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Progressives disappointed at NZSE's tactics

Progressives disappointed at NZSE's tactics over broker

News that former Wellington-based sharebroker, Kathryn Jones, has failed in her bid for entitlement to shares after the Stock Exchange demutualised three years ago is deeply disappointing, Progressive Party Spokesperson on Small Business, John Wright, said today.

"I sat on the Finance and Expenditure Select Committee that heard Kathryn Jones's case. She appeared before the committee and explained how she had been treated by the NZSE which appeared to me and many others to be quite inconsistent with the way retiring members of the NZSE had been treated," John Wright said.

"It seems to me that the NZSE was willing to deem retiring NZSE members entitled to shares in the demutualization process, but unreasonably did not extend that entitlement to one of its talented young brokers, Kathryn Jones, who was on maternity leave and therefore not in active employment during the critical period in question," John Wright said.

"The select committee was assured by the New Zealand Stock Exchange that they would treat Kathryn Jones' case fairly but I continue to believe fairness has not been achieved in this case. To me, the NZSE has shown it is prepared to look after its past, but not our future," he said.

"I don't think anyone would disagree that the NZSE needs to dramatically increase the level of participation in equity investment in our country.

"New Zealand has run current account deficits in each and every year for over quarter of a century and our stock exchange needs to be sending strong messages to potential investors that theirs isn't an old boys' network but a vibrant organization that embraces the future and encourages individuals and families to save and invest for the future. You don't achieve that by throwing an old rule book to exclude brokers that happen to be on maternity leave," John Wright said.

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