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Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall today welcomed the High Court decision in favour of the Crown following last month’s High Court action regarding the sale of shares in Mighty River Power.

“The High Court decision confirms the Government can proceed to sell up to 49 per cent of shares in four state owned energy companies, in accordance with the legislation passed by Parliament earlier this year,” Mr English says. 

State Owned Enterprises Minister Tony Ryall today announced two new director appointments to Airways Corporation and three to Solid Energy New Zealand Ltd. As part of the same appointment process, one director was reappointed to the board of Mighty River Power.

Two new directors will join the Board of Airways from 1 January 2013; Dr Chris Moxon is an experienced executive in the information technology industry and Robin Gunston is an engineer.

State Owned Enterprises Minister Tony Ryall today announced four new appointments and 13 reappointments across seven SOEs and two airport companies.

“We are introducing highly skilled directors into the portfolio, as well as providing continuity of existing expertise” said Mr Ryall.

Rt Hon Dame Jenny Shipley has been reappointed as the Chair of Genesis Power Ltd, and Simon Allen as Chair of Crown Fibre Holdings Ltd. 

One of US President Barack Obama’s top financial advisors has given New Zealand a ringing endorsement for the way the National Government is handling the deepening world debt crisis,  State Owned Enterprises and Health Minister Tony Ryall said.

State Owned Enterprises Minister Tony Ryall today confirmed Auckland based executive Mark Ford as the new Chair of Solid Energy.

Mr Ford replaces outgoing Chair, John Palmer, who has previously announced his intention to retire from the Board.

“Mr Ford is an experienced chief executive, director and Chair who has worked in a wide range of relevant sectors,” Mr Ryall said,

“He joins the Company at an important time when it faces a demanding commercial environment.

The Government has this afternoon received the Waitangi Tribunal’s interim direction on a Māori Council claim regarding fresh water and geothermal resources, State Owned Enterprises Minister Tony Ryall says.

“In the coming days, ministers will receive advice from officials to help them carefully consider the Government’s position,” he says.

“We have also undertaken to meet the Māori Party’s co-leaders as we develop our respective positions.

“The Government will consider the report and make decisions in due course.

State Owned Enterprises Minister Tony Ryall today announced five new appointments to the boards of Genesis and Meridian, and four reappointments to the boards of Solid Energy and Mighty River Power.

In his capacity as the Minister of Health Mr Ryall also announced an appointment to the board of Health Benefits.

New directors on SOE boards are:

The Government has today announced that KiwiRail’s balance sheet will be restructured in another step towards putting the company on a more commercial footing under its challenging Turnaround Plan.

“Under the plan, the Government is committed to ensuring KiwiRail can fund its business on a commercial basis,” Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

There are two main parts of the restructure:

A bill enabling the Government to offer New Zealanders minority shares in four energy SOEs has passed its third and final reading in Parliament today.

“This is part of the National Government’s wider economic plan to control debt and keep investing in our economy,” State Owned Enterprises Minister Tony Ryall says. 

“Ministers will make a decision in due course whether to proceed with the sale aiming to commence the offer in the third quarter of 2012, market conditions allowing.

State Owned Enterprises Minister Tony Ryall has acknowledged the service of John Palmer, ONZM, retiring chair of Solid Energy New Zealand Limited.

“Mr Palmer is one of New Zealand’s foremost company directors and chairs”, Mr Ryall says, “Both governments have been lucky to have a chairman of his calibre serving in this important role.”

Mr Palmer has announced he is retiring from the board, to focus on other commitments and enable a new chair to be appointed to lead the company through the expected Initial Public Offer (IPO) process.

The Government’s Bill enabling New Zealanders to own minority shares in four state owned energy companies has completed its committee stages.

New Zealanders wanting more information can visit the website: www.governmentshareoffers.govt.nz

Remember when Labour sold 49 per cent of state owned Spring Creek Mine for millions of dollars to American multi-national Cargill Coal?

In 2007 Labour was happy to sell state owned businesses to foreign interests, now they even oppose everyday New Zealanders buying a share in these companies”, says State Owned Enterprises Minister Tony Ryall.

