Nimon Katie; Willis Nicola; Tuiono TeanauKATIE NIMON (National—Napier): Look Mr Chair thank you for the opportunity. I think one thing that hasn't really been covered off which I think is quite important is the title and commencement of this bill. I think just one thing I want to point out particularly and there's another couple of points I want to make. Actually first before I do that I just wanted to say to my colleague Stuart Smith's point about what I call the perverse outcome I suppose with potentially not wanting to take on investment from the superannuation fund—if that was going to be disclosed—which I think is really important.One thing also to mention: Australia has great investment in transport and infrastructure businesses through this very protocol and so I'm really excited to see what this will do for our superannuation scheme for investment for people getting involved in KiwiSaver as well obviously resulting in the outcome of better investment and what that contributes to New Zealand. But I think just the question about obviously the New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Bill; I just want to be sure that obviously controlling interests" in parentheses that that is the best and clearest way that we can put that bill amendment forward.Then in the terms of commencement obviously with it being in its immediacy of being the day after the date on which it receives its royal assent if that gives enough time for those that are in the investment departments within the superannuation fund the Guardians of New Zealand Superannuation sort of aspect of that that they've got that time to be able to prepare themselves for what this means for their investment programme and how this might work from an administrative point of view.So really quite administrative questions but I think they are quite important. Something that we tend to get quite involved in in all of the clauses—particularly obviously with replacement section 59 inserted by clause 6 and the wording which is obviously vital but as we're talking about this in one full part I think it's important that we cover those off. Often those are the things we don't give enough thought to so if the Minister could answer this question.Hon NICOLA WILLIS (Minister of Finance): Well thank you. Look the question is about the date of commencement which is obviously quick in this instance. It's the day after the Act receives Royal assent. I'd assure the member that I met with the board of the New Zealand Superannuation Fund earlier this year—well members of the board—and mentioned to them the passage of this bill through the House and how pleased I was that it was being agreed to in a bipartisan way. The superannuation fund made clear to me that they are both looking forward to and prepared for its passage. As we have been discussing in the committee tonight they did think that it would open up the range of investments that they could make and they have obviously been thinking about this for some time.I think one of the issues that we haven't canvassed as much that they are prepared for and have been thinking about is that in the past even when they haven't entered an investment intentionally with a controlling stake they have had to be careful about some investments that they make on the basis that if one shareholder was to exit that investment or the nature of that entity was to change that they could inadvertently or accidentally become a controlling shareholder. So that has meant both some avoidance but also that they have had to have particular investment requirements and technicalities in a range of investments that they've made.I think that they would anticipate that there would be less of that kind of concern in the future. Of course they would continue to have to be prudent about the nature of any investment in any stake that they took but it is safe to say that they are very ready for this bill. They have waited patiently for it to become law and would welcome it becoming so. As to the title look it's not a very creative one but it says exactly what it does.CHAIRPERSON (Teanau Tuiono): Just for members' awareness I am listening for new material particularly for material that relates directly to the bill. I do note that that has been happening but we're down to the title and commencement so listening very very carefully."