The Hon John Banks Family Trust has not held shares in Talent2 International Limited since 28 May 2012 when Talent2 moved to privatise the company and de-list from the Australian stock exchange. Mr Banks advised the Cabinet Office of the sale of his Family Trust’s shares on 29 May 2012.
Mr Banks became a shareholder in Talent2 as a result of Talent2’s acquisition of Sugar International Limited which the Hon John Banks’ Family Trust held shares in.
Mr Banks declared his Family Trust’s shareholding in Talent2 to the Cabinet Office when he first became a Minister. He has never received any government information or briefings regarding Talent2 (or any company they are connected to), or participated in any discussions at either Cabinet or Cabinet Committee.
The issue of the pay system is outside Mr Banks' responsibilities as Associate Minister of Education, and the Novopay contract was signed off in September 2008 by the previous Labour Government.
Note: Andrew Banks, Chairman of Talent2, is not related to Hon John Banks.