Why departments need to be regulatory stewards
Keywords:Crown financial statements, regulatory regimes, regulatory failure, regulatory operations, regulatory stewardship, management of New Zealand’s important regulatory assets
The latest Crown financial statements report that, at 30 June 2014, the New Zealand government held total assets valued at around $256 billion (New Zealand Government, 2014). These included a diverse range of physical, financial and other assets, such as national parks, highways, state houses, electricity generation plant and equipment, Kiwibank mortgages, shares, deposits, and the National Library and Te Papa collections. But some of the most important assets that the New Zealand government develops and maintains are not recorded on the Crown’s balance sheet. They are the regulatory arrangements that have been developed, introduced and refined over many years to, among other things, protect the rights, safety, property and other interests of its citizens, residents and visitors, allocate responsibilities for various risks, and otherwise help them transact or engage with each other on fair and efficient terms.
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