Chapman Tripp

Each of our offices has held events to raise funds for the Breast Cancer Foundation during International Breast Cancer Awareness Month. Check out Breast Cancer Foundation NZ page for ways that you can get involved throughout the month as they have a number of options on offer, from yummy food partnerships to gifts that raise awareness, educate and save lives. 

The Fast-track Approvals Bill has been trimmed of some of its more contentious elements as a result of the select committee process, although not enough to win over Labour, the Greens and Te Pati Māori – each of which has delivered a dissenting view. Whether the modifications will ensure the regime’s survival under a change of government will depend on how it performs in practice and in the court of public opinion – whether it is able to deliver infrastructure and development projects efficiently, without political taint and within acceptable environmental limits. We note that the Government is expecting a high volume of applications to be processed (between 50 and 100, with a median of 80) in each of the first three years, with levy costs in the range of $124,000 to $214,500 per application, including the referral and substantive consideration phases. We summarise the key recommendations as they appear in the committee’s report.

Chapman Tripp welcomes the decision, announced yesterday, to replace the existing three anti-money laundering supervisors with a single agency, the Department of Internal Affairs. Our submission in 2016 on Phase Two of the regime was that a unitary, appropriately resourced and dedicated agency should: create significant compliance efficiencies; allow for consistent messaging, guidance and approaches to exemptions; and streamline the exemption application process. There will still be a number of arms of government involved in AML/CFT functions, including the Ministry of Justice, the Financial Intelligence Unit of the New Zealand Police and New Zealand Customs Service. A move to a single supervisor should help streamline the coordination process between these agencies and provide greater efficiencies. The new levy structure, which will partly fund the new supervisory model, will need careful thought, and the industry will have a keen interest in the extent of the levy and its impact on the cost of doing business. To discuss this development please contact any of our experts.

Chapman Tripp is pleased to have advised Auckland Airport on its contract with Hawkins Limited for construction of a new domestic jet terminal building. Expected to be completed in 2029, and valued at approximately $800 million, this will be the major structure in the airport’s terminal integration programme which will provide resilience and capacity to support the future of travel through the airport. Chapman Tripp has advised on all aspects of the project, including assisting Auckland Airport to enter into various early works arrangements, civil works packages and other key packages including the procurement of a new integrated baggage system. The team was led by Partners Hamish Bolland and Kylie Mutch, with support from Partner Sam Holden and other team members Meika McHardy, Max Williams, Andrew Smylie and Gianna Fava. Click the link below to read more.

We are delighted to be sponsoring the NZ Private Capital Conference being held this week in Queenstown. Our experts Josh Blackmore, Tom Jemson, Joshua Pringle, Alex Franks, Jeremy Gray and Jayne O'Connell will be attending and look forward to connecting with other attendees. Please reach out to them if you will be at the conference and would like to catch up.  

This week, Partner Tim Tubman is attending the International Bar Association Asia Pacific Mergers & Acquisitions Conference in Japan. Tim is looking forward to connecting with legal professionals and building valuable international networks. If you are attending and would like to meet up, please get in touch with Tim.

Today, our climate-related disclosure experts Nicola Swan, Alana Lampitt, and Kate Wilson Butler are presenting as part of INFINZ’s master class - CRD: Quantifying the Financial Impacts of Climate Change, which aims to give practical guidance for directors and CFOs implementing the next stage of the Climate Standards. Nicola Swan and Alana Lampitt are facilitating a session on the role of the CFO and Finance teams in managing the legal and commercial risks associated with forward-looking statements, transition plans and risk management and quantification obligations in the Climate Standard – both in Year 1 and beyond.                                                  Kate Wilson Butler is chairing in a panel discussion which will explore how CFOs and their teams can support the evolution of climate disclosures over time, and the key role CFOs have in ensuring sustainable outcomes for their business. Please reach out to our experts if you have any questions about these topics.

It was great to have our finance experts, Sarah Jackson and Luke Ford attend the Financial Services Federation Conference in Auckland today. Sarah teamed up with other industry experts Andrew Suggate and Katie Rawlinson to dicusss what they see as the most pressing upcoming regulatory and compliance issues, the fishhooks and how businesses can prepare. Feel free to reach out to Sarah if you have any questions on this topic.

In recognition of World Menopause Day, last week we hosted menopause specialist, Dr Linda D. from Menodoctor, who shared an engaging session with our people. We are committed to being a supportive workplace and are proud to open the dialogue around menopause and perimenopause, and better equip our people to understand themselves and/or their colleagues, whanau and friends.

It was fantastic to host the Wellington event in this series, and hear Mark Gough’s international insights on, and tools for, integrating natural, human and social capital alongside financial capital in business decision-making. This provides helpful guidance for entities looking to respond to nature-related financial risk as described in our 2023 legal opinion (link below). Thanks to Sustainable Business Council NZ and External Reporting Board for presenting this important conversation. https://lnkd.in/gNgzQz4T