Court Simon; Bennett GlenSIMON COURT (ACT): Thank you Mr Chair. Look the ACT Party supports this bill. We believe that local government should be able to use their assets as they see fit and that where they have adequate democratic accountability for the use of their assets—whether they be financial or physical assets like the three waters—then that should be up to a democratically elected council and their officers to determine how those assets are managed. I want to ask the member a couple of questions about how the fund is managed. Clause 7 lists two principles to govern how this would be achieved. The fund will be used for social economic environmental and cultural wellbeing" and that's fantastic because of course wealthy societies are able to afford to invest in social infrastructure whether it be swimming pools or libraries or childcare centres. Of course wealthy societies are also able to invest in environmental outcomes so that's laudable.But I'm interested in the concept that the fund should be managed with the intent of maintaining or increasing the real value of its capital and I'm interested in the member's perspective: would the member be comfortable with the fund investing in oil and gas production; or mining including seabed mining; or offshore wind for example—all of which have an environmental effect but which generate great wealth and add to New Zealand's economic and social potential?GLEN BENNETT (Labour—New Plymouth): The Perpetual Investment Fund (PIF) the PIF Guardians Limited they sit at arm's length. That's not I guess within my remit or requirement to do that. I'll note to the member that yesterday I think the South Taranaki District Council actually came out very loud and clear against seabed mining which was an interesting thing for elected members to do. In terms of when it comes to this fund that is completely at arm's length from the elected members to decide. They have their own policies and internal decisions to be made and we will trust for them to do the right thing. I will note that I think as we look to the future green investment often is something that has been looked at more and more whether you look at the New Zealand Superannuation Fund which I know is looking at offshore wind options. So obviously it's a space in that clean energy which is profitable and has a future. So I'm comfortable with the guardians doing what they see fit to ensure that the fund continues to build and grow.SIMON COURT (ACT): I'm wondering if the member is aware that—of course there is potential for offshore wind investment to deliver clean energy and return a profit on the investment for the shareholders. But is the member aware that even though the Government's professed its support for this type of technology that in fact there is no form you can fill out to apply for an offshore wind farm in New Zealand; that the Ministry of Business Innovation and Employment—the agency responsible for that—hasn't developed the regulatory structure? So while we appreciate that the fund could be used for that is the member aware that there's actually no way we could do offshore wind in New Zealand yet because the Government that he's a member of hasn't designed the regulatory system?CHAIRPERSON (Greg O'Connor): I'll allow the member to answer that although obviously it's off the topic of the bill.GLEN BENNETT (Labour—New Plymouth): Yeah that's what I was going to say Mr Chair. It feels very off topic and as an ACT Party I'm not sure if you've actually read the bill. But it's worth coming to have a look at and what the bill is actually about. If you want to politicise it and play games that's fine. But that's actually not what the bill is about. SIMON COURT (ACT): I'm interested in the independent financial management. The member mentioned that the guardians do operate at arm's length from elected members and that sounds like a perfectly reasonable approach to take. Are there any environmental social—what's the G? Can anyone remind me what the G is of ESG? No. Hon Stuart Nash: Governance.SIMON COURT: Governance. Thank you Mr Nash. You see it's so hard to get your head around all the acronyms that tell people what a kind cuddly friendly investment is compared to one that actually makes money—it's hard to keep up. I don't know what DEI means and I'm struggling with ESG but would the member be concerned if the fund was to invest in businesses or activities related to oil and gas exploration or mining?GLEN BENNETT (Labour—New Plymouth): I will remind the previous speaker that that's I think steering away from what this bill is about. This is around ensuring the perpetuity of this piece of legislation. If you want me to go there and speak around what the New Plymouth Perpetual Investment Fund Guardians—I know Mercer is one of their agencies that they deal with of course so they're always being investigated and looked into. I have no concern neither is it my concern to concern myself in those kind of discussions.Parts 1 and 2 and clauses 1 and 2 agreed to.House resumed.CHAIRPERSON (Greg O'Connor): The committee has considered the New Plymouth District Council (Perpetual Investment Fund) Bill and reports without amendment. I move That the report be adopted.Motion agreed to.Report adopted."