Yule LawrenceLAWRENCE YULE (National—Tukituki): Thank you to the Hon Damien O'Connor for his call. I think—just to go back to a question I asked previously which I'm going to restate—my question was not around whether the health and safety Acts were complied with; my question was around whether in fact under the rewording of new section 41AE(b) inserted by clause 8 and the striking out of the Maritime Transport Act all the relevant provisions as was talked about by the New Zealand Law Society were now complied with. It was not about whether the Health and Safety at Work Act was complied with; it was about whether there was total consistency with this change and the health and safety Act now that the Maritime Transport Act has been removed. So I would ask the Minister whether he could try and answer that question. It's probably a simple yes or no answer but at this stage I'd just like to understand whether that's the case.I also wish to talk briefly on the comment the Minister made about gaming and around the fact that the Minister has some discretion under the compelling reason clause. One of his views and his comments was that there is a compelling reason if the Minister doesn't know or if the entity doesn't know. I think the issue that was raised by Jonathan Young which I strongly agree with was that sometimes power and control changes particularly in the sharemarket for a whole lot of commercial reasons. I think the Minister and this Parliament need to be careful that we do not detract from value-based decisions that are made on behalf of entities and shareholders because somehow they're going to be trapped later on by this call that they didn't get prior advice on.The issue I challenge the Minister with—or ask him to respond to" is probably a better term—is: if in fact it is known to people and to the market ahead of time that this type of thing is going on or that there could potentially be a change in control then that ultimately will get reflected in uncertainty in the market and then in the value for all the various parties who may be current shareholders or future shareholders. So I think all we're trying to get to is if the Minister—and I haven't seen the version of what a compelling reason is but whether it's a valid definition or not the issue that we're trying to raise is that sometimes control of an organisation changes at very short notice. If you give people a whole lot of notice or you give people a whole lot of information ahead of that time the mere fact of that information being known has a fundamental impact on shareholder value and therefore share prices.I think what we're trying to get to is to make sure that if there are commercial transactions that occur in a public entity like through a sharemarket they are somehow done in an orderly way that means that approval can be obtained late. I notice in the Ministry of Business Innovation and Employment report as it was originally written that they did consider the terms too harsh. There have been some changes to what is suggested now and we support those but in reality we know how markets work. We can sit in this committee and we can make decisions but at the end of the day there will be value associated when these transactions occur and what this side of the committee and what I'm suggesting is that we need to be very clear that we are not undermining or compromising commercial transactions or value.I accept there is a fine line between that and gaming but there could be consideration given to specifying in more detail the provision that relates to publicly listed companies and the sharemarket and changes of control that might occur in that way. Without that it is my view that there could be a distortion in value and market share prices. I would like the Minister to further explain to me that it is a compelling reason—the fact that nobody knew this was going to happen before that day—because if that is in fact the case then I think it should be spelt out in more detail.As I've said previously we support this legislation; we're just trying to make sure there aren't unintended consequences of what's going to occur here. In particular my contribution at this stage is really around publicly listed companies and a degree of change and control in the sharemarket."