Parker David: Questions for Oral Answer — Questions to MinistersText is incorporated into the Bound VolumeParker David: Questions for Oral Answer — Questions to Ministers[Sitting date: 19 November 2013. Volume:695;Page:15065. Text is incorporated into the Bound Volume.]3.Hon DAVID PARKER (Deputy Leader—Labour) to theMinister for ACC: How much did ACC invest in Pike River Coal Limited and in New Zealand Oil and Gas Limited over the last eight years and how much has it made or lost in total on its investment in each company taking into account share purchases subscriptions and sales dividends and current share prices?Hon JUDITH COLLINS (Minister for ACC): I am advised that the shares currently held by ACC in New Zealand Oil and Gas cost $22.4 million and have an unrealised loss of $3.9 million. Over the last 8 years it has made a realised gain including dividend and trading income of $8.9 million. The shares currently held by ACC in Pike River Coal Ltd cost $20.5 million and have an unrealised loss of $20.5 million. During the last year it has made a realised loss including dividend income of approximately $1 million. In total the net loss of the investment to date has been $16 million.Hon David Parker: Of ACC’s $2 billion profit on investments last year how much did ACC pay towards the court-ordered compensation that Pike River Coal a company that ACC partly owned has not honoured?Hon JUDITH COLLINS: Of course ACC had no obligation or requirement to pay that and it was not ordered by the court to do so.Hon David Parker: I raise a point of order Mr Speaker. My question was not that; my question was how much has ACC from its—Mr SPEAKER: Order! I invite the member to ask that question again.Hon David Parker: Of ACC’s $2 billion profit on investments last year how much did ACC pay towards the court-ordered compensation that Pike River Coal a company that ACC partly owned has not honoured?Hon JUDITH COLLINS: Exactly the same amount that the court ordered ACC to pay which was none.Hon David Parker: Why did ACC vote against the New Zealand Oil and Gas resolution of shareholders at the company’s recent AGM instead of voting otherwise or online or via its proxy to contribute money to Pike River families which would have assisted in paying the compensation awarded by the courts?Hon JUDITH COLLINS: I think I should correct the member in relation to the actual motion which was “That the Company investigates and reports to shareholders on paying the reparation order of $3410000 handed down …”. ACC voted against it I am advised because it did not believe as a shareholder that it was sufficiently informed on all of the considerations to make a judgment as to what was the right stance for New Zealand Oil and Gas to take on that issue.Hon David Parker: Why has ACC made no claim against the directors of Pike River Coal Ltd for ACC’s losses following the misleading statements in the Pike River prospectuses which could have also been used by ACC to pay for compensation?Hon JUDITH COLLINS: Could you ask the member to repeat his question please?Mr SPEAKER: I will certainly ask the member to repeat his question.Hon David Parker: Why has ACC made no claim against the directors of Pike River Coal Ltd for ACC’s losses which the Minister said is $20 million following the clearly misleading statements in the Pike River prospectuses which again could be used by ACC to pay the compensation that the miners’ families have not received?Hon JUDITH COLLINS: That question is extremely speculative and it would be a matter for the board of ACC not for the Minister.Hon David Parker: Does the Minister agree that it is repugnant that ACC has done nothing to enforce its right to hold the errant directors of Pike River Coal to account has not contributed to the court-awarded compensation and as one of the largest shareholders in New Zealand Oil and Gas it voted to block that company from doing so too?Hon JUDITH COLLINS: No I would not call it repugnant; what I would call it is in accordance with the law and I would also point out to that member that ACC will have in fact by the end of next year paid almost $5 million to the families of those who were tragically killed at Pike River. There will be in fact around $16 million to $20 million extra paid and that is in addition to the massive $16 million loss in the investment which by the way was commenced under a Labour Government. Ruth Dyson was the Minister.