ACC Reforms

"Mr Peters needs to have a nice cup of tea and a lie down," said ACC Minister Murray McCully today.

"The advent of the ACC reforms will require some significant changes for ACC - including the establishment of subsidiaries to provide services for the new SOE and private sector insurers.

"This will require some new skills to be added to the parent and subsidiary boards, and some movement of skills from the parent to subsidiaries where the relevant business will be carried out.

"Nobody is being sacked, as asserted by Mr Peters. Some people are being promoted.

"I expect that Mr Caygill and I will make an announcement in the next few days."