SpeechNAISI CHEN (Labour): Thank you Madam Speaker. It is a great pleasure to rise and take a call on this wonderful bill shepherded to this House by a wonderful MP for New Plymouth my good colleague Glen Bennett. It's great to have an equally good select committee—the Governance and Administration Committee—to have this bill come through our select committee as well.When I first started reading the background notes to the Perpetual Investment Fund (PIF) for the New Plymouth District Council I was brought back to my days when I sat on the board of Foundation North. Of course spot the similarities I guess as both of these organisations administer what we call a perpetual investment fund. So in terms of perpetuality when we talk about investment funds it's making sure that the earnings that we get we don't just spend it we don't spend the base money but we also invest it back into the fund so that that money can be reinvested. We used to use financial instruments like the stock exchange we used to go on to Wall Street and buy all the shares and any sort of way that we can get profit from we get it back into the actual starting pot of the money so that there is actually money for the future. And that's actually geared for inflation as well so that inflation doesn't rot into the actual value of the starting-out fund.So being able to responsibly look after the money that is on behalf of the benefactors—in this case it's the people in the New Plymouth district and so it's really important. I'm really pleased that this bill actually safeguards a lot of the perimeters that we have in that respect in just making sure that all the fund that is gained from PIF is actually used for current and future communities of New Plymouth as defined by the actual physical boundaries but also making sure that the financial managers which they can from time to time or continuously engage with actually have best-practice investment decisions. So making sure that there is due diligence being done on those who actually manage the fund those who do the investment and the way that they actually look after the money is all in the best interests of the people of New Plymouth.It's really great to also see just once again that good governance theme come through this afternoon in making sure not only is the money there and it was through the sale of Powerco but also making sure that those who look after it go through the right steps. So we've strengthened it through this bill but also making sure that in the future as people come in as guardianship of this pūtea that they will continue to enable this pūtea to do good things for their communities and for the purpose in which this fund was set up.I was also just reading a little bit more into the organisation and I guess you could say the ambition that the New Plymouth District Council had for this fund. Not only can we see that it's already benefited the taxpayers by forking up a percentage of their taxpayers' bill but also making sure that if in the future they want to look at other different projects to invest in the community to make sure that it truly delivers for the region around New Plymouth and making sure that there are actually benefits tangible benefits that this fund will bring. In order for the people of New Plymouth to actually enjoy these tangible benefits we have to make sure it's a long-term focus—that it's a future-looking fund as well.So today here in this House we set strengthened the perimeters of those rules in making sure that we prevent from things like the global financial crisis (GFC)—and reading back into the history of this fund we know that there were a couple of tricky years in the GFC where investments were being sold off and the actual the pot of money was being slowly eroded away. I think back once again to my days on the Foundation North board as well where we were told to sit tight. So good financial advisers will give you great strategy to weather those storms in the financial market. And so by having the strength that we have right now in this bill—that will no doubt come into force because I think we've got the support of both sides of the House—we'll be able to ride those storms and we'll be able to see that future generations all benefit from this pūtea.So once again congratulations to my colleague Glen Bennett for bringing this bill to the House and I commend this bill to the House.