ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
Location:
Zoom
Date:
20 February 2023
Time:
9am – 12pm
Advisory Panel
Mel Hewitson (Chair), Pip Dunphy, Debbie Birch
members:
Attendees:
Jono Wells and Lauren Wilks (Secretariat)
Apologies:
Nil
Agenda items:
1.
Welcome from Mel
2.
Apologies
3.
Review and confirmation of the Declarations of Interest register
4.
Managed fund Applications
5.
Direct investment Applications
6.
Meeting evaluation
7.
Next meeting date
8.
Other updates
Minutes:
1. Welcome from Mel
2. Apologies
The Chair confirmed that no Apologies had been received for the meeting.
under the Official Information Act 1982
3. Declaration of interest register
The following interests were disclosed by the Advisory Panel:
s9(2)(ba)(i)
Released
s9(2)(ba)(i)
All Advisory Panel members confirmed that there were no conflicts in relation to the Applications submitted for
assessment in this meeting.
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
4. Managed fund Applications
10 Managed Fund Applications were submitted to the Advisory Panel which were taken as read. The Secretaria
explained that all the Applicants had completed the required self-checks and other questions in the submitted
Application forms. It was also confirmed that ‘KYC’ checks had been completed by NZTE on all Applications
without any issues being raised. Further, any Applicants recommended to NZTE Investment for approval would
need to undergo a further check using a third-party search provider before being formally approved.
i.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• The Applicant did not provide registration deals in the Application form but this was checked
and confirmed internally by NZTE.
• s9(2)(b)(ii)
.
• Limited information was provided in relation to the fund’s ESG policy and decision-making
processes.
The Advisory Panel agreed to recommend that the Application be:
Declined
Rationale for outcome: s9(2)(g)(i)
ii.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
under the Official Information Act 1982
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
.
• s9(2)(g)(i)
• s9(2)(g)(i)
Released
.
The Advisory Panel agreed to recommend that:
More information be requested
Outcome: NZTE to
request more detail on (to demonstrate that the Applicant meets Principles 1 and 3):
• The growth expectations and hurdles/requirements for the fund in relation to the entities
invested into.
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
• How the fund applies its ESG and other investment policies s9(2)(b)(ii) (and more generally in ts
investment decision making).
iii.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
• Noted that, per the guidance notes to the Principles, a fund can utilise a debt or equity strategy
to invest into private businesses. s9(2)(b)(ii)
• s9(2)(b)(ii)
The Advisory Panel agreed to recommend that
: More information be requested
Outcome: NZTE to request mo e detail on (to demonstrate that the Applicant meets Principle 1):
• s9(2)(g)(i)
• The sectors foc sed on for lending.
• s9(2)(g)(i)
under the Official Information Act 1982
iv.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(g)(i)
Released
• s9(2)(g)(i)
• s9(2)(g)(i)
The Advisory Panel agreed to recommend that:
More information be requested
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
Outcome: NZTE to request more detail on (to demonstrate that the Applicant meets Principle 1) the
Applicant’s criteria and decision-making process to identify and assess high growth and impact entities
to invest into.
v.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(g)(i)
.
• Application had clear description of their ESG policy and Application of it to investment decision
making.
• s9(2)(g)(i)
The Advisory Panel agreed to recommend that the Application be:
Approved
Rationale for outcome: The Applicant has demonstrated that they satisfy the criteria for managed
funds, including the Objective and Princip es.
vi.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that the Applicant fund has
s9(2)(b)(ii)
under the Official Information Act 1982
The Advisory Panel agreed to recommend that the Application be:
Declined
Rationale for outcome: s9(2)(g)(i)
Released
vii.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
• s9(2)(g)(i)
• s9(2)(g)(i)
The Advisory Panel agreed to recommend that the Application be:
Declined
Rationale for outcome: Investment into agricultural and primary land does not meet the intent of the
AIP policy, as set out in the Objectives and Principles. It was noted that NZTE has provided specific
guidance to Applicants on the eligibility of property investments in the context of the first Principle and,
in particular, that pure investments into property and land assets such as this are not eligible (except
where they accounted for less than 20% of the fund).
viii.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
• s9(2)(b)(ii)
• s9(2)(b)(ii)
.
The Advisory Panel agreed to recommend that the Application be:
Approved
Rationale for outcome The Applicant has demonstrated that they satisfy the criteria for managed
funds, including the Objective and Principles.
under the Official Information Act 1982
ix.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
.
