McClay Todd; Clark DavidHon TODD McCLAY (National—Rotorua): I thank the member for that. In fact my Supplementary Order Paper is very specific. It doesn't deal with all of those. Of course he mentioned Air New Zealand. Air New Zealand's already on the stock exchange and it actually wouldn't be deemed under the scope of the bill to be covered anyway because it's not a lender or borrower or insurance company. But there are five that I have mentioned here. So it's not all; it's Crown financial institutions.If we take the example the Minister's just given of investors wanting to know about any liability or effect that climate change might have upon the investments or conduct that a business has an issuer or a lender well the New Zealand Superannuation Fund or ACC corporation whilst they're Crown entities are actually not owned by or benefit the Government. They are taxpayers. They are New Zealanders. If it is good enough for the private sector to have to meet these requirements then it should also be good enough for like-minded or similar or the same entities that are Crown financial institutions the Super Fund or the ACC to also be covered.The point that we're making here is—and I agree with him—too much red tape bureaucracy is a cost. His Government is bringing this forward and saying to the private sector that they must do this but there are entities that are the same and if they are covered by the scope of $1 billion or the $60 million—everything else that's in here—then they too should have to comply. If a Minister wants them to go further they get to instruct them to do that. Although in the case of the New Zealand Superannuation Fund or ACC there is some direction but there is independence when it comes to investment unless a law is passed in this Parliament. They get to decide what the investment is. If the Government doesn't like the way they're investing they can change the board but they don't get to sit there and decide upon every single investment. They can ask them to do levels of reporting I suppose or bear things in mind each year but actually they don't get to do it by statute—and this is statute.So we're saying to the private sector to a bank or an insurance company You must do the following things because of climate change and to see the impact of climate change on your company—not your activities but on your investments and the liability perhaps or the effect it might have in the future." If it's good enough for them why not the Superannuation Fund or ACC because in the end to the investor or the taxpayer they are the same. If there is a requirement and if the Minister says he thinks that the private sector investors will ask more in the future of private companies in as far as climate change is concerned well I guess the New Zealand public doesn't get to do that as taxpayers unless the Government wants to. But the Government can only go so far because this statute this piece of legislation won't apply. I have other interventions but I'll allow the Minister to respond.Hon Dr DAVID CLARK (Minister of Commerce and Consumer Affairs): I'll spell it out perhaps as clearly as I can. The four Crown financial institutions that have more than a $1 billion of assets under management which are the ones the member's referring to will be required to make climate-related disclosures. The decision's being implemented through letters of expectation and I give the member my undertaking that this Government will implement that. If ever in the future he and his members were on this side of the House I would anticipate they would do similarly because this is the rhetoric he is putting forward—that he thinks they should be making those same disclosures.So rather than broadening the scope of this legislation which is quite specific ACC New Zealand Superannuation Fund Government Superannuation Fund Authority and the National Provident Fund will be required through the letter of expectation process that Ministers have legislatively to use to make climate-related disclosures. Further I give him an undertaking that if the Earthquake Commission fund reaches $1 billion it too will be required through the letter of expectation process to do the same thing. This is the direction of travel."