Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Iwi Have Say In NZ’s Largest Fishing Company

29 August 2002

Iwi Have Say In NZ’s Largest Fishing Company

The Treaty of Waitangi Fisheries Commission’s proposals for allocation of the Fisheries Settlement give small Iwi more say and control over Aotearoa Fisheries Limited than if they had direct ownership of the shares.

The Commission’s chairman, Shane Jones, told a gathering of members of the Canterbury Employers’ Chamber of Commerce today that Iwi will have basically the same rights as shareholders in other companies.

“Iwi will have the right to have a say in the appointment of directors, the right to expect accountability, a legislated dividend stream from their shareholding, and the right to sell that shareholding,” he said.

“The only difference will be that Iwi will be able to sell income shares, not ownership shares. Why don’t they get ownership shares – because the proposals we have put forward protect what must be an enduring benefit for all Maori for generations to come.”

Mr Jones told the gathering that AFL would meet similar requirements expected of any publicly-listed company, and more.

“There will be an annual agreement of the statement of intent with Te Ohu Kai Moana, monthly performance reporting to Te Ohu Kai Moana, and the directors of the new company will be appointed solely on relevant competence for the role,” he said. “Iwi will receive annual audited accounts, participate in an annual general meeting and be provided with six-monthly published accounts. They can expect to get no more, or possibly even less, if they had direct ownership in a public company.”

Mr Jones said that some Iwi have said that with direct ownership, they would be able to exercise control.

“Control within AFL, like any other company, lies with the board of the company. The board of AFL will be accountable to its shareholders as outlined through the accountability mechanisms, which through our proposals are arguably stronger than if AFL was merely a standard structure.”

“What does an Iwi with a 2 percent or even a 6 percent shareholding exercise in terms of control – none. It would require the smallest 44 Iwi out of 56 Iwi groups to band together to reach even a 25 percent threshold to have some say.”

“The Commission considered alternative ownership models in arriving at our proposed model and found that this proposed model provides a higher degree of accountability, transparency, and provides for increased Maori strength within a globally competitive fishing industry that will return long-term gains for the benefit of all Maori,” Mr Jones said.

Mr Jones emphasised that the Commission had to provide a fair scheme for all Iwi. “This has involved necessary compromises. If we are to satisfy the 1992 Deed of Settlement, as emphasised by the Privy Council, a method of allocating assets and distributing benefits of the Fisheries Settlement can only occur if the Commission is satisfied that such a proposal will ultimately be for the benefit of all Maori.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On National’s Rampant Pandering To The Farming Vote

What on earth has happened to the political parties n the centre-right? Once upon a time in the US, the party of Lincoln was a respectable political party before it devolved into the cult of Trump. Here at home, the National Parry used to be able to manage and administer the economic orthodoxy in a reasonably competent fashion. Now it can barely do simple addition and subtraction. Something must have gotten into the water, and not simply out on the farm... More>>


Winston Peters Speech: The Gathering Storm Clouds: Ihumatao

Frequently around New Zealand you hear people say that politicians are all the same. It’s a convenient way to dismiss any careful investigation of the truth of that statement. New Zealand First since its inception has been committed to ‘one law ... More>>


National Agriculture Policy: Will Restore Farmer Confidence And Pride

A National Government will reduce regulatory burden and give farmers confidence for the future. Leader of the National Party Judith Collins and Agriculture spokesperson David Bennett announced National’s Agriculture policy in Gisborne today. “Agriculture ... More>>


Shaw: Wealth Tax Not A Bottom Line For Green Party But They Will Push For It

Green Party co-leader James Shaw says one of his senior MPs misspoke under pressure when she said a wealth tax was one of the party's bottom lines. More>>


Government: More Border Exceptions For Critical Roles

The Government has established class exceptions for border entry for a limited number of veterinarians, deep sea fishing crew, as well as agricultural and horticultural machinery operators. “Tight border restrictions remain the backbone of the Government’s ... More>>


Gordon Campbell: On Last Night’s Leaders Debate

Do political debates change voter intentions, and cause voters to switch sides? According to a 2019 Harvard Business School study conducted across 61 elections in nine countries involving 172,000 respondents, the answer would seem to be a resounding ... More>>


Dunne Speaks: The Election Campaign Just Grinds Slowly On And On

With just over three weeks until the General Election, the release of the first major pre-election opinion poll this week confirmed what was already being reported about this year’s campaign. Although the gap between Labour and National has narrowed ... More>>

Electoral Commission: Candidate And Party Lists Released

17 registered political parties and 677 candidates will be contesting the 2020 General Election Nominations have now closed and the Electoral Commission has released the electorate and party list candidates for 2020 online at vote.nz . Advance voting ... More>>

National: Plan To Restore NZ’s Prosperity

National’s Economic and Fiscal Plan carefully balances the need to invest in infrastructure and core public services while also reducing tax pressure on Kiwi families and businesses. National Leader Judith Collins and Finance spokesperson Paul Goldsmith unveiled National’s ... More>>


NZ First: Party List

New Zealand First has a proven twenty-seven-year history of bringing balance and common sense to our government. Amid the continued setbacks of COVID-19 restrictions, New Zealand First has once again sustained its profile by selecting a strong team ... More>>





InfoPages News Channels