Yang JianDr JIAN YANG (National): Thank you Madam Chair. Now this bill in essence as I said earlier today has the intention to strengthen integrity openness and of course accountability in the management of the public sector. So the intention is well-known and of course good. The challenge here is how to maintain a balance.There are all sorts of conflicting themes here. One of course in Part 1 we can see focuses on employment and remuneration. So these are important matters when it comes to hiring top chief executives. So Part 1 focuses mainly on the Crown Entities Act. It requires the boards of statutory Crown entities to obtain the State Service Commissioner's written consent to the terms and conditions of the employment of a chief executive. So this is new because at the moment it is basically required to consult with the State Services Commissioner. So now it's required that these Crown entities get written consent from the State Services Commissioner. Also for some Crown entities this already applies but now this bill will expand its scope to include many more Crown entities.The bill also specifies a term of employment for a chief executive. This again applies mainly to Crown entities because in the State sector most of these chief executives are already employed under a five-year term. So under this current entities Act there are no specific references to terms of employment for an entity and this bill will set five years as a term. So the balance here is: how do we have this term or this kind of remuneration and at the same time have the ability to attract top or experienced chief executives? Now the New Zealand Superannuation Fund in its submission does provide some good points which I think we should point out and hopefully the Minister will be able to elaborate or answer some questions on.In its submission the New Zealand Superannuation Fund states There is a broad spectrum of Crown organisations with diverse risks challenges and complexities and their demand for knowledge and specific skills varies within the public sector." So they are opposed to what we call a one-size-fits-all approach to the employment of chief executives. I think this is a valid point mainly because the New Zealand Superannuation Fund outperforms many other funds. Specifically they mention that "Since the inception of the Fund in September 2003 the Government has contributed NZ$15.02 billion to it. As at 28 February 2018 the Fund has returned 10% [per annum] (after costs before New Zealand tax)." So this is very impressive. How can we be sure that we are able to attract top chief executives and at the same time make sure the New Zealand Superannuation Fund will continue to perform?In its press release—of course a public release—the New Zealand Superannuation Fund also mentioned that the remuneration for all Guardians of New Zealand Superannuation staff including CEOs was paid for from the fund not from parliamentary appropriations. So this is another point. I hope that the Minister will give us an assurance that we will be able to make sure the New Zealand Superannuation Fund will continue to perform well. The reason why I'm asking the Minister to explain this is because the Minister specifically mentioned in his interviews with the press that this bill will target the New Zealand Superannuation Fund. So my question that I hope the Minister will—[Time expired]"