"Property rights and their protection go to the heart of a just legal system. This includes the right of all New Zealanders to use their proprietary rights and to profit from their use," the report says.
The tribunal says that, in practical terms, the Crown would not be able to provide a meaningful form of water rights recognition for Maori after it sells Mighty River Power shares to private investors.
"The sale should be delayed while an accommodation is reached with Maori," the report says.
The tribunal concluded it would be impossible to devise a comprehensive scheme for the recognition of Maori rights in all water bodies throughout New Zealand in the time available.