Power to quit politics at next election

Wednesday 2nd March 2011

Commerce Minister Simon Power is to retire from politics at the election in November.

Power said he was looking forward to continuing to contribute towards New Zealand's growth, but in the private sector.

"I'm proud of the reforms I have instigated and driven in the commerce area - the changes in oversight and supervision of financial markets, and the new regime around corporate trustees and financial advisers," he said.

"Leading the work on the Single Economic Market with Australia has been particularly enjoyable and rewarding."

"I have also enjoyed using the experience I have gained to refocus state-owned enterprises on better performance, refreshing their commercial boards, and driving the move towards public disclosure regimes that are based on those of publicly listed companies."

Power is the fourth-ranked Minister in John Key's National-led Government and also holds the posts of Minister of Justice, Minister for State owned Enterprises, Associate Minister of Finance and Deputy Leader of the House.

"It's been an exciting and rewarding time and I've achieved a lot, but now I feel it's time to move onto something else."

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