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Crown Entities Act 2004

Crown entity reporting and financial obligations - Reporting obligations - Multi-parent subsidiaries: exemptions from reporting requirements under this subpart

157A: Other multi-parent subsidiaries

You could also call this:

"Companies with many parent companies: special reporting rules"

Illustration for Crown Entities Act 2004

If you are part of a company with many parent companies, this law applies to you. You do not have to follow all the rules in this part of the law, except for the rules in this section. The Minister of Finance can ask you to prepare some statements or reports, which are defined in section 156A(4), by sending you a written notice.

The Minister of Finance must tell you which statements or reports you need to prepare and for which years or periods. Before asking you to do this, the Minister must think about what your company does and talk to the ministers responsible for your parent companies. The Minister must also be sure that preparing these statements or reports will help the public understand what your company is doing.

If the Minister of Finance asks you to prepare statements or reports, they must do so in a written notice, and they can ask you to do this for a certain period of time or until they say otherwise. This law is different from section 157, which applies to other companies with many parent companies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6178906.

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Part 4Crown entity reporting and financial obligations
Reporting obligations: Multi-parent subsidiaries: exemptions from reporting requirements under this subpart

157AOther multi-parent subsidiaries

  1. This section applies to a multi-parent subsidiary other than a multi-parent subsidiary to which section 157 applies.

  2. The multi-parent subsidiary need not comply with this subpart except as required under this section.

  3. The Minister of Finance may, by notice in writing, require the multi-parent subsidiary to prepare 1 or more statements or reports (as defined in section 156A(4)).

  4. A notice must specify—

  5. which statements or reports are required; and
    1. the financial years or other period (which may be until further notice) for which each statement or report is required.

      1. Before issuing a notice, the Minister of Finance must—

      2. consider the operations and functions of the multi-parent subsidiary; and
        1. consult the responsible Minister for each parent Crown entity of the multi-parent subsidiary; and
          1. be satisfied that each statement or report is necessary or desirable to enhance public accountability of the multi-parent subsidiary.

            Notes
            • Section 157A: inserted, on , by section 68 of the Crown Entities Amendment Act 2013 (2013 No 51).