Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Attack On Shareholder Responsibilities Incredible

The call on television last night by Chamber of Commerce chief, Michael Barnett, for Qantas New Zealand owners to front up with more money than they have already lost is incredible, says Alasdair Thompson, the chief executive of the Employers & Manufacturers Association (Northern).

"New Zealand business will be appalled," Mr Thompson said.

"The statement is an attack on the very basis of our free enterprise system by attacking the nature of the limited liability company.

"While extending our sympathy to people who have lost jobs and money, any solution will not be found in questioning the centuries old principle of limited liability.

''Mr Barnett's comments undermine how risk capital is made available by investors to create businesses and generate employment.

"Furthermore, the statement gave Transport Minister Mark Gosche an opportunity to suggest minimum redundancy levels be provided in law secured over and above other creditors, including small businesses and their staff, who supplied the bankrupt company with goods and services.

"If Mr Barnett was alleging that Qantas NZ directors or officers acted contrary to their obligations under the Companies Act which may lead to a claim against them by any creditor, then that is a different matter. In that event directors and officers of the company would be held accountable. But he said nothing about that.

' Mr Barnett owes the business community at large an explanation of what exactly he did mean!"

Further comment: Alasdair Thompson tel 09 367 0911

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news