Mighty River: Key leaves door open to Maori shares
Prime Minister John Key was evasive when asked today about catering to iwi interests in the partial privatisation of Mighty River Power.
Asked, "Will you rule out putting shares aside for Maori?" Mr Key replied:
"I’m not going to go through every individual sort of detail now. I mean a) I haven’t been fully briefed yet from my people. Secondly, I don’t think that really makes sense to cherry pick bits and pieces.
"Let’s just wait until next week. We’ll have a full and considered response then."
A "set of recommendations" would be announced publicly "almost certainly next Monday," said Mr Key, appearing on TV3's Firstline.
On Friday, the Waitangi Tribunal said Maori do have rights and interests in water, and recommended the government's privatisation programmed be halted until it could amend power companies' constitutions to reflect those rights and interests.
The prime minister has previously said his government could ignore a tribunal recommendation.
This morning he softened his language.
"The process here is that our lawyers and officials are going to go away and pour through that Waitangi Tribunal report," Mr Key said.
"In the report the Waitangi Tribunal has indicated there is a very narrow area where there could be a breach.
"But that’s something that our lawyers and those that advise me will want to have a look through and just test that, and test what should or might or could happen.
"So we’ll in good faith think about all the different issues that the Waitangi Tribunal’s putting up, and we’ll think about the government’s overall objectives and the work we’ve been doing in the last four years."
Yesterday, Mr Key and senior ministers met with Maori Party co-leader Pita Sharples and MP Te Ururoa Flavell.
After the meeting, Mr Sharples said he had heard no indication the sale would be delayed. The Maori Party co-leader is pushing an "SOE-plus" model that would see a Maori role in power company governance.
Timetable under threat
The government has said it wants to float Mighty River Power this month. The SOE is due to deliver its full-year result today [UPDATE: the company reported flat earnings.]
Yesterday, Mr Key emphasised the government wants to see its asset sales programme kick off before Christmas.
However, the Prime Minister also said there are only two timeslots annually in which the partial privatisations can occur: March/April, and around September/October, owing to the timing of the companies' profit announcements and the need to hold a large public share float outside of traditional holiday periods.
Second distortion
If the government does set aside shares for Maori, it would be the second market distortion in the sale.
Large institutional investors, who could drive the highest price, are already second in line by dint of a government promise that any "mum and dad" local investor will be guaranteed at least $2000 in shares.
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Comments and questions41
AH But will the ordinary NZ maori receive these shares or, like the fish quota, will they will go to further feathering the nest of the brown bureaucracy?
Key, just can't help himself.
turn coat - put your foot down before we are completely bled dry
Shonkey - the tough man of the business world...and other myths and legends.
The Treaty must go. No more race based special treatment.
get rid of treaty, my dad fought for this country now u keys are giving it away; rightly or wrongly the maori loss a war 100 years ago - giving money to this generation is not going to fix the past; - that histroy like every other war
You have to be joking.
This won't help the Maori on the Street, won't prevent them leading the jail, illiteracy, DPB and other loser statistics.
Its everyone's water, and should be owned by the State - Don't sell the SOE's
What a weak little puppy.
Giving in so soon when Maori start bleating.
And people say David Shearer has no balls!
Maori elite already have access to shares, they can line up with the rest of us Maori and non-Maori New Zealanders and buy them, and whats more they will be buying them with our hard earned money. I've already made my contribution to righting the wrongs of the past.
Key you need to grow a pair and start delivering on the mandate you were given on election night.
Can't blame Iwi for putting the hand out, well played I say. Every other time they have, they get handed a big cheque, why wouldn't they ask again??
I'm going to go to Ireland and will ask back for the land the English kicked my ancestors off. Plus damages for my great grandparents having to relocating to NZ and mine gold in wintery Otago. Wish me luck....
Show me the money!
I Want It wins again. Just lost me John. that was the last straw.
Hopefully there will be many more who think like you and put their vote where their mouth is and get shut of this inept, no idea government.
Talk about all talk and no action, they must be going" what? you actually believed us when we said what we'll do before the election?"
Biggest laugh of all.
oh and I'm with Maori on this, you get what you can in this world, standing back and being polite gets you absolutely nothing.
Go for it big time.
Who are the alternative to present Gov. ?
Greens... Labour... you are kidding right... We wouldnt be having this issue over water though i guess as the greens would have us in the dark ages before the day was out as being a productive country is bad for the enviroment so companys wouldnt use as much power so power would be dam near free to give away...
In which universe does a minimum share package constitute an equal opportunity? The same universe in which rape survivor solo parents are accorded the same dignity of parent-hood as double income happy families?
All NZers already own shares in all state owned assets. It's that simple.
Unfortunately Maori are shooting themselves in both feet. They are going to be viewed with contempt and disgust by the rest of the nation.
Their elite will make off with the money and their ordinary folk will cop the backlash.
true but those new Mercs are SO NICE. Got to have me one of them. Plus private school fees are pretty expensive, some one has to pay.
I still cannot understand how we are expected to buy something that we already own, could somebody please explain it to me...please!!!!!
