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Structure Confirmed For TVNZ

16 October 2001 Media Statement

Structure Confirmed For TVNZ

TVNZ's new crown company structure will have a parent holding company with television and transmission subsidiaries, Broadcasting Minister, Marian Hobbs, said today.

The subsidiary boards will include the chair of the holding company, executive members and at least two independent directors.

"The structure will enable the charter to be implemented and monitored effectively," Marian Hobbs said.

"The financial objective of the television business will be the same as that of the other public broadcaster, Radio New Zealand – generating an adequate rate of return on shareholders' funds and operating as a successful going concern. The financial objective for the transmission and other services will be the same as for state owned enterprises – to be as profitable and efficient as comparable businesses that are not owned by the crown.

"The structure will also ensure that the television and transmission businesses be operationally separate with separate governance."

Legislation is being drafted and will be introduced before the end of the year to change TVNZ from a state owned enterprise to a crown company.

"The charter will be given appropriate status by being included in the legislation," Marian Hobbs said. "The bill will also ensure TVNZ's editorial independence free from Ministerial direction."

The legislation will specify that the function of the television part of the business is to give effect to the charter while maintaining commercial performance. The function of other parts of the group will be to operate as a successful business.

The shareholding ministers will appoint members to the parent board and be consulted on appointments to the subsidiary boards.

ENDS



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