Parata Hekia: Maori Trustee Amendment Bill — In Committee 
Parata Hekia: Maori Trustee Amendment Bill — In Committee 
[Volume:653;Page:2772] 
HEKIA PARATA (National) 
: 
 Mr Chair tena koe. Tena tatou katoa. I am delighted to rise and take a call on the Maori Trustee Amendment Bill as this is my first opportunity as a new member of the House to participate in a Committee of the whole House. I will address my attention to Part 1 and specifically to a couple of clauses within it. I would also like to make some general comments in support of this bill. 
First I would like to acknowledge the select committee that did all of this work and the approach from both sides of the House in attending to this important matter. The key reason for my support of this bill is that it symbolises the coming of age of a very old institution that has been a very important part of Maori development. The bill recognises the need for the Maori Trust Office and the Maori Trustee to be a stand-alone organisation and to be accountable transparent and disciplined in the manner that the functions of that office are discharged. Currently the Maori Trustee is an employee of a department of the State. The separation of the Maori Trustee from this ambiguous and confusing situation is a really important step away from the State’s constant oversight of all things Maori. The bill represents the long-overdue maturing of the State in terms of respecting the ability of Maori and those in charge of Maori assets to take responsibility for to organise and to direct those assets in the interests of the beneficial owners. I am delighted that the Maori Trustee is to become a stand-alone organisation. 
Similarly I am delighted that the bill will update some of the core processes and functions within the Maori Trust Office so that it may be comparable with other like trust entities. Maori beneficial owners may expect like other beneficial owners of trusts that they will be well treated that market conditions will apply and that there will be transparency and discipline in the way that the functions of the Maori Trustee are carried out. Clauses 9 9A and 9B set up a new appropriation account for funds received from the Crown. They also repeal the current sections 19 and 21 of the Maori Trustee Act which relate to the way that payments by the Maori Trustee can be made. Why are these changes necessary? It is because the Maori Trustee’s existing accounts had been set up for separate specific purposes that are set out in the statute. The setting up of a new appropriation account for Crown funding will provide transparency and will enhance accountability to the Crown and to the beneficial owners. 
As everyone in this House knows and is aware under this fresh new National-led Government there has been a focus on getting greater discipline within State departments and on ensuring that they are not oversubscribed in terms of the processes but do meet the best professional disciplines possible. This bill gives the opportunity for a very old institution to be brought into modern times. It recognises that banking procedures have moved beyond purely cheque accounts. It recognises that it is possible to take advantage of new banking instruments and to use the technology that is so much part and parcel of our very secure and stable banking system which has helped to provide a very strong and resilient foundation to Aotearoa New Zealand during these challenging times of recession. So the changes ensure that the Maori Trustee can operate a very contemporary practice and in so doing can provide a better and more professional service to the beneficial owners of the Maori Trustee. 
There are changes in clause 11 to the way in which income from the common fund is to be paid to account holders. Account holders will now be paid what the Maori Trustee receives less a management fee. Why are the current provisions being changed? At present the interest rates paid on funds held in trust are set by the Maori Trust Office Regulations 1954—from a time before I was born.