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

 

Chamber Welcomes Review Outcome

1 October 2008

Chamber Welcomes Review Outcome of Overseas Investment Regulations

The next government should take account of the Regulations Review Committee’s recommendation that in future Cabinet consult with relevant parties before ammending overseas investment applications.

The recommendations were in response to a joint complaint made by the Wellington Regional Chamber of Commerce and the New Zealand Business Roundtable to the committee about the process Cabinet took to amend the Overseas Investment Regulations half way through the Canadian Pension Plan’s offer to shareholders in Auckland International Airport.

Cabinet made changes to the criteria Ministers have to consider when approving or declining overseas investment applications

“The Chamber was very critical of the government changing the rules half way through the offer and was concerned about the signal it sent that the government is anti-foreign investment,” said Chamber CEO Charles Finny.

“We remain concerned about the consistency of this action with our international legal obligations.

“The changes to the regulations were in our view so significant that they should have been made through legislative change, not regulation. This would have allowed full scrutiny by select committee and submissions from outside interests

The Committee has upheld our complaint. Its key conclusion is as follows:

"In our view the Overseas Investment Regulations 2008 constitute an unusual and unexpected use of the regulation-making power. The regulations also contain matters that can be argued to be more appropriate for parliamentary enactment."

“The Committee recommends that the government reviews the regulations, amends the primary legislation, and does not allow future regulations to be made adding factors or criteria to those in primary legislation.

“This is a satisfactory outcome and the next government must act on this recommendation,” Mr Finny concluded.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: