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Clark/Cullen On Secrities Commission

26 April 2002

Securities Commission Report On Certain Statements Made In Respect Of Air NZ Ltd In September 2001

Prime Minister Helen Clark and Finance Minister Michael Cullen today welcomed the report of the Securities Commission on statements made in respect of Air New Zealand.

Michael Cullen said that the Commission’s recommendations on the need for guidelines for ministers and their advisors regarding public statements about listed companies where the government may have, or may be perceived to have, inside information are timely.

“Treasury now has in place specific protocols agreed by Cabinet on how information arising from the Crown’s role as principal shareholder in Air New Zealand will be handled. Crown Law and Treasury had also begun some more general work on such guidelines before the Securities Commission began its inquiry,” Dr Cullen said.

Helen Clark said she accepted the Securities Commission’s finding that her statement regarding shareholders in response to a surprise question was ‘inappropriate from a securities market perspective’. She welcomed the Commission’s acceptance that her motivation was the national interest, that her statement did not constitute tipping, and that she did not encourage anyone to buy shares.

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