We the taxpayers over the years have funded the building and making of all of these power generating companies, it is the Governments job on behalf of ALL New Zealanders, to administer and run these companies on OUR behalf, surely if any Government Red or Blue see fit to sell these companies on our behalf, we should be consulted and a completely seperate referendum should be voted on by ALL New Zealanders.
Please Mr Key give us a proper say on this, and not some side door electionering scheme completely miss undersstood by most voters.
This is not what most NZ's want I can assure you!!!!!
We the Taxpayers are your employers!! and as of right now Mr Key, you and your party running this wonderful country are about to be Sacked...that's right Mr Key you will be delivered the big fat DCM and that is a great pity, as outside of this travesty, you are doing a very very good job of running this country, but you are not listening to your Employer!!! us the voters/tax payers/citizins.
To put it in words of one syllable for you: "You do not own it and you did not pay for it."
If you want to own a power utility then buy one (or shares in it). If that is not a priority for your spare money (if any), why should it be for your Government?
What a load of rubbish, our Govt takes our taxes and to a point does what it likes with them on our behalf basically, if we do not like it we kick them out, I for one do not want to part own a power utility, so will not buy the shares in it when they are floated, those shares that are going to be floated we as taxpayers have already contributed to them, so why spend more money on them, leave them to be state owned and controled and reap the profits for centuries to come, it's got to be the best option for the country.
Wills
If you don't want to have your money tied up in a power utility, why on earth should the Government?
You have zero understanding and zero credibility.
Durrrrrrrrrrrrrrrrrrr!!
There will be a price to pay by this government if they don't put an end to this nonsense about even implying that Maori own the water. I have been a National supporter for many years but I will have to look elsewhere unless they stop equivocating about this issue.
Good luck looking elsewhere!!!!
And you think a Labour/Greens government would stop the handouts to maori? Yeah right!
And don't forget the foreign owned fishing vessels fishing the Maori fish quota. The next question is how much are the bureacracy going to get for their shares to foreign owners.
As an original John Key fan I cannot believe how pathetic he has become. What a huge mistake NZ has made by not having the Don Brash influence in parliament.
A snap election has to take place alongside another MMP referendum.
We desperately need leadership and John Key is certainly not the one to deliver it. He has to go.
Mr Key, I do hope you or your collegues read the comments made in this forum. You would do well to take heed and quit playing these dangerous political games with the racist Maori Party.
You might like to ask yourself why are we even discussing Maori and water rights in the same sentence. It is plainly clear to anyone with an ounce of intelligence that this debacle is nothing more than yet another grab.
I remind you that Helen Clark signed into law, that any new Maori claim received after 1 Sept 2008 will not be recognised. There is provision for, where an existing stand alone claim exists prior to 1 Sept 2008 to be ammended...but not a new claim. This water claim is a new claim, it was not an issue before 2012, so why are we even discussing this issue? Stop pandering, start being a leader, and you may get back into power...if you don't stand up I can guarantee, you will not see another term. The country has had enough of your weak and ineffective leadership.
"The process here is that our lawyers and officials are going to go away and pour through that Waitangi Tribunal report," Mr Key said.
What are you saying John; that the report is full of holes?
You may well be right about that , but I suspect shonky proof-reading is the case here.
Perhaps it needs to be explained to John that leadership does not consist of soundbite-platitudes on National Radio's Morning Report.
Farmer Brown has barely recovered from the nausea induced by waking up every morning to hear Aunty Helen telling us what was important and what to think about it.
It really is sickening; we are not stupid John.
Leaving aside some of the more knuckle-dragging racist sentiments expressed in the comments above, I would take absolute exception with Alan W's facile (and 100 percent wrong) assumption that we NZ citizens do not own these assets.
Bollocks. We do. Just as we own Te Papa, the national parks and reserves, and every other piece of the country to which private interests and iwi do not hold title. And for a minority government to claim a mandate for a policy which has minority support among the public at large is a form of tyranny.
The mental midgets who claim that government (i.e. the public) has no business owning and operating critical infrastructure would do us all a favour by explaining just how -- on a personal pocketbook level -- things will be better when the functional monopoly is controlled by outside investors and unencumbered by any requirement to operate for the public good. It's a recipe for rent seeking and residential customers will be bled white. Just watch, and when I say "told you so" five or ten years from now I don't want any blubbering or smarmy apologies. I will want my assets back.
Bollocks indeed. You didn't even answer my question. And you are not an owner, never paid a bean for these assets and have no ownership rights whatsoever.
Do you also claim to own the public debt?
Sure do!! and my taxes as will yours contribute to the repayment of it.
So how much tax do you claim to pay?
As for the nonsense about the monopoly, it isn't, nor will it be any more of one than it already is as a bunch of SOEs plus a couple of privatized ones.
Honestly, the arguments against the asset sales are absolutely brain dead drivel. Wait and see the market price. Only then will anyone with a brain try to judge whether a sale should go ahead or not.
they did not lose the war, that's the whole point.
he did not get a mandate for asset sales, that's the problem with one-vote supposed to cover a multitude of issues. it has always been very clear that a huge majority of kiwis do not want the assets sold
i for one and the majority of new zealanders do want to have our money "tied up" in a power utility, for good and sufficient reasons.
.
as for zero understanding and zero credibility, look in the mirror.
wait and see the market price, and by that time its too late, the family silver has gone.