Crown Entities Act 2004

Establishment and governance of Crown entities - Crown entity companies - Appointment and removal of members

90: Members must disclose interests before appointment

You could also call this:

"Tell the Ministers about your interests before joining a Crown entity company"

When you are going to be appointed as a member of a Crown entity company, you must tell the shareholding Ministers about any interests you have that might affect your work with the company. This includes anything that could be worth money, and you must do this before you are appointed. You need to disclose all your interests, even if you think you might have them in the future.

If you do not disclose your interests, the board of the Crown entity company must tell the shareholding Ministers as soon as they find out. They should do this as quickly as possible after they become aware that you did not follow the rules.

There are some rules in the Companies Act 1993, such as sections 139 and 140, that do not apply to you until after you are appointed as a member of the Crown entity company.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM330331.


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Part 2Establishment and governance of Crown entities
Crown entity companies: Appointment and removal of members

90Members must disclose interests before appointment

  1. Before a person is appointed as a member of a Crown entity company, the person must disclose to the shareholding Ministers the nature and extent (including monetary value, if quantifiable) of all interests that the person has at that time, or is likely to have, in matters relating to the Crown entity company.

  2. The board of the Crown entity company must notify the shareholding Ministers of a failure to comply with subsection (1) as soon as practicable after becoming aware of the failure.

  3. Sections 139 and 140 of the Companies Act 1993 do not apply until after the member is appointed.