Support of political parties
National representatives will often attend political party conferences and political functions. Such attendance must be for strictly commercial reasons and is dependent on the price charged not being in excess of the commercial value (in terms of access)of that function.
The Principal Board is the sole body authorised to approve any other support of political parties on behalf of the Bank or its subsidiaries.
How are donations disclosed?
In Australia the National makes an annual third party disclosure return, lodged with the Australian Electoral Commission (AEC). This return is made publicly available on the AEC website – www.aec.gov.au. Given the National is banker to many political parties the amount of their facilities owing to the bank is often disclosed, even though the transactions are commercial in nature.
In New Zealand political donations are administered by the Electoral Commission. Under the Electoral Act 1993 the secretary of each registered party must provide the Electoral Commission with an accurate audited return showing the names and addresses of every person or body of persons who made one or more donations to the party during the previous calendar year totalling more than $1,000. Returns are available on the Electoral Commission website – www.elections.org.nz
In the United Kingdom disclosure of political donations regulated through the registration and financial regulatory requirements of the Political Parties, Elections and Referendums Act 2000 (PPERA) – www.electoralcommission.gov.uk. Under the provisions of this Act, donor companies need to state the level of political donations made in the relevant financial year in the annual report.
In line with the various regulatory requirements in the jurisdictions that the National operates all information on political donations is included in the Group's Annual Report.
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