Auchinvole Chris: Securities Legislation Bill — In Committee 
Auchinvole Chris: Securities Legislation Bill — In Committee 
[Volume:634;Page:5468] 
CHRIS AUCHINVOLE (National) 
: 
 The purpose of the Securities Legislation Bill is to increase confidence in New Zealand’s capital markets. Let us look at the basic structure of securities and how that fits with this bill. I note that National is supporting the bill. It is an omnibus bill and therefore it contains amendments to the existing Securities Act 1978 the Securities Markets Act 1988 the Takeovers Act 1993 and the Takeovers Code. The main aim of the bill is to increase confidence in New Zealand’s capital markets. 
Securities are often related to bonds—an exchange of stated trust. How familiar are we with that expression: “My word is my bond.”? Throughout commercial history business people have been judged on the efficacy of their word. Oh that that was still a valid currency! 
Having had 1 year in Parliament I have found it to be a remarkably rewarding experience in terms of being part of the hub of the wheel. However if I am permitted to be slightly critical of the procedures of the current Government I would have to question the way that questions are answered in question time—or perhaps I could say that I question the truth or answer avoidance that occurs during that time. How that can instil confidence and trust leaves me be. 
So what security can we have as a country? What do we each represent? I guess there are three effective measurements: ethics—what we believe in; confidence—what other people believe about us; and integrity—what we believe about ourselves. I am still struck by the saying of President Harry Truman: “The buck stops here.” 
Hone Harawira 
: Harry Truman. 
CHRIS AUCHINVOLE 
: Harry Truman that is right. In the Securities Legislation Bill—[ 
Interruption 
] Some of these things I say to Hone are timeless. Indeed a breach of trust is equally timeless—it is not easily forgotten. 
With the Securities Legislation Bill it is important to determine where the buck stops and it is important to make sure that that is a known place. This is necessary for confidence in the country’s capital markets. Confidence is so necessary and it is something we all have to contribute to. I have had the opportunity to deal with overseas interests. I have operated a joint-venture company with overseas interests and I am aware of some of the measurements used in determining how much confidence can be placed in New Zealand business. I am delighted to say that when I established the company in the 1970s there was a very high understanding of New Zealand’s integrity. There was a high level of appreciation of New Zealand’s sense of ethics. Word was that when a New Zealander said he or she would do something it was believed the person would do so. 
The confidence other people have— 
Peter Brown 
: And then came the National Party! 
CHRIS AUCHINVOLE 
:—and the confidence that is based on the way we behave I say to Mr Brown is reflected in the saying: “By our work we will be known.” I think the National Party and National Governments have an unparalleled record in stimulating the confidence of people from other countries in the way we behave. 
Then we can measure integrity—the belief in oneself. I like to think as a businessman that these lines on my face are not just laugh lines; nothing could be quite that funny. I like to think that I have been through the mill a little bit—as has my colleague “Bob the Builder” and as have my other National Party colleagues who have been involved in business.