[wellylug] NZ laws on Data retention

[pmilne at paradise.net.nz]

> Hi All
> 
> I'm not sure who to ask on this since my parents can't remember, but
> does anyone know what the NZ data retention laws say or where I can
> look up the necessary legal documents?
> 
> EG: how long does a company need to keep normal business data and / or
> financial data for?
> 
> From memory, financial data (eg: bank statements) needs to be kept for
> a minimum of 14 years and normal business data (eg: e-mail) need to be
> kept for a minimum of 7 years.
> 
Section 189 of the Companies Act 1993 requires keeping of certain 
key documents for 7 years.  Inland Revenue requires financial records 
to be kept for 7 years.  I have never heard of a requirement to retain 
correspondence, E-mails etc for a certain period.  Hovever the 
destruction of records, E-mails etc where litigation is possible or when 
investigations are pending is a very serious matter indeed as was 
vividly illustrated in the Enron case, and the same applies in New 
Zealand.

Government agencies, local bodies and other 'public' agencies are 
required to archive indefinitely certain of their records, but these can be 
placed in the National Archives.  I am not sure of precise details here.