Government share offer announced

The Government has announced that an initial public offering of up to 49 per cent of Mighty River Power, which was planned for later this year, will now go ahead between March and June next year, market conditions allowing.

Claimants to the Waitangi Tribunal raised concerns that the partial share of Mighty River Power would make it more difficult for the Crown at some point in the future to recognise Maori rights and interests in water.

The Government’s position on water rights is consistent and clear - in common law no-one owns water, and the minority sale of Mighty River Power does not impact on the Crown’s ability to address local Māori claims to rights and interests in water.

Ministers carefully considered the tribunal’s report and decided that the right thing to do at this point is to undertake a short period of consultation with relevant iwi on one aspect of the Waitangi Tribunal’s report, described as “shares plus”.

Despite the delay, the Government is firmly committed to the share offer programme.

By taking the time to consult with iwi, we will also be able to provide potential investors with more certainty and confidence as to the timeframe for the share offer.

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