Parliament

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

 

PM announces next steps for Mighty River sale

Rt Hon John Key
Prime Minister
15 October 2012 Media Statement

PM announces next steps for Mighty River sale

Prime Minister John Key today outlined the Government’s next steps to prepare Mighty River Power for its partial sale in the first half of 2013.

“I’m pleased to announce today Cabinet made three decisions regarding our shares sales programme:

“First, the Government will not implement the Waitangi Tribunal’s ‘shares plus’ concept, or engage in further negotiations in relation to that concept, before the sale of shares in our energy companies.

“Second, the Government will proceed to remove Mighty River Power from the State Owned Enterprises Act. We will prepare an Order in Council for Cabinet and Executive Council to consider and approve on Tuesday 23 October.

“And finally, we will direct officials to continue to work towards a sale of up to 49 per cent of the shares in Mighty River Power between March and June 2013.”

The decision comes after the conclusion of consultation on ‘shares plus’ with Māori with direct interests in the water and geothermal resources used by Mighty River Power, and Meridian and Genesis.

Mr Key says the series of hui on ‘shares plus’ was part of the Government’s commitment to consult with Māori in good faith.

“From the series of the hui, and the written submissions the Government received, it is clear Māori claim a wide range of rights and interests in water.”

Mr Key says the Government’s position on water has always been very clear:

• In common law no one owns water.
• Maori do have rights and interests in water, and these will continue to be addressed through a range of processes such as Treaty settlements, the Government’s Fresh Start for Fresh Water programme and dialogue with iwi leaders.
• The partial sale of Mighty River Power does not impact on the Crown’s ability to recognise Maori rights and interests in water.

“Following analysis of the oral submissions made at hui, along with the written submissions, the Government’s view is that no new information has come to light to change our preliminary view – which is, that the concept of ‘shares plus’ should not be progressed,” says Mr Key.

The key findings from the consultation on ‘shares plus’ show:

• Financial redress and input into resource management decisions can be provided in other – and in some cases better – ways.
• Appointing directors and exercising shareholder voting rights can also be achieved in other ways with the Crown, which will remain the controlling shareholder.
• The Crown does not believe that providing iwi with special rights in making management decisions will work well and most submitters who considered the idea agreed.
• ‘Shares plus’ would create a potential conflict of interest within and between different iwi groups. And it would potentially weaken existing relationships between iwi groups and the SOEs.

Mr Key says the decisions announced today may lead to legal action from the Māori Council and others.
“That’s entirely a matter for them. From the Government’s perspective, it would not be unexpected.
“I’m confident the decisions we have outlined today will provide further certainty about our share offer programme. They also reaffirm our commitment to offer a minority shareholding in Mighty River Power during the second quarter of 2013, subject to market conditions.
“In terms of next steps, early in the new year Mighty River Power will prepare its half year financial statements for the six month period to 31 December 2012. These statements will be audited and will take about two months after balance date to complete.
“As the Government has previously said, before the offer period commences, New Zealanders will be able to register their interest in purchasing shares.
“Expressing interest is not a commitment to buy shares and no money will be sought, but it is one way in which New Zealanders will be put at the front of the queue for shares,” says Mr Key.

ENDS

Pre-Prospectus Disclaimer
The Crown is considering offering shares to the public in one or more of Genesis Power Limited, Meridian Energy Limited, Mighty River Power Limited, Solid Energy New Zealand Limited and Air New Zealand Limited. No money is currently being sought and no applications for shares will be accepted or money received until after an investment statement containing information about the relevant offer of shares is available.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Democracy 2.0: NextElection Partners With Scoop For Exciting Democracy Tech

NextElection, a technology platform empowering democracy and Government accountability, and Scoop Independent News have partnered to strengthen citizen participation in the 2020 New Zealand General Election, set for September 19th.

Scoop’s ambition for bringing NextElection to NZ is to use it to strengthen and expand Scoop Citizen activities under the auspices of the Scoop Foundation for Public Interest Journalism.

The nextelection.nz platform has been populated by the project team with channels for all the 2020 General Election candidates and political parties. It also features up to date geolocation data based on the latest electoral boundaries. More>> Joint Press Release: NextElection, Scoop.co.nz, ScoopCitizen





       
       

      Travel: Update On New Zealand And The Cook Islands Bubble

      The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Henry Puna have welcomed the completion of phase one in the establishment of a travel bubble between New Zealand and the Cook Island. More>>

      Election 2020: Labour Launch

      E ngā mana e ngā reo Ngāti whātua ngā mana whenua o Tāmaki Makaurau, e tika te kōrero Ehara taku toa he toa (taki tahi) he toa (taki tini) No rēira tātou e huihui mai nei, ka ‘Hoake tonu tātou’ Thank you for that welcome. And thank ... More>>

      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 ... More>>

      ALSO:

      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:



      Covid-19: Poll On Management Approval

      New Zealanders’ overall trust in the Ministry of Health and Government to manage the COVID-19 pandemic is at 82%, down from 91% during April. Overall distrust that the Ministry and Government will manage it in ways which best protect themselves More>>

      Election 2020: National Releases 2020 Party List

      National’s 2020 Party List is a strong mix of experience coming up through our Caucus, and new and exciting talent joining our team from communities across New Zealand, Party President Peter Goodfellow says. “The National Party is incredibly ... More>>

      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