Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Copeland Comments on Securities Markets Bill


United Future finance spokesman, Gordon Copeland, comments on the Securities Markets and Institutions Bill, now being considered by Parliament, and the need for New Zealand to re-establish its reputation for ethical business practices.

I look forward to the day when, within a globalised economy, New Zealand companies will be able to go to the capital markets and find investors from around the world willing and ready to direct their funds to this corner of the South Pacific. But before that day arrives we must strive to ensure that the regulatory and ethical environment surrounding our securities markets are such as to inspire confidence in New Zealand as a place to invest.

Four principal objectives must be realised before that confidence in our markets can be secured:

· the protection of investors

· fair, efficient and transparent markets

· the reduction and minimisation of systemic risk

· a reputation for honest and ethical standards

Great Britain became great in the 18th and 19th centuries because it established an international reputation for honesty and reliability in its business dealings.

By contrast in the late 1980s and early 1990s, New Zealand’s reputation for honest dealings – still fortunately amongst the very best in the world – was greatly tarnished and our stock exchange rules and our regulatory environment proved no match for those who adopted short cut measures to wealth at the expense of others.

We were bedevilled with “wine box” type scandals, corporate collapses or rescues and, even in more recent years, insider trading and perceptions of shonky dealings. Our international reputation suffered and investors bypassed our doors. The word “ethics” was dropped from our corporate vocabulary and survival of the fittest became the norm.

This bill and its associated Stock Exchange listing rule updates, as well as the outlawing of insider trading which will follow – in line with international best practice – is a fundamental step on the road to the redemption of our securities markets and of our international reputation.

And the time is opportune. When the select committee reported back this Bill back to the House earlier this year, some members held up the USA regulations as a model to follow.

They could not have foreseen the deluge of accounting scandals, fraudulent tipping advice to investors and the evidence of sheer unprincipled corporate greed which was shortly to be exposed. Millions of people have lost billions if not trillions of dollars and reputations lie in tatters. I wonder how long it will be before investor confidence is restored?

Let’s grab this moment to once again establish New Zealand’s reputation as a good and honest place to do business. We need significant new foreign investment to develop our abundant resources for the good of all. Wood processing alone requires $3 billion of new investment to process the 10 million cubic metre wall-of-wood about to come on stream. We will not have first world health and education facilities for our people until we have a first world economy.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Joseph Cederwall: Building a Community Newsroom

The “Scoop 3.0” Transition Plan
There is good reason to believe that a new path and a better future is possible for Scoop in 2019 as a pioneering independent Media company. A combination of new technology, ideas, institutions and business models and a renewed energy and commitment by the Scoop team, means Scoop aims to be at the forefront of the development of this renaissance that we term ‘News 3.0’.

By opening up Scoop’s structure to community ownership and exploring decentralised technology through the blockchain we can ensure the public has a stake in this enterprise and a say in its development. More>>

 

Gordon Campbell: On Jami-Lee Ross (And The New Hobbit Law)

Clearly, Jami-Lee Ross is not waging a normal form of political warfare, with agreed rules of combat and rational cost/benefit calculations.

This is politics-as-terrorism where everything is being sacrificed by the man in the bomb vest in order to remove Simon Bridges as the leader of the National Party. More>>

Text Messages Released: National On $100,000 Donation(s)
The Botany Electorate of the National Party received 8 donations, and Mr Ross declared 8 donations to us. More>>

ALSO:

Film Industry Working Group:

Three Killed: DOC Supporting Family, Colleagues After Helicopter Crash

The Department of Conservation (DOC) is rallying around family and colleagues of the staff who died in a helicopter crash this morning in Wanaka... The helicopter, with two DOC staff on board, was on its way to undertake tahr control in the Haast area when it crashed. More>>

ALSO:

Political Donations: Greens Call For Tighter Anonymity Rules And Public Funding

“It is clear that those vested interests have a tangible influence on the decision making of political parties. This is a threat to democracy and should change.” More>>

ALSO:

Education Amendment Bill Passes: Urgency Sought For Partnership School Treaty Claim

The claim takes issue with the acts and omissions of the Crown in respect of the closure of Partnership Schools | Kura Hourua. More>>

ALSO:

Salvation Army Paper: Call For Public Housing Investment

To meet these future demands the report suggests the government needs to look beyond the private rental market and begin to invest heavily into home-ownership programmes and more public and social housing. More>>

ALSO:

Cull: Himalayan Tahr Control Operation Proceeding

“The target of controlling 10,000 Himalayan tahr over the next eight months remains. The revised plan provides for a staged control operation with increased reporting to the Tahr Liaison Group...” More>>

ALSO:

Health: Petitions To Fund Breast Cancer Drugs

Women marching to Parliament today, to present two petitions calling for Government funding of vital medicines, have 100% support from a coalition representing than 30 breast cancer organisations. More>>

ALSO:

Animal Welfare Advisory Committee: Report On Rodeo Practices Released

The independent committee that advises the Minister responsible for Animal Welfare, has today released a report on animal welfare in rodeos, together with advice to the Minister making recommendations to improve the welfare of the animals in rodeos. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels