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.

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