Citizens and residents of New Zealand should have more opportunities for investment and our Stock Exchange needs to get bigger and better, one of the most significant advocates of good corporate governance has said.
BusinessNZ Chief Executive Phil O’Reilly said that public undertakings are as important as private companies for economic growth.
“They are also important for creation of job opportunities and increase in income. Ownership in such companies will boost capital, encourage small investors to become owners and improve the listings on the New Zealand Stock Exchange,” he said, speaking at the Indian Newslink Sir Anand Satyanand Lecture held at Stamford Plaza Hotel on Monday, July 30, 2012.
He said New Zealand should address the challenges of the times and consider ways and means of using its competitive advantages appropriately to get ahead in a competitive world.
In an obvious reference to the Government’s proposal for partial sale of shares in State-Owned Enterprises (SOEs), Mr O’Reilly said that creation of appropriate avenues for investment was an important aspect of boosting confidence among the so called, ‘mum and dad investors.’
“Paucity of opportunities forces people to invest in finance companies, the failure of many of which has hurt them as well as the economy. A need therefore exists to assure small investors of the safety of their money. Risk Management is a part of Good Governance,” he said.
Good for all
According to Mr O’Reilly, Good Governance is imperative not only for governments and companies but also for individuals.
Former Governor General Sir Anand Satyanand, in whose name the Lecture has been established, said that it was important to focus on issues related to good governance in New Zealand and its businesses.
“New Zealand is proud of the position it holds on calibrations such as the ‘Corruption Perception Index,’ issued by Transparency International. As a country however, we can ill-afford to be complacent about occupying a position at the very top of the Transparency Survey. There is an obligation on business and government to maintain high standards of accountability, transparency and good governance,” he said.
Failures hurt
Labour MP Dr Rajen Prasad said that the failure of companies such as Enron, Satyam, Cadbury’s Wal-Mart, Xerox worldwide and South Canterbury Finance and many others in New Zealand were pointers to the need for Corporate Governance.
Barrister Brian Stephenson was the Master of Ceremonies at the Lecture, which was attended by Sir Anand, Lady Susan Satyanand, India’s High Commissioner, Avanindra Kumar Pandey, Members of Parliament, Manukau District Court Judge Ajit Singh, members of the legal profession and business leaders. Another report appears on Page 2.
The picture (taken by Narendra Bedekar at the Lecture on July 30) shows (from left) Prem Prasad, Ravin Lal, Winston Peters, A K Pandey, Phil O’Reilly, Julie Ann Genter, Chad Wilkie, Dr Rajen Prasad, Lady Susan Satyanand, Sir Anand Satyanand, Russel Norman, Brian Stephenson and Dr Vanessa Beavis.
