π’ Takeovers Panel
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[0] => The Takeovers Panel was responsible for enforcing the Takeovers Code, granting exemptions from the Code, and promoting public understanding of the law relating to takeovers. It was also responsible for reviewing how takeovers law applied to companies and recommended to the Minister of Commerce any changes to takeovers legislation it considered necessary.
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-
Takeovers Panel website, http://www.takeovers.govt.nz/ (accessed 18 February 2010).
-
Directory of Official Information - December 2009, Ministry of Justice website, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009 (accessed 18 February 2010).
-
Ministry of Economic Development website, http://www.med.govt.nz/ (accessed 18 February 2010).
-
The Official Website of the New Zealand Government, http://beehive.govt.nz/ (accessed 18 February 2010).
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[history] =>
Establishment
The Takeovers Panel was a body corporate established by the Takeovers Act 1993. Although the Panel was formally established in 1995 it operated on an informal basis before then, having been formed originally as an advisory committee in 1991.1 After its formation the Panel was involved in the development of the Takeovers Code, which came into force on 1 July 2001.
Functions and Responsibilities
The functions of the Takeovers Panel were:
- to keep under review the law relating to takeovers of specified companies and to recommend to the Minister any changes to that law it considers necessary;
- to keep under review practices relating to takeovers of specified companies;
- to investigate any act or omission or practice for the purpose of exercising its powers under the enforcement provisions of the Act;
- to make determinations and orders and make applications to the Court under the enforcement provisions of the Act;
- to promote public understanding of the law and practice relating to takeovers; and
- to co-operate and communicate with any overseas regulator information properly obtained by the Panel which it considers may assist the other regulator in the performance of its functions.2
The powers of the Panel were:
- to issue summonses and to take evidence on oath;
- to carry out inspections and obtain evidence at the request of overseas regulators;
- to make confidentiality orders;
- to authorise the Registrar of Companies to undertake inspections;
- to grant exemptions from the Code; and
- to enforce the Takeovers Code by: making determinations on whether a person is complying with the Code; issuing restraining orders and compliance orders; and applying for Court orders.3
Under the Takeovers Code the Panel has powers to approve independent advisers and appoint independent experts.
Structure
The Panel consisted of between five and eleven members who were appointed by the Minister of Commerce. The Minister appointed one member as the Chairperson of the Panel and another member as the Deputy Chairperson. At least one member of the Panel had to be a barrister or solicitor of the High Court of not less than seven years' practice. All other members had to be qualified or experienced in business, accounting or law.
Under the Securities Act 1978 (section 10 (e)) the Securities Commission was given the function "by agreement with the Takeovers Panel, to provide administrative and support services to the Panel".4
The Ministry of Economic Development was the monitoring department for the Panel and assisted the Minister of Commerce to oversee the Panel’s performance and how it is carried out its functions. It also administered appointment processes for new Panel members, helped to negotiate the agreement between the Minister and the Panel for the services or outputs the Panel provided, and dealt with any issues that related to funding for the Panel through the Government's Budget process.5
- Chairman's Review, Takeovers Panel Annual Report 2001, http://www.takeovers.govt.nz/publications/ann_rep_01/chairman.htm (accessed 18 February 2010).
- Directory of Official Information - December 2009, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009/alphabetical-list-of-entries-1/t/takeovers-panel (accessed 18 February 2010).
- ibid.
- ibid.
- Crown Entity Monitoring - Takeovers Panel, Ministry of Economic Development, http://www.med.govt.nz/templates/StandardSummary____401.aspx (accessed 18 February 2010).
Show History
Establishment
The Takeovers Panel was a body corporate established by the Takeovers Act 1993. Although the Panel was formally established in 1995 it operated on an informal basis before then, having been formed originally as an advisory committee in 1991.1 After its formation the Panel was involved in the development of the Takeovers Code, which came into force on 1 July 2001.
Functions and Responsibilities
The functions of the Takeovers Panel were:
- to keep under review the law relating to takeovers of specified companies and to recommend to the Minister any changes to that law it considers necessary;
- to keep under review practices relating to takeovers of specified companies;
- to investigate any act or omission or practice for the purpose of exercising its powers under the enforcement provisions of the Act;
- to make determinations and orders and make applications to the Court under the enforcement provisions of the Act;
- to promote public understanding of the law and practice relating to takeovers; and
- to co-operate and communicate with any overseas regulator information properly obtained by the Panel which it considers may assist the other regulator in the performance of its functions.2
The powers of the Panel were:
- to issue summonses and to take evidence on oath;
- to carry out inspections and obtain evidence at the request of overseas regulators;
- to make confidentiality orders;
- to authorise the Registrar of Companies to undertake inspections;
- to grant exemptions from the Code; and
- to enforce the Takeovers Code by: making determinations on whether a person is complying with the Code; issuing restraining orders and compliance orders; and applying for Court orders.3
Under the Takeovers Code the Panel has powers to approve independent advisers and appoint independent experts.
Structure
The Panel consisted of between five and eleven members who were appointed by the Minister of Commerce. The Minister appointed one member as the Chairperson of the Panel and another member as the Deputy Chairperson. At least one member of the Panel had to be a barrister or solicitor of the High Court of not less than seven years' practice. All other members had to be qualified or experienced in business, accounting or law.
Under the Securities Act 1978 (section 10 (e)) the Securities Commission was given the function "by agreement with the Takeovers Panel, to provide administrative and support services to the Panel".4
The Ministry of Economic Development was the monitoring department for the Panel and assisted the Minister of Commerce to oversee the Panel’s performance and how it is carried out its functions. It also administered appointment processes for new Panel members, helped to negotiate the agreement between the Minister and the Panel for the services or outputs the Panel provided, and dealt with any issues that related to funding for the Panel through the Government's Budget process.5
- Chairman's Review, Takeovers Panel Annual Report 2001, http://www.takeovers.govt.nz/publications/ann_rep_01/chairman.htm (accessed 18 February 2010).
- Directory of Official Information - December 2009, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009/alphabetical-list-of-entries-1/t/takeovers-panel (accessed 18 February 2010).
- ibid.
- ibid.
- Crown Entity Monitoring - Takeovers Panel, Ministry of Economic Development, http://www.med.govt.nz/templates/StandardSummary____401.aspx (accessed 18 February 2010).
- Takeovers Panel website, http://www.takeovers.govt.nz/ (accessed 18 February 2010).
- Directory of Official Information - December 2009, Ministry of Justice website, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009 (accessed 18 February 2010).
- Ministry of Economic Development website, http://www.med.govt.nz/ (accessed 18 February 2010).
- The Official Website of the New Zealand Government, http://beehive.govt.nz/ (accessed 18 February 2010).
- Crown Entities Act 2004
- Takeovers Amendment Act 2001
- Securities Act 1978
- Takeovers Code Approval Order 2000
- π DA345
- π Commerce (1) (1988 ‑ 1998)
- π Realm of New Zealand (1995 ‑ )