Monday, November 26, 2007

Helen Clark and Jenette Fitzsimons knee deep in Windflow Technology conflict

Helen Clark, the Prime Minister of New Zealand, continues to have a problem with separation of her job from conflicts of interest and possible conflicts of interest.

Apart from the numerous personality, and socio-political conflicts she has in her day to day activities the topic up for discussion here is her and her Government's numerous conflicts of interest with the business world.

We have had recently Clark herself, Micheal Cullen and other Government Ministers interfering in Air New Zealand by making public statements that have affected the share price of the airline, likewise she and her Ministers erred again in 2006 when making inappropriate comments, on several occasions, about Telecom New Zealand that lost shareholders 100s of millions of dollars.

Most recently we have had Winston Peters, a Labour Government partner and lapdog making inappropriate comments in the media about influences they could use to stop the Auckland International Airport from being sold.

The most glaring example and probably least known, is the conflict that arises from Jeanette Fitzsimons from the Green Party and her major shareholding in the listed NZ windfarm owner , manufacturer and developer, Windflow Technologies.

Fitzsimons is a partner to the Labour Government and drives Labour's "Green Agenda" for them. Fitzsimons has been responsible for passing law and changing rules to give companies like hers an advantage over competitors and as a result she has financially benefited directly from her activities in Parliament. Jenette has a knack of forgetting to mention her large shareholding in Windflow Technology when dealing with such matters when doing Parliamentary business.

You cant get more corrupt and conflicted than that but she has a good role model for her modus operandi in Al Gore, but that is another story.

If we get back to Clark's role in this though, not only is her Government culpable in the conflict of interest by allowing Fitzsimons to feather her own nest but she has also been directly championing the company with financial, moral and media support for Windflow Tech.

Helen Clark with Windflow Technology
head Geoff Henderson,centre, and Derek Walker,
chairman of NZ Windfarms, at the commissioning
of NZ Windfarms' turbines near Palmerston North.

This sort of Parliamentary, legislative and Prime ministerial support for Windflow Tech is clearly a huge conflict of interest that shouldn't be allowed to continue, although we shouldn't be surprised by this sort of conflict as it is apparent at most of our listed companies: Tim Saunders at Contact Energy, Lloyd Morrison at Auckland Airport and a host of other rapscallions and rascals at a whole host of other listed companies.

The shareholders at Windflow Tech should be worried too.

Government interference, as outlined above, can also change to the negative at a whim, should policy, Government or thinking change.

We have to remember, as shareholders in companies, however small or large our holding maybe, it is our personal property rights that are at issue here. Interference from individuals, entities, whether Government or private have no more rights than you or me and their influence shouldn't be able to be subscribed to the extent that they can change laws to suit their own agendas and line their own pockets.

C Share Investor 2007


  1. After the last election Jeanette Fitzsimons sold her Windflow Technology shares, exactly for that reason that she had conflicting interests.
    But hey - don't let a few facts get in the way of your story...

  2. On the Greens' website and everywhere else I have looked, it says she is a major shareholder. I cant believe anything to the contrary to the publicly known information until proven otherwise.

    Point me in the right direction.

  3. Contact Link Market Services and they can tell you that she is no longer a shareholder in Windflow.

  4. Yes, on old homepages like:
    does says that Fitzsimons is a Windflow shareholder. But have a look this more updated version here:
    page 22, no Windflow shares.

    Also see Windflows annual reports, from 2006:
    page 38 she is among top 20 largest shareholders with 50,000 shares.
    But in the next report from 2007:
    page 26, she is no longer on the list.

  5. Thanks for that. Unfortunately I was unable to find the parliamentary link you gave me, it wasnt the full one I think? That would be nice to see.

    There is a shareholding however that turns up in the 2007 Windflow report that wasn't in the 2006 one, with an identical 0.75% holding under "Investment custodial services Ltd" which acts on behalf of wealthy shareholders like Jeanette.

    Does Fitzsimons have her holding in a trust?



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