Bates CarlCARL BATES (National—Whanganui): So we're asking questions on this bill to enable the New Zealand Superannuation Fund to invest a larger portion of the ownership of particular businesses and we recognise that the New Zealand market is a small market and that the superannuation fund has grown substantively over a reasonable period of time and is now in a position where it is unable to take minority positions in sufficient numbers of companies to fully utilise all of its funds.I just want to understand if the Minister has any idea on the number of companies that passing this amendment would enable the superannuation fund to expand its investment into as part of the Government's focus on ensuring that we can grow a more productive and value-adding New Zealand.Obviously the Government is under some challenge to grow the size of the economy and thus needs more productive and engaged businesses and this amendment is working to support that objective of the Government and ensure that we can have the sort of investment that we need into companies to enable the growth in the economy. So the second part of my question is whether or not the Minister has any indication of the number of those businesses that would be able to be invested in by the superannuation fund should this amendment bill be passed.The second part of that question is whether or not the Ministers had any indication of the degree to which investing in those businesses would help to grow the New Zealand economy should this amendment bill be passed. I think it's really important that we have clarity on both of those questions so that we can be assured that passing this amendment bill will support the Government's legislative agenda will support the growth in this economy that we need to see will support an increase in productivity and that the bill will achieve its aim by expanding the mandate of the superannuation fund to take a majority stake in businesses that the bill will achieve its underlying objective of supporting that economic growth through enabling it to take these positions.So I'm really interested in understanding if the Minister has been able to take advice and has those specific numbers on both the number of companies—now that might be by value that might be by number of employees that might be by industry. All of those variations I suppose would give us insight into the impact that the superannuation fund being able to have a wider investment mandate being able to take these majority positions would have for the New Zealand economy. I think it's important when we're asking questions about this bill at this stage that we have that sort of clarity so that we can assure the public that the Government's agenda of delivering on growth in this economy and growth in productivity will be achieved through increasing the superannuation fund's mandate to take these majority stakes. Coming from a background in supporting our boards of directors to appoint directors and run good boards I think it's really important that we understand the sort of companies that this bill will enable the fund to invest into because if we don't have good leadership both of the fund and of those companies then we're going to have a real challenge in delivering on that mandate.But I know the Minister will have clear answers. Just to clarify both of those questions one was the number of companies that the Minister understands that passing this bill will expand the mandate for the superannuation fund to invest into and secondly whether there's any indication of the growth in the New Zealand economy that that might achieve by enabling that investment to occur here onshore rather than overseas. Thank you.