Indian Newslink July 15 Digital Edition

JULY 15, 2016
02 HOMELINK
Vigilance against diminution of standards imperative
Sir Anand Satyanand
Many contemporary
descriptions
of Aotearoa New
Zealand focus on the
country’s natural beauty, its remoteness
and what is thought
to be the friendly character of
its people. These all add up to
presentation of a country which
is pleasant to visit as well as to
live within.
At another level, our country
has enjoyed a long unbroken
strand of continuing democracy
and an electoral system, now
in place for 20 years that ensures
participation by minority
groupings.
There is an approach exhibited
here towards the indigenous
Maori population that is characterised
by partnership rather
than conquest.
All of these above factors
tend to push to the background
the pervading importance of a
sound financial system, which
can sometimes be taken for
granted.
Reserve Bank tasks
For the past 80 years, the
Reserve Bank of New Zealand
(RBNZ) has husbanded the task
of keeping the economy stable
and people’s faith in it constant.
In the past 30 years, successive
governments have provided
the RBNZ with sufficient
powers and tools to ensure that
it maintains stability of prices
and control over inflation.
It is a matter of general
knowledge in the community
that every few weeks, in fact
seven times per year, there will
be an announcement by the
Bank expressing and settling the
Official Cash Rate. This is the
interest rate set by the Reserve
Bank to meet the inflation target
that has been specified in the
agreement it has with the government
of the day.
The rate influences more generally
the price of borrowing
money in New Zealand and thus
enables the RBNZ to influence
the level of economic activity
and inflation. Added to this, the
Reserve Bank has supervisory
powers over operation of companies
undertaking business in
banking, insurance and dealing
in finance.
Financial Architecture
It can be said that governments
need to provide the architecture
within which business
can function. It can also be
said that mechanisms like the
Reserve Bank ensure distance
between the two, but also control
and sanction when either of
the latter is called for.
In any examination of governance,
it is important to see that
the institutions are stable and
can withstand scrutiny for understandable
and fair practices.
The confidence of the busi-
ness community and the faith of
the public depend on this scrutiny
being thorough.
New Zealand has developed
over time, and in particular during
the past 20 years, an internationally
respected reputation
for accountability and transparency
of institutions which has
ensured, for example, a prominent
and positive placement on
the Corruption Perception Index
of Transparency International,
published since 1993. In a relatively
small country, comprising
268,000 square kilometres and
housing 4.6 million people with
a small economy, a GDP generating
$240 billion, this has required
continued activity by a
number of players.
Empowering Legislation
Parliament has its part to play
with empowering legislation
and the ability to conduct inquiries.
The Courts provide recourse
for criminal breaches to
be prosecuted or for civil claims
to be pursued.
Supervisory agencies such
as the Ombudsman and the
Auditor General are accessible
to the public for complaints
about maladministration and
wrongdoing to be brought to account.
The press plays an important
role in bringing to light
things which are inadequate or
have gone wrong.
There can be no guarantee of
Sir Anand Satyanand is
former Governor General
of New Zealand (August
2006 to August 2011) in whose
name we conduct the Indian
Newslink Sir Anand Satyanand
Lecture every year. He is
currently Chairman of the
Commonwealth Foundation,
London.
The Sixth Annual Indian
Newslink Sir Anand Satyanand
Lecture will be held on Monday,
July 25, 2016 at Pullman
Hotel Auckland. Reserve Bank
of New Zealand Governor
Graeme Wheeler will be the
Guest Speaker with Victoria
continuance and there has to be
maintained an ongoing attitude
of vigilance against diminution
of standards. Money laundering
and illegal practices can
flower easily if this vigilance is
not maintained. Central in all
of this, is the positioning of suitably
skilled and fearless holders
of public office to make sure
that standards are maintained.
Our country is currently well
regarded for operating on free
market principles in an open
way which provide pathways
for an agriculture based export
industry supported by manufacturing,
technology and services.
Long may all this continue.
University (Wellington) Professor
Sekhar Bandyopadhyay
as Master of Ceremonies and
Business Journalist Rod Oram
as the Summation Speaker.
The formal, Black Tie event
includes Cocktails (from 630
pm to 730 pm), Dinner and
Speeches. Tickets priced at
$150 plus GST per person
(tables seating ten persons at
$1500 plus GST) are available.
For registration and more
information
Please call (09) 3910203 or (09)
5336377
Email:
editor@indiannewslink.co.nz
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KIRKBRIDE EAST
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