Parliament

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

 

Dams could be sold under partial privatisation

29 February 2012

Dams could be sold under partial privatisation

The Government’s plans to retain 51 percent of our state-owned enterprises does not guarantee individual strategic assets, like our dams, will not fall 100 percent into foreign private control, the Green Party said today.

Treasury advised the Finance and Expenditure Committee today that partially privatised state-owned energy companies should be managed in a strictly commercial way and wouldn’t rule out the possibility that individual assets could fall into foreign ownership.

“Shareholding Ministers will manage their 51 percent shareholding according to ‘best commercial practice’ rather than what is in the best public interest. If it makes commercial sense to sell a dam or two — they’re gone,” said Green Party Co-leader Dr Russel Norman.

“Holding 51 percent of an energy company will not, by itself, guarantee that individual assets remain in New Zealand control.

“Under the Government’s privatisation plans, if Mighty River Power is offered a commercially attractive bid for their Waikato River dams from an Australian or Chinese investor, the Crown’s directors on the board will be obligated to act in the best commercial interest of the company and possibly sell those dams.

“The Government’s partial privatisation plans mean they will be giving up New Zealand’s long-term strategic interests for short-term commercial expediency.”

The Government previously admitted to Maori in their consultation that, ‘Under the Mixed Ownership Model, Ministers’ legal powers will be those afforded to shareholders under the Companies Act 1993. In practice, Ministers will look to best commercial practice in how they exercise those powers’.

“The possible loss of individual strategic energy assets under the National Government’s plan for privatisation is very real and hasn’t been solved,” Dr Norman added.

“It’s yet another reason why the Government’s asset sale programme is plain dumb.

“An alternative plan to selling off the best of our last remaining SOEs is to keep them and refocus their largely domestic operations towards booming renewable energy export markets abroad.

“We can create tens of thousands of new, clean technology jobs here at home if we’re smart.”

Link to Government’s consultation document with Maori (see page 10): http://www.treasury.govt.nz/publications/reviews-consultation/mixed-ownership/mom-cons-maori-v3.pdf

The Green Party's alternative plan for our energy SOEs: http://www.greens.org.nz/greenjobs

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Political Twins, And On Labour Extending Its Wage Subsidy Scheme


A quick quiz for the weekend. Which political party currently represented in Parliament issued a press release yesterday that contained these stirring passages:
“[We have] long supported a free trade and free movement area between Canada, Australia, New Zealand, and the United Kingdom…on trade, immigration and investment, New Zealand must favour countries who share our values. New Zealand must do its part to reinforce freedom and democracy around the world by diversifying our markets and building stronger relationships with those who share our values... More>>

 

Parliament Adjourns: Adjournment Debate: Speaker Trevor Mallard

The 52 Parliament has sat for the last time before the September Election. It sat for 245 days... More>>

ALSO:

E-Cigarettes: Vaping Legislation Passes

Landmark legislation passed today puts New Zealand on track to saving thousands of lives and having a smokefree generation sooner rather than later, Associate Health Minister, Jenny Salesa says. The Smokefree Environments and Regulated Products (Vaping) ... More>>

ALSO:


National: $4 Billion Investment To End Wellington’s Congestion Woes

A National Government will invest another $4 billion in transport infrastructure across Wellington, igniting the economy and delivering the congestion-busting solutions the region has long been crying out for, National Party Leader Judith Collins says. ... More>>

ALSO:

Gordon Campbell: On The Virtues (and Fluffed Opportunities) Of The Operation Burnham Report

One unspoken rule of thumb in any official public inquiry is : whatever you do, don’t conclude you were made to listen to “a litany of lies” even if the evidence of a deliberate cover-up is right there under your nose. In that respect, the report ... More>>

ALSO:


Horizon Research Limited: How Judith Collins Stopped The Bleeding

Horizon Research includes questions on voting from time to time in its surveys – for both forthcoming referenda and general elections. More>>

Your Vote 2020: Bringing Election Coverage To Viewers Across TVNZ Channels And Platforms

As New Zealand gets ready to head to the ballot box this September, 1 NEWS is bringing voters comprehensive coverage and analysis of this year’s General Election. TVNZ’s coverage will draw on the depth of experience held across the 1 NEWS team, says Graeme ... More>>

Economy: 30% Believe Households Worse Off, 298,000 Expect To Lose Jobs

64% of New Zealanders feel the economic position of their households is the same or better than a year ago – and 30% think it is worse or much worse, while 298,000 think they will lose their jobs in the next 12 months. Households’ perceptions ... More>>

State Services Commission: Findings Of Investigation Into COVID-19 Active Cases Privacy Breach

Deputy State Services Commissioner Helene Quilter has today announced the findings of an investigation into a breach of privacy regarding sensitive personal information. The investigation looked into who or what caused the disclosure of the information, ... More>>

International Security: New Zealand Suspends Extradition Treaty With Hong Kong

The New Zealand Government has suspended its extradition treaty with Hong Kong and made a number of other changes in light of China’s decision to pass a national security law for Hong Kong, Foreign Affairs Minister Winston Peters says. More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels