Scoop has an Ethical Paywall
License needed for work use Register

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


Say No To Director Pyne Says Peters

Media Release

08 October 2003

Say No To Director Pyne Says Peters

New Zealand First is urging Telecom shareholders not to accept Lindsay Pyne as a director of the company when his nomination is discussed on Thursday.

“What is happening to big business in New Zealand when Mr Pyne, chief executive of the Bank of New Zealand when the Government had to bail it out of serious losses, gets nominated as a possible director for Telecom?” said New Zealand First leader Rt Hon Winston Peters.

“How Mr Pyne is deserving and qualified for a position on one of New Zealand’s biggest company boards, given his time with the BNZ, is a mystery to me,”

When with the BNZ, Mr Pyne signed off the bank’s figures for the year 1990, which, later were seen as not presenting a true and fair picture of the results by the Securities Commission. Mr Pyne did this notwithstanding he had also been part of the audit sub-committee that advised that the accounting policy used by the bank was inappropriate.

The BNZ’s Captive Insurance scheme, at that time used to disguise the true state of the banks accounts and forecasts, was nothing but a “creative accounting scam”.

“I question the decision to put forward Mr Pyne’s name as a possible choice of director and would like to know what Mr Pyne has been doing for the last ten years that now equips him with the skills needed for such a position,” said Mr Peters.

“However Telecom shareholders have it within their power to stop this totally unsuitable candidate from becoming a director and they are urged to do so,” said Mr Peters.


Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The New Government’s Policies Of Yesteryear

Winston Peters is routinely described as the kingmaker who decides whether the centre right or the centre-left has a turn at running this country. He also plays a less heralded, but equally important role as the scapegoat who can be blamed for killing taxes that his senior partners never much wanted in the first place. Neither Ardern nor Robertson for example, really wanted a capital gains tax, for fear of Labour copping the “tax and spend“ label they ended up being saddled with anyway. Usefully though, they could tell the party faithful it was wicked old Winston who killed the CGT. More

Public Housing Futures: Christmas Comes Early For Landlords

New CTU analysis of the National & ACT coalition agreement has shown the cost of returning interest deductibility to landlords is an extra $900M on top of National’s original proposal. This is because it is going to be implemented earlier and faster, including retrospective rebates from April 2023. More

Green Party: Petition To Save Oil & Gas Ban

“The new Government’s plan to expand oil and gas exploration is as dangerous as it is unscientific. Whatever you think about the new government, there is simply no mandate to trash the climate. We need to come together to stop them,” says James Shaw. More

PSA: MFAT Must Reverse Decision To Remove Te Reo

MFAT's decision to remove te reo from correspondence before new Ministers are sworn in risks undermining the important progress the public sector has made in honouring te Tiriti. "We are very disappointed in what is a backward decision - it simply seems to be a Ministry bowing to the racist rhetoric we heard on the election campaign trail," says Marcia Puru. More




InfoPages News Channels


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.