Russell DeborahHon Dr DEBORAH RUSSELL (Labour): Thank you Mr Chair. We're still working our way through Subpart 3 of Part 2 and I've just noticed really that we've done a lot of talking around the Commerce Commission's powers and levies and so on but we haven't really talked about the actual information that has to be supplied. So we haven't paid a lot of—in fact we've paid no—attention to clause 37 at all and the actual information that a water services entity can be required—Hon Rachel Brooking: Are you going to fix that problem?Hon Dr DEBORAH RUSSELL: —to hand over to the Commerce Commission. And yes. Thank you Hon Rachel Brooking. I am going to fix that problem. So I looked through the list of information that's going to be required. It looks pretty standard but there is some stuff that I would like to clarify. It should only take one call or maybe a little bit of a second one. We'll see how we go.Look the first one for the Minister is clause 37(3)(a) where obviously it says well financial statements". But the obvious question here is: are these audited financial statements? I'm assuming that there would have been some audit process and perhaps that—it would be interesting to know if they are going to be audited financial statements. That might be quite relevant when it comes to the projected financial statements as well because it's not just financial statements that are required but also projected financial statements. Now they would need to be subject to some kind of testing some kind of review to ensure that they are fair and accurate financial statements. So I'd be interested to know if that's sufficiently well specified just by saying "financial statements" and "projected financial statements" or whether that particular phrasing gives sufficient scope to the Commerce Commission to say "Actually they need to be audited financials." So I'm sure that's a very straightforward question but maybe it does need to be specified in the legislation itself. Yes I could do that too Minister. So that was the first question I wanted a little bit of clarification on.Now running down the list some of those things will just be subject again to audited statements like asset values and valuation reports or the asset values would again come through financials valuation reports so there'll be registered values and so on. So some of those are quite straightforward. But then going to subclause (3)(e) "transactions with related parties:"—now that's a fairly obvious one that we'd want disclosure on. But what would be interesting to know there is which standard are we using for measuring those related parties? We know there are lots of different related party rules through lots of legislation. There will be a specific set of rules that apply to this definition of "related parties". It would just be good to get an understanding for a determination or something like that of whether it's some particular standard that's being referred to there for the related parties and what entities that might entail. I can imagine for a water services entity it might be something like the relevant regional council or the relevant territorial authority. But what other related parties might be involved there as well—and of course the the transactions with them?Now this one I want to talk about a little bit is something which I'm sure will appeal to the Minister in the chair knowing as I do that he does enjoy words and appalling puns really. That was a compliment Minister a compliment.Hon Rachel Brooking: Dad jokes.Hon Dr DEBORAH RUSSELL: Dad jokes the "Minister of Dad Jokes".CHAIRPERSON (Greg O'Connor): That's not disorderly!Hon Dr DEBORAH RUSSELL: Clause 37(3)(i): the word "quality" is puzzling me. So it says "quality performance measures and statistics:" Now being someone who plays around with ambiguity and words myself does this mean "measures of performance quality and statistics" or does it mean "performance measures that are quality performance measures because they are high quality and statistics of high quality"? Now frankly if I was writing this piece of legislation I would just clarify that a little because in the phrase "quality performance measures" that adjective "quality" could apply to the "performance measures".Hon Chris Penk: Yeah.Hon Dr DEBORAH RUSSELL: Yeah the Minister gets it. I knew that the Minister would get the particular little wrinkle there but I want to hear his response on this. And if he can work in a pun or two that would be interesting. [Minister leaves the chair] But I think there is a simple solution there and perhaps I might actually put it in an Amendment Paper but I have to write it very quickly of course but "statistics and quality performance measures" or—[time expires]Hon Members: Mr Chair! Mr Chair!Hon Dr Deborah Russell: Mr Chair I have one more point and it will be brief.CHAIRPERSON (Greg O'Connor): One more point. Hon Deborah Russell you may continue while the Minister settles down.Hon Dr DEBORAH RUSSELL (Labour): I will. I'll leave that "quality performance measures and statistics" alone now. And I do want to go to just one other subclause in clause 37. That's subclause (5) and it says "A determination may … (a) require disclosed information … to be verified by statutory declaration:". Now that's quite interesting. That's quite a high level of affirming that information is correct. I guess it's a little bit akin to having audited financial statements or so on. It's presumably something which the Commerce Commission uses reasonably regularly saying that some information has to be verified by a statutory declaration. But that caught my eye and I wondered why it requires a statutory declaration for information that is to be disclosed by a water services entity. It seems like quite a high standard of verification but I'm sure there will be a reason for that. So that is a series of questions around the actual content of the determinations and I'm sure that the Minister will have some answers for them.CHAIRPERSON (Greg O'Connor): I'm just considering at the moment all members that are standing up. I've been watching this debate for some time. There will need to be some quite new information and new lines of questioning here. It has been going for some time this Part 2."