"That is the very essence of a proprietary relationship."
He urged the tribunal to "be brave" in the face of contrary submissions from the Crown and Prime Minister John Key's statements that the Government could ignore the tribunal.
Mr Geiringer said rights in water should be restored to hapu and, where that was not possible because of hydro-dams, compensation was required. Shares alone were not sufficient because they did not allow Maori to have a say in the management of the water.
One possibility to address that was to allow such rights, which could include the right to appoint directors.
Mr Geiringer rejected the Crown's contention that the ability to recognise Maori rights would not be affected by the partial floats of state-owned energy companies, saying political pressure alone would prevent some remedies such as royalties because they could push up power prices and would anger private shareholders.
Ngati Raupani lawyer Kathy Ertel also urged the tribunal to ignore Mr Key, saying that despite his attitude, its words were still powerful and that the Crown had acted with disrespect during the hearing.
She said the tribunal should make its findings clear and unequivocal if it believed there was even a small likelihood that the asset sales would impact on Maori rights.
The Crown will give its closing address today before the tribunal considers its recommendations.