25 Feb 2010

Status quo to remain on filing for private companies

5:56 pm on 25 February 2010

The Government has confirmed that large private companies will not be asked to file their financial statements with the Registrar of Companies.

Commerce Minister Simon Power says the arguments against large "non-issuer" companies filing with the Registrar outweighed those in favour, and so the status quo will remain.

He says arguments against filing include the need to respect privacy and commercially sensitive information.

Business New Zealand describes the move as sensible. Chief executive Phil O'Reilly says the proposal was prompted by a desire to achieve consistency with Australian law.

But Mr O'Reilly says many Australian companies were granted exemptions, making consistency less desirable.