The Maori Council says it is too early to consider the idea of giving tangata whenua shares in state-owned enterprises - as redress over water rights.
The Waitangi Tribunal is considering evidence before hearing closing submissions from Thursday.
The urgent claim was filed by the Maori Council - sparked by the Government's proposal to sell up to 49% of shares in four State power companies, including hydro-plants.
Tania Ott of the Office of Treaty Settlement told the tribunal that shares in state assets may serve as redress to Maori, after she was questioned on the matter by the Tribunal.
Maori Council co-chair Maanu Paul says it is too early to consider that option.
He says what he wants from the tribunal is to recommend that the Crown sits down with Maori to talk about a way forward.