Solid Energy's New Board Will Address Findings

  • Tony Ryall
State Owned Enterprises

State Owned Enterprises Minister, Tony Ryall, says that the new Board of Solid Energy will address the findings of the Auditor General's report on how SOE's manage foreign exchange risks.

The Auditor General's report was tabled in Parliament yesterday.

"Shareholding Ministers appointed a new board for Solid Energy in December last year", Mr Ryall said.

"While any company trading overseas faces potential loses due to currency fluctuations, there were particular concerns about Solid Energy's foreign exchange exposure.

"The new board, chaired by Auckland company director Tim Saunders, will also report to Shareholding Ministers, by the end of June, on the options for the company's future strategic direction.

"After the Government took Solid Energy off the market, we decided the company needed to review its direction in light of the collapse in world coal markets.

"I have made it clear to the Board that the report should include how the company intends to manage foreign exchange risk in the future", Mr Ryall concluded.