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Company law change bill drawn from ballot

NZ NewswireNZ Newswire 25/08/2016

Companies will no longer have to send hard copies of annual reports to shareholders if a member's bill that's been drawn from the ballot becomes law.

National MP Matt Doocey drafted the bill.

"It seeks to replace an outdated legal requirement for companies to send hard copies of their annual reports to shareholders with a requirement for companies to ensure the report is available on their websites," he said on Thursday.

"My bill not only reduces costs for companies but will also be beneficial to the environment by reducing the amount of paper that is being used for company reports."

The bill is expected to have enough support to be passed into law.

Labour says the bill is a waste of parliament's time.

"National is stacking the member's ballot with inconsequential bills that could easily be put into a Statutes Amendment Bill and be passed with the full support of parliament," said shadow leader of the house Chris Hipkins.

"They are doing this to prevent the opposition from getting bills drawn."

The are currently around 80 bills in the ballot, with roughly a quarter of them drafted by National MPs.

Two or three are usually drawn every second Wednesday parliament sits.

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