• s9(2)(b)(ii)
Released
• s9(2)(b)(ii)
The Advisory Panel agreed to recommend that the Application be:
Approved
Rationale for outcome: s9(2)(g)(i)
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
x.
s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
• s9(2)(b)(ii)
• The Application did not include sufficient commentary on ESG policies.
The Advisory Panel agreed to recommend that the Application be:
Declined
Rationale for outcome: Investment into residential proper y development does not meet the intent of
the AIP policy, as set out in the Objectives and Principles. Noting that NZTE has provided specific
guidance to Applicants on the eligibility of property investments in the context of the first Principle and,
in particular, that pure investments into property assets such as this are not eligible (except where they
accounted for less than 20% of the fund).
5. Direct investment Applications
Noted that due to time constraints the submitted direct investment Applications could not be considered at this
meeting and would be considered at the next meeting on 6 March 2023.
6. Meeting Evaluation
s9(2)(g)(i)
under the Official Information Act 1982
The Advisory Panel noted that applications generally did not provide sufficient detail as to how a fund identifies
high-growth potential businesses (in accordance with Principle 1) and the growth targets/hurdles for those
investments It also noted that, in relation to Principle 3, many of the Applications did not explain how they apply
ESG cons derations to their investment decision-making.
It was agreed that NZTE would update the application form and guidance notes to make the high-growth
potential and ESG information requirements clearer to applicants. It was confirmed that any communication
with applicants will be managed by NZTE. If the Advisory Panel are contacted by any actual or prospective
applicants, they should be directed to NZTE.
Released
7. Next Meeting Date
The Advisory Panel noted that the next meeting is scheduled for Monday 6th March 2023.
8. Other Updates
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
The Secretariat provided an update on the ongoing recruitment of a Secretariat and fourth Advisory Panel
member. It was noted that the Nominator may contact the Chair to discuss any identified potential candidates
Signed
s9(2)(a)
Mel Hewitson
Chair, AIP Advisory Panel
6 March, 2023
under the Official Information Act 1982
Released
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
Location:
Zoom
Date:
6 March 2023
Time:
9am – 12pm
Advisory Panel
Mel Hewitson (Chair), Pip Dunphy, Debbie Birch
members:
Attendees:
Jono Wells and Lauren Wilks (Secretariat)
Apologies:
Nil
Agenda items
1.
Apologies
2. Review and confirmation of the Declarations of Interest register
3. Approval of the minutes from the 20 February meeting
4. Managed fund applications
5. Direct investment applications
6. Meeting evaluation
7. Next meeting date
8. Other updates
1. Apologies
under the Official Information Act 1982
The Chair confirmed that no apologies had been received for the meeting.
2. Declaration of interest register
No add tional general interests were disclosed by the Advisory Panel.
The following interests were disclosed in relation to the submitted applications for the meeting:
• s9(2)(ba)(i)
• s9(2)(ba)(i)
Released
s9(2)(a)
3. Approval of the minutes from the 20 February meeting
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
The Advisory Panel agreed to approve the minutes from the previous meeting on 20 February 2023.
4. Managed fund applications
Three fund applications that had been considered at the previous meeting were re-submitted for assessment
after further information was requested and obtained by NZTE.
1. s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
The Advisory Panel noted that further information was requested from the Applicant in relation to:
1. The growth expectations and hurdles/requirements for the fund in relation to the entities invested
into.
2. How the fund applies its ESG and other investment policies s9(2)(b)(ii) (and more generally in its
investment decision making).
It was noted during the discussion on the responses by the Advisory Panel that:
• s9(2)(b)(ii)
• s9(2)(b)(ii)
• s9(2)(b)(ii)
The Advisory Panel agreed to recommend that:
More information be requested
Rationale for outcome: NZTE to
request more detail on (to demonstrate that the Applicant meets
Principle 3): under the Official Information Act 1982
• s9(2)(g)(i)
• how an ESG lens is applied to the Applicant’s decision making as a fund and how
they monitor ESG practices of their investee entities on an ongoing basis.
2. s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
Released
The Advisory Panel noted that further information was requested from the Applicant in relation to:
1. s9(2)(b)(ii)
2. s9(2)(b)(ii)
3. s9(2)(b)(ii)
It was noted during the discussion on the responses by the Advisory Panel that:
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
• s9(2)(b)(ii)
• s9(2)(b)(ii)
The Advisory Panel agreed to recommend that the Application be:
Approved
Rationale for outcome: Further information provided was sufficient to demonstrate to the Advisory
Panel that the Application meets the criteria for managed funds, including the Objectives and Principles.
