Hon NANAIA MAHUTA: Councils collectively will continue to own their assets under the three waters reform. The working group have helpfully recommended that this assurance be strengthened through a new public shareholding structure. The shareholding structure will allocate to councils, reflective of the size of their community, one share per 50,000 people in their area—so, for example, Auckland Council will hold 35 of the 40 shares in entity A, and smaller councils with a population base of 50,000 or less will secure one share. This share structure is a tangible expression of an ongoing connection for local communities and councils to their waters infrastructure. The shares will not deliver a dividend and cannot be sold or transferred. This provides an additional layer of protection against privatisation of water infrastructure alongside co-governance provisions.