David Shearer’s pecuniary interests

David Shearer’s admission he had not previously disclosed having money in a foreign bank account invited (and received) criticisms about his memory and speculations on his wealth.

What are his pecuniary interests?

Register of Pecuniary and Other Specified Interests: Summary 2012 [PDF 341k]

David SHEARER (Labour, Mt Albert)

4 Beneficial interests in, and trusteeships of, trusts
Sackville Trust
Lawrence Wat Trust

6 Real property
House, Avondale, Auckland
House, Point Chevalier, Auckland
Section (jointly owned), Whananaki

7 Superannuation schemes
United Nations Pension Scheme
Parliamentary Scheme – Sackville Superannuation Trust

8 Debtors
ASB – term deposit

9 Creditors
Westpac – mortgage

And this has presumably just been added:

Register of Pecuniary and Other Specified Interests of Members of Parliament: Summary of additional information received from members for the year ended 31 January 2012

David Shearer (Labour, Mt Albert)

8 Debtors
Chase Bank – term deposit

All we know about the bank deposit is that it complies with these requirements:

You do not need to indicate the amount of the debt, only its existence.

You will need to include bank deposits if they are over $50,000.

That tells us very little about Shearer’s overall wealth. If you look at John Key’s declaration it is just as vague.

The 2011 register declaration is similar for Shearer, it shows he owns a different house and had just a section in Point Chevalier so it looks like he may have been in the process of building, and has since moved to this house.

The 2010 register declaration shows another house ownership – but no trusts and one ASB term deposit. The summary of additional information now also includes the Chase Bank deposit.

Shearer wasn’t in the 2009 register (he became an MP that year) but was in the additional returns:

David SHEARER (Labour, Mt Albert)

6     Real property

House, Kingsland, Auckland
House, Avondale, Auckland
House, Birkenhead, Auckland

7     Superannuation Schemes

United Nations Pension Scheme

9     Creditors

ASB – mortgage
Westpac – mortgage

He listed no bank deposits for 2009, although has now revealed he had the US account then.

I think it would be not unusual for someone like Shearer who has presumably had substantial income, tax free, from his UN work, to have substantial assets. Multiple real estate in Auckland can obviously be substantial. Trusts can mask real wealth.

I’m not surprised to see that Shearer now has two bank accounts with more than $50,000.

But the pecuniary interest register is so vague as to be virtually meaningless about MP’s financial interests.

1 Comment

  1. Dennis Horne

     /  March 21, 2013

    Not the only thing Mr Shearer can forget.

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