Iwi consultation for partial SOE share floats

The Government has announced a series of hui to consult with Maori on legislative changes it considers are necessary for the float of minority shareholdings in four State Owned Enterprises to New Zealanders.

Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall will lead the February consultation process with iwi around the country, which will be facilitated by Sir Wira Gardiner.

The Government is also seeking written submissions through a consultation document on its proposal to remove Genesis Energy, Meridian Energy, Mighty River Power and Solid Energy from the SOE Act and put them under new legislation that ensures the Government retains at least 51 per cent ownership and other individual shareholdings are limited to 10 per cent, Mr English said.

"We promised to talk with iwi when we originally announced plans to partially sell the four energy companies and Air New Zealand last year,” Mr English said. “We want to understand Maori views before we take final decisions.”

Mr Ryall said the consultation will not cover specific investment opportunities, but iwi investment on a commercial basis will be welcomed.

"The Government has promised all New Zealand investors they will be at the front of the queue for shares."

Mr English said the five partial share floats will free up billions of dollars for investment in schools, hospitals and public infrastructure – and help ensure New Zealand avoids the kind of debt crisis faced by Europe.

The consultation document, together with information on how to make written submissions, will be available from 1 February 2012 at: www.treasury.govt.nz/mixed-ownership-consultation

The deadline for receipt of submissions is 5pm on 22 February 2012.

The schedule for hui is: