State Owned Enterprises
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The NZ Super Fund and the Accident Compensation Corporation’s purchase of minority stakes in Kiwibank has been welcomed by Finance Minister Bill English and State Owned Enterprises Minister Todd McClay.

“The deal keeps Kiwibank in public ownership and gives the bank access to additional sources of capital,” Mr English says.

“It also returns a dividend of about $200 million to the Government which can be used for other high priorities.”

Bill English Todd McClay Finance State Owned Enterprises
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The sale of Solid Energy’s mines provides the best outcome for employees, creditors and communities, Finance Minister Bill English and State Owned Enterprises Minister Todd McClay say.

Solid Energy announced today that it had reached agreement on the sale of the Stockton, Strongman and Liverpool mines on the West Coast, the  Rotowaro and Maramarua mines in the Waikato and the New Vale and Ohai coal mines in Southland.

Bill English Todd McClay Finance State Owned Enterprises
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Finance Minister Bill English and State Owned Enterprises Minister Todd McClay announced today that Trevor Janes will be the next chair of KiwiRail, and former State Owned Enterprises Minister Tony Ryall will be the next chair of Transpower.

Mr Janes has been appointed a director of KiwiRail from today and will take over as chair from 1 November. He succeeds John Spencer who has chaired KiwiRail for four years and before that its predecessor, the New Zealand Railway Corporation, for two.

Bill English Todd McClay Finance State Owned Enterprises
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State Owned Enterprises Minister Todd McClay called for nominations for the Boards of Airways Ltd, AsureQuality Ltd, Meteorological Service of New Zealand Ltd (MetService), and Quotable Value New Zealand Ltd (QV). 

Mr McClay says he is particularly looking for high calibre individuals, with strong commercial skills and is keen to receive applications from a diverse range of New Zealanders, particularly women, who are under-represented.

Minister for Women, Louise Upston is also encouraging a greater number of women to put themselves forward for consideration.

Louise Upston Todd McClay Women Trade State Owned Enterprises
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Finance Minister Bill English and State Owned Enterprises Minister Todd McClay have announced the appointment of Jane Taylor to the Board of NZ Post commencing today.

She will become chair of NZ Post when present chairman Sir Michael Cullen retires on 31 October 2016.

“I would like to take this opportunity to thank Sir Michael who has provided excellent stewardship of the Board, and made a significant contribution to the restructuring and success of NZ Post over the past six years,” Mr English says.

Bill English Todd McClay State Owned Enterprises Finance
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State Owned Enterprises Minister Todd McClay has welcomed the decision by a majority of Solid Energy’s creditors to adopt the proposed deed of company arrangement.

“This has delivered the best outcome for creditors and staff, who have been through challenging times with the company,” says Mr McClay.

The Company’s Directors will now be responsible for running a process to sell the assets of the company. 

Todd McClay State Owned Enterprises
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State Owned Enterprises Minister Todd McClay today cautiously welcomed the report by Solid Energy’s Administrators that a Deed of Company Arrangement (DOCA) is the best way forward for the company.

“This is a much more positive recommendation than the alternative, liquidation, and is likely to offer the best outcome for staff and creditors,” says Mr McClay.

Under the proposal, trade creditors are to be paid in full and staff will have greater job certainty.

Todd McClay State Owned Enterprises
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Revenue, SOE and Associate Trade and Foreign Affairs Minister, Todd McClay will travel to Singapore and Australia from16-21 March to help foster ties and grow New Zealand’s technology sector.

In Singapore, Mr McClay will open the New Zealand Technology Showcase, a programme designed to introduce New Zealand’s high-growth technology companies to international investors.

Todd McClay Trade State Owned Enterprises Revenue Foreign Affairs
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State Owned Enterprises Minister Todd McClay has thanked outgoing Solid Energy Chair, Pip Dunphy for her hard work and strong leadership after her decision to stand down from the Board.

“Ms Dunphy has served on the Board of Solid Energy since December 2012, and stepped into the role of Chair in March last year.”

Todd McClay State Owned Enterprises