Napier MP Stuart Nash is calling on the chairman of Hawke's Bay Regional Investment Company Andy Pearce to "just be honest" with the people.
Speaking in response to the latest missed deadline Mr Nash said the region's people deserve more, and deserve answers.
"Andy needs to come out now and just be honest with the people of Hawke's Bay, after all a decent chunk of it is our money," Mr Nash said. "The lack of transparency is a little concerning. As the chair of the board he has to stand up and start taking some responsibility for this."
In response to the call Mr Pearce said that as chairman of HBRIC he was accountable to the Hawke's Bay Regional Council (HBRC) and, through the council, to ratepayers.
"I and my fellow directors will be reporting, in public, to HBRC at their meeting on November 25, including an update on water uptake as at November 11 and any further commitments between that date and November 24," he said.
"It is not appropriate, nor acceptable to councillors, that we should bypass our shareholders and make public comment on significant matters prior to informing them."
He said as to transparency, they had reported, in public, to HBRC on a monthly basis since the Ruataniwha Water Storage Project (RWSS) project was delegated to HBRIC by the council in December 2012.
"In August this year, HBRIC Ltd took part in a public meeting, hosted by your own newspaper, at which around 1000 members of the public heard a range of arguments both for and against the RWSS," he said.
The chairman also said that on October 14 this year, HBRIC held a publicly advertised annual general meeting in Century Theatre, at which, he said, current progress on the RWSS was reported.
"HBRIC Ltd has held such open and publicly advertised annual meetings in each year of its existence," said Mr Pearce.
"A number of those who claim a lack of transparency about the RWSS were specifically invited, but did not attend this year's meeting. All local MPs were also invited. Mr Nash did not take up the opportunity to attend."
However, Mr Nash said Mr Pearce needs to come out and explain why farmers are not signing up to the scheme, what strategy HBRIC has to mitigate the risk around this and, why the whole process is taking so long.