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Chamber Welcomes Government Decision

9 September 2005

Chamber Welcomes Government Decision on Financial Reporting Requirements

The Wellington Regional Chamber of Commerce welcomed the decision announced yesterday by Minister of Commerce Hon Pete Hodgson not to require large, non-public companies to file their financial reports with the Registrar of Companies.

“Pete Hodgson’s decision is sensible”, said Charles Finny, Chamber CEO.

“Yesterday’s decision is fully in line with the advice provided to Government by the Wellington Regional Chamber of Commerce and the New Zealand Chambers of Commerce and Industry in their submission on the review of the Financial Reporting Act 1993”, Charles Finny added.

To test member views on the proposed changes to the Financial Reporting Act the Wellington Regional Chamber of Commerce surveyed its 1,200 members on their reaction to some of the proposals made with regard to non-issuer companies earlier in the year.

In response 83% of respondents opposed any legislative changes which would require greater public disclosure of non-issuer company accounts than is required at present. Concern at increased compliance costs was the main reason given for this opposition. The New Zealand Chambers of Commerce believed that the results from the Wellington survey were likely to be shared by the 22,000 companies belonging to Chambers of Commerce nationwide.

“We very much welcome the fact that Government has listened to business on this issue”, Charles Finny concluded.

ENDS

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