On Wednesday the Government released its consultation document with Māori pertaining to the proposed partial sale of shares in Genesis Power, Meridian Energy, Mighty River Power, and Solid Energy.[1] (The document precedes consultation hui scheduled for the next two weeks.)
The document is approximately ten pages and begins by reiterating the Government proposal:
- that the four energy companies will be listed on the stock exchange, selling up to 49% of shares in each (ensuring the Government retains majority ownership);
- shares will be offered to New Zealand individual investors, and also available for local and international entities to purchase, but no investor (other than the Government) will be able to hold more than 10% of shares; and
- $5 to $7 billion in proceeds are expected from the sale, and this “will be invested in schools, hospitals and public infrastructure”. The Government also believes this action will strengthen the New Zealand Share Market.
In relation to Māori specific interests, the Government reaffirms that provision for land blocks to be returned to the Crown from the companies, if recommended by the Waitangi Tribunal, will be retained in the new legislation. This is to ensure Treaty settlement processes are not interrupted, and that such land is still available for settlement purposes.
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