3. s9(2)(b)(ii)
Managed fund type: MIS
Discussion:
The Advisory Panel noted that further information was requested from the Applicant in relation to:
1. the Applicant’s criteria and decision-making process to identify and assess high growth and impact
entities to invest into.
It was noted during the discussion on the response by the Advisory Panel that the Applicant’s growth
criteria and global scalability targets had been stated clearly.
The Advisory Panel agreed to recommend that the Application be:
Approved
Rationale for outcome: Further information provided was sufficient to demonstrate to the Advisory
Panel that the Application meets the criteria for managed funds, including the Objectives and Principles.
The Advisory Panel noted that six new managed applications had been submitted for assessment. NZTE
confirmed that these applica ions had passed the first stage of KYC screening, with a further check to be
completed using a third party search provider before any would be formally approved.
4. s9(2)(b)(ii)
under the Official Information Act 1982
Managed fund type: MIS
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
• s9(2)(b)(ii)
.
Released
• s9(2)(b)(ii)
.
The Advisory Panel agreed to recommend that:
More information be requested
Rationale for outcome: s9(2)(g)(i)
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
5. Direct investment applications
The Advisory Panel noted that it had not yet considered any Direct Investment applications and decided to
ensure that at least those submitted for the previous Advisory Panel meeting were assessed at this meeting. It
was also noted that a total of seven direct investment applications had been submitted, and NZTE confirmed
that all applications except s9(2)(b)(ii)
had passed the first stage of KYC screening, with
a further check to be completed using a third party search provider before any would be formally approved.
1. s9(2)(b)(ii)
☒ Current capital raise ☐ Historic investment
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
• s9(2)(b)(ii)
The Advisory Panel agreed to recommend that:
More information be requested
Rationale for outcome: s9(2)(g)(i)
2. s9(2)(b)(ii)
☒ Current capital raise ☐ Historic investment
Discussion:
under the Official Information Act 1982
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
• s9(2)(b)(ii)
.
The Advisory Panel agreed to recommend that the Application be:
Declined
Released
Rationale for outcome: A s9(2)(g)(i)
3. s9(2)(b)(ii)
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
☒ Current capital raise ☐ Historic investment
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
.
• s9(2)(b)(ii), s9(2)(g)(i)
• s9(2)(b)(ii)
• s9(2)(g)(i)
.
The Advisory Panel agreed to recommend that:
More information be requested
Rationale for outcome: NZTE to request more detail on:
• the intended timelines and phasing for their local and international growth
• financial information, specifically that the NZTE financial template be populated and split out for
local and international growth
• the use of funds from the capital raise.
• how the Applicant applies a sustainability lens to their business activities, for example
procurement, employment and waste management.
4. s9(2)(b)(ii)
☒ Current capital raise ☐ Historic investment
Discussion:
s9(2)(b)(ii)
under the Official Information Act 1982
The Advisory Panel agreed to recommend that the Application be:
Declined
Rationale for outcome: s9(2)(b)(ii)
5. s9(2)(b)(ii)
☒ Current capital raise ☐ Historic investment
Released
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
.
• s9(2)(b)(ii)
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
• s9(2)(b)(ii)
• s9(2)(b)(ii)
The Advisory Panel agreed to recommend that the Application be:
Approved
Rationale for outcome: The Applicant has demonstrated that they satisfy the criteria for direct
investments, including the Objective and Principles.
6. s9(2)(b)(ii)
☒ Current capital raise ☐ Historic investment
Discussion:
It was noted during the discussion on the Application by the Advisory Panel that:
• s9(2)(b)(ii)
• s9(2)(b)(ii)
• s9(2)(g)(i)
The Advisory Panel agreed to recommend that the Application be:
Declined
Rationale for outcome: s9(2)(g)(i)
The Panel noted that the remaining submitted managed fund and direct investment applications would be
carried over for consideration at the next meeting.
under the Official Information Act 1982
6. Meeting evaluation
Documentation provided with the application: It was noted that there is inconsistency in the documents
Applicants are providing to supplement their application. s9(2)(g)(i)
s9(2)(g)(i)
Released
7. Next meeting date
The Advisory Panel noted that the next meeting is scheduled for Friday 24th March 2023. Next meeting to review
the applications not assessed in today’s meeting.
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ACTIVE INVESTOR PLUS ADVISORY
PANEL – MEETING MINUTES
8. Other updates
s9(2)(g)(i)
s9(2)(g)(i)
Signed
s9(2)(a)
Mel Hewitson
Chair, AIP Advisory Panel
under the Official Information Act 1982
Released
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