Remember when Labour sold off Air New Zealand under urgency for $660 million to Brierley’s (65 per cent), and overseas airline companies Qantas (19.9 per cent), American Airlines (7.5 per cent) and Japan Airlines (7.5 per cent)?

Remember when – also in 1989 – Labour sold off Shipping Corp to ACT (NZ) Ltd? This $33.5 million sale was again pushed through under urgency – with no select committee process.

And remember – again in1989 – Labour sold Rural Banking Finance to Magneton Holdings for over half a billion dollars?

Remember when Labour sold New Zealand Steel to Equiticorp for $327 million? This 1988 sale was pushed through Parliament under urgency.

Remember when Labour sold Petrocorp to Rossport Investments in 1988 for $801 million? Again, rushed through under urgency.

Remember when Labour sold Post Office Bank to ANZ Banking Group in 1989 for $665 million? – again approved under urgency – and no select committee hearings.

In just three years, Labour sold over 15 state assets for almost $10 billion to the highest bidders.

Power switch competition working

“It’s not who owns the energy companies that influences prices, but the regulatory environment which the National Government changed to increase competition, says State Owned Enterprises Minister Tony Ryall.

“And it is working. New Zealanders are increasingly taking advantage of that change and are switching companies for a cheaper deal.

The Government’s Bill enabling New Zealanders to own minority shares in four state owned energy companies has passed its second reading in Parliament.

New Zealanders wanting more information can visit the website: www.governmentshareoffers.govt.nz

The Mixed Ownership Model Bill enables the Government to offer minority shareholdings in Genesis Power, Meridian Energy, Mighty River Power, and Solid Energy, while retaining majority control of 51 per cent.

State Owned Enterprises Minister Tony Ryall today announced new appointments and reappointments across a number of SOEs.

“This is a group of highly capable new directors. I also wish to acknowledge the retirement of Landcorp Farming’s chair Hon Jim Sutton.”

“Mr Sutton has served as Chair of Landcorp Farming since August 2006 and made a significant impact on the company’s performance and management of a large asset base”.

The Government has today launched a website to provide New Zealanders with information about the Government’s mixed ownership programme.

State Owned Enterprises Minister Tony Ryall says the new website, www.governmentshareoffers.govt.nz, will give New Zealanders factual information about the proposal to sell up to 49 per cent of four State Owned Enterprises - Mighty River Power, Genesis Energy, Meridian, Solid Energy, and a further stake in Air New Zealand.

It’s now fifteen months since the Prime Minister indicated the National Government would sell minority stakes in the four state owned energy companies and Air New Zealand.

Since that time, there’s been a general election.  The opposition parties focused their campaigns on the Mixed Ownership Model.  The voters gave the National Party their confidence… with the highest vote of any party under MMP ever.

The Minister for State-owned Enterprises, Hon Tony Ryall has reappointed three directors and appointed one new director to the Board of Mighty River Power Ltd (MRP).

"MRP will be the first company the Government wants to offer shares in, so it will be important that membership of the Board is settled well in advance of the listing process," said Mr Ryall.

Joan Withers is being reappointed as the Chair for a further three years.

The Mixed Ownership Model Bill had its first reading in Parliament today and has been referred to the Finance and Expenditure Committee.

The Bill enables the Government to offer minority shareholdings in Genesis Power Limited, Meridian Energy Limited, Mighty River Power Limited, and Solid Energy New Zealand Limited.

The new legislation provides for the State Owned Enterprises to be shifted from the State Owned Enterprises Act 1986 and put under a new part of the Public Finances Act enabling the Government to offer minority shareholdings in the companies.

The Government will today introduce legislation supporting its mixed ownership programme, which will help get on top of debt and pay for priority new public assets like modern schools and hospitals.

Minister for State Owned Enterprises Tony Ryall is introducing the new legislation and confirmed the Government is aiming to undertake the first initial public offering – for Mighty River Power – around the third quarter of this year.

The Government has completed consultation with Maori on removing the mixed ownership companies from the State Owned Enterprises (SOE) Act and will make decisions on new legislation in coming weeks, Finance Minister Bill English and SOE Minister Tony Ryall said today.

"We've completed 10 hui around the country and received about 200 written submissions. It's been an excellent process where Ministers and iwi and hapu have been able to exchange views," the ministers said.

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.