28 Feb 2012

Cabinet agrees to Treaty clause in sales legislation

12:33 pm on 28 February 2012

The Prime Minister has confirmed a general Treaty of Waitangi clause will be included in new legislation paving the way for the partial sale of four State-owned energy companies.

John Key says the Cabinet has agreed Section 9 of the State-owned Enterprises Act will be transferred to the new legislation, with a clarification.

Mr Key says words will be added to make it absolutely clear the Treaty obligations do not apply to private shareholders in the partially privatised companies.

The Government intends selling up to 49% of Mighty River Power, Genesis Energy, Meridian Energy and Solid Energy, as well as selling some of its majority shareholding in Air New Zealand.