ACT MP Todd Stephenson says he will sell all of his shareholdings to "ensure no distraction exists", after questions were raised about about his investments in pharmaceutical companies.
Stephenson is a parliamentary private secretary to Associate Minister of Health David Seymour, who is responsible for Pharmac, which buys New Zealand's medicines.
The NZ Herald today reported Seymour has met with representatives from three pharmaceutical companies since taking on the role, two of which are linked to Stephenson — who worked for multinational healthcare companies overseas before becoming an MP .
The meetings included ones with Vertex Pharmaceuticals and Johnson & Johnson — the first a former employer of Stephenson's. Stephenson attended that meeting. Stephenson also has — until he divests them — shares in the latter. He did not attend that meeting with Seymour.
Seymour told the Herald Stephenson had no role in organising the meetings and had publicly declared his investments.
Last week, Labour Party deputy leader Carmel Sepuloni accused Stephenson in the Parliament of being a "pharmaceutical industry plant".
Today in a statement, Stephenson said it was an "outrageous allegation".
"Any suggestion that I have done anything other than use my experience to assist in making better public policy is completely baseless.
"There is no conflict between my declared shareholdings and the work I have been doing to support David Seymour as the Associate Health Minister."
He said that was because the parliamentary private secretary role was a non-executive role — that is, one without decision-making powers.
"Its purpose is to build relationships with relevant communities, represent the Minister at public events, and assist with administrative matters."
He said it showed Sepuloni didn't understand how Pharmac operated.
"Pharmac does not share information about specific drugs with ministers, and ministers have no ability to influence Pharmac’s decision-making process.
"I take my role as a Parliamentary Private Secretary and MP extremely seriously. That’s why I have been consistently open and transparent about the meetings I have attended and have declared my shareholdings in the pecuniary interests register.
"I will not allow anything to distract from the Government’s goal of delivering real change in the critical area of medicines access.
"I’ve decided to divest all my shareholdings as reported in the pecuniary interests register to ensure no distraction exists."
Stephenson is a first-term list MP and sits on the business, justice, and finance and expenditure select committees. The party's whip is also the ACT party spokesperson for health, corrections, police, finance, justice, public service, tourism, and arts and culture.
According to official documents, Stephenson's full declared pecuniary and other specified interests as at January 31 2024 were:
Company directorships and controlling interests
Him and Her Life Proprietary Limited (Australia) – consultancy and investments.
Bush Creek Road Investments Limited – commercial property.
Ignition Films Limited (not trading) – film rights.
Other companies and business entities
Bank of Queensland – financial services.
Chimeric Therapeutics – healthcare.
Coles Group – retail.
CSL Limited – healthcare.
Johnson & Johnson – healthcare.
Macquarie Group Limited – financial services.
Telstra Group – telecommunications.
Wesfarmers Limited – retail.
Beneficial interests in, and trusteeships of, trusts
Old House Trust (trustee and beneficiary).
RH & DR Stephenson Trust (beneficiary).
Montesinos Family Trust (beneficiary) – Australia.
Real property
Family home (jointly owned) – Queenstown.
Apartment (x2; jointly owned) – Wellington.
Apartment (jointly owned) – Sydney, Australia.
Apartment (jointly owned) – Geelong, Australia.
Apartment (held in a trust) – Wellington.
Rental property (held in a trust) – Te Anau.
Retirement schemes
ASB KiwiSaver.
Russell Superannuation (Australia).
Managed investment schemes
Russell Investments Australian Shares Fund – Class A – Russell Investments, Australia.
Russell Investments International Shares Fund – Class A – Russell Investments, Australia.
Debts owed to you
Montesinos Family Trust – loan.
Him & Her Life Proprietary Limited – loan.
Debts owed by you
Westpac Bank – mortgages.
Macquarie Bank – mortgage.
Commonwealth Bank of Australia – mortgage.
National Australia Bank – margin loan.
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