Foss Craig: New Zealand Guardian Trust Company Amendment Bill — Second Reading Third Reading 
Foss Craig: New Zealand Guardian Trust Company Amendment Bill — Second Reading Third Reading 
[Volume:675;Page:14416] 
CRAIG FOSS (National—Tukituki) 
: 
 I rise to speak in rather unusual circumstances. It is the first time I have spoken in a combined second and third reading of a bill—the New Zealand Guardian Trust Company Amendment Bill 2007. I know that we are allocated normally 10 minutes for the second reading and 10 minutes for the third reading but as Mr Groser recently said I would struggle. On a bill that takes probably 3 or 4 minutes to read it is hard to speak for a combined 20 minutes. However I acknowledge the previous speaker Dr Pita Sharples who brought a whole raft of new material into the debate on this bill. I listened with interest and I also acknowledge that we were hosted by his iwi the other day and had a very very enjoyable time. I acknowledge the Hon Judith Tizard and the background that she gave recently to the private bill in her name. It covered all aspects and I thank the Minister. 
On Tuesday we received the message from the Governor-General to facilitate this bill through the House—a speedy passage—and I think we should also acknowledge the Business Committee for making this happen. I acknowledge the sentiments of the previous speaker in regard to the time that we are spending on this bill. Yes they are technical matters and yes they have to happen but in a legal sense there are much larger issues that the House could be debating. 
There is one part of this amendment bill that grates with me—though I appreciate and understand the reasons for it—and that is the retrospective nature of the bill. It legitimises the formal ownership of the Guardian Trust with the Promina Group back to 20 March 2007. That retrospectivity grates with me. I fully understand and appreciate why that is and in a legal context we could argue about it forever but this Parliament should get its act together and predict and have a schedule of bills that will mature rather than coming to a crisis point as in this instance—I guess it is not a crisis but we are doing something retrospectively. Let us try to do something proactive. 
That brings me to the point that the previous time this bill was before the House— 
Hon Judith Tizard 
: It’s hardly a crisis. 
CRAIG FOSS 
: —and I would appreciate the honourable member hearing me out as I politely listened to her history lesson on this bill—not only the National Party in its minority view but also the entire committee noted that in 2001 the Minister of Justice informed the previous Commerce Committee that such a review would be undertaken by the Ministry of Justice and completed by mid-2003. That review is now long overdue. That was at the previous time this matter was before the House. I am not here to score petty points or anything like that but I think this Parliament certainly needs to look at its processes procedures and priorities. 
I am a member of the Finance and Expenditure Committee and we had quite a discussion about perhaps having a generic bill to avoid having to bring a bill like this to Parliament every time a trust wanted to change some definitions its name etc. We got quite excited about the prospect of a bit of a legislative burn-up and we were going to make a change. Sadly the officials won on the day and basically told us that it simply could not happen but I would quite like to take up that challenge in about 9 months’ time. 
I noted the honourable member’s background and it was quite hard to keep up with the changes. I have to declare an interest because I probably had some relationship with the Royal and SunAlliance group in 1993—I think I did so I will put that on the record as I speak about the new company. 
I thank the Finance and Expenditure Committee for its cooperation and the eminent common sense it applied in getting this bill through when the Commerce Committee did not. I make one further point that is noted in the explanatory note. It is true and fair for all stakeholders investors and policyholders to know and understand totally—and to have the backing of this institution—that all the definitions as they understand them are correct and are backed up by legislation. As we have seen recently in the financial crises around the world many huge organisations such as banks insurance companies reinsurers etc. have suffered major financial losses—in some instances to the surprise of their shareholders investors and policyholders—when they were not able to access full and total information or perhaps they were led up the garden path in some instances. I do not for a moment suggest that that is what is going on here. 
I go right back to the start and say that yes we fully support this bill and the speeding up of its passage through Parliament with a combined second and third reading. It should be encouraged. National supports this bill. 
Bill read a second and a third time.