New bill has wide powers

Thursday 29 April 2004

A bill currently going through Parliament goes too far for some in the financial services industry.

By The Landlord

A bill before Parliament will give ministers powers to direct the Government Superannuation Fund and arbitrarily dismiss board members.

The Public Finance (State Sector) Bill, which is currently being discussed by Parliament’s finance and expenditure select committee, is aimed at tidying up management of government finances and bringing government agencies more in line with government financial management.

However the bill includes the GSF as a “Crown Agent” which means the responsible minister can direct the GSF board on where to invest. It also would require specific ministerial approval when the fund wants to use offshore-based banks.


Read More - Opens in a new window
Commenting is closed

Property News

Collaboration key to urban development

Central and local government and industry must work together to ensure that the Government’s proposed new urban development strategy is successful.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Commercial

NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.

Mortgages

LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer