Trans-Tasman talks on corporate law changes

Press, 7 September 1989, Page 6

Trans-Tasman talks on corporate law changes

By

DAVE WILSON

A trans-Tasman conference of attorneys-general in Queenstown this week will look at strengthening the C.E.R. agreement by getting compatibility in corporate law. Changes to corporate law rather than Anzac frigates dominated the conversation last evening when Australia’s Deputy Prime Minister and Attor-ney-General, Mr Lionel Bowen, arrived at Christchurch.

He was met by the Prime Minister, Mr Palmer, and at a brief press conference' later the pair emphasised that legal matters rather than joint defence links had brought them together.

The Government caucus is expected to vote today on whether to accept participation in the frigates project, but Mr Palmer indicated he was not prepared to discuss the subject in advance.

“I will not be discussing the frigates with Mr Bowen,” he said. Mr Palmer, the former Attorney-General, said the isuse of harmonising corporate law was an important but overlooked aspect of the C.E.R. link with Australia. Mr Bowen said some

form of uniformity in corporate law would help trading and financial institutions in trans-Tasman dealings.

But he said the conference would not seek any commonality in criminal law.

The possibility of establishing joint commissions where mergers and takeovers could create a monopoly should be discussed.

Mr Palmer said C.E.R. had developed without any shared institutions to investigate the impact on both sides of the Tasman of substantial business deals. Mr Bowen said the sale of N.Z. Steel to Australian interests, which created a steel production monopoly in Australia, was an example of the desirability of a joint commission that could investigate benefits or problems from the point of view of both sides of the Tasman.