communication, practice, etc., need to work together to shape behavior and compliance among the regulated group.
The New Zealand government says it's responsible for around 267, I think, regulatory systems.
The New Zealand Ministry for Regulation defines this as, quote, the governance, monitoring and care of regulatory systems so that all parts work together effectively.
Keith, starting with you, would you say that's a good definition of regulatory stewardship for someone new to the concept?
I'd add something to the end of it, like over time, to introduce an aspirational sense of looking to the future, and also to emphasise the importance of regulation, and drawing on Kerry Cochleaneasy here, both as a noun and a verb, that is the regulatory policy and the regulatory practice.
uh evolved to be capable of dealing with today's challenges and opportunities but constantly evolving to deal with tomorrow's as well
okay so um so you're thinking about regulatory system but also how it's maintained over time adam um if you were explaining regulatory stewardship to somebody new to the concept how would you go about doing it
Yeah, I really like the idea of thinking about stewardship as being a bit like an orchestra.
But to create a symphony, you really all need to work together and they need conductors, you know, leaders that can hold the whole picture while individual musicians focus on their part within that picture.
That's a lovely analogy, actually, because different music needs different players playing different parts.
So in different regulatory systems, I imagine, there are some components of that regulatory system that become more important if you're regulating, say, economists, you know, accountants, say, or you're regulating civil aviation.
I do think that specific areas of regulation have different skill sets that everybody needs.
And all elements of a regulatory system, the rules, the regulators, the guidance, communication, practice, etc., need to work together to shape behavior and compliance among the regulated group.
The New Zealand government says it's responsible for around 267, I think, regulatory systems.
The New Zealand Ministry for Regulation defines this as, quote, the governance, monitoring and care of regulatory systems so that all parts work together effectively.
Keith, starting with you, would you say that's a good definition of regulatory stewardship for someone new to the concept?
I'd add something to the end of it, like over time, to introduce an aspirational sense of looking to the future, and also to emphasise the importance of regulation, and drawing on Kerry Cochleaneasy here, both as a noun and a verb, that is the regulatory policy and the regulatory practice.
uh evolved to be capable of dealing with today's challenges and opportunities but constantly evolving to deal with tomorrow's as well
okay so um so you're thinking about regulatory system but also how it's maintained over time adam um if you were explaining regulatory stewardship to somebody new to the concept how would you go about doing it
Yeah, I really like the idea of thinking about stewardship as being a bit like an orchestra.
But to create a symphony, you really all need to work together and they need conductors, you know, leaders that can hold the whole picture while individual musicians focus on their part within that picture.
That's a lovely analogy, actually, because different music needs different players playing different parts.
So in different regulatory systems, I imagine, there are some components of that regulatory system that become more important if you're regulating, say, economists, you know, accountants, say, or you're regulating civil aviation.
I do think that specific areas of regulation have different skill sets that everybody needs.
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