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More SOE Transparency

Contributor:
Fuseworks Media
Fuseworks Media
Simon Power
Simon Power

Wellington, Jan 21 NZPA - The nine largest State Owned Enterprises (SOEs) now have to release more public information in a government bid for more transparency.

With the changes, NZ Railways Corporation, Transpower, Meridian, Mighty River Power, Landcorp, Genesis, NZ Post, Solid Energy and Kordia have to disclose conditions of material transactions entered into and information that has an impact on their commercial value.

The regime will also require SOEs to publicly announce more detailed financial results at the end of each half and full financial year, compared to just an annual report.

SOEs Minister Simon Power said it is important for them to be more transparent and the introduction of the disclosure regime will help achieve it.

The regime has been in place since January 1 and will be reviewed mid-way through this year.

"An assessment will be made at that time as to whether or not to extend it to incorporate all SOEs," Mr Power said today.

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