Generated on: 2022-11-22 15:13:14
CONFIRMED MINUTES
BOARD MEETING 13 SEPTEMBER 2022
At the
Board Meeting 18 October 2022 on
18 Oct 2022 these minutes were
confirmed as
presented.
Name:
Real Estate Authority
Date:
Tuesday, 13 September 2022
Time:
9:00 am to 12:40 pm (NZST)
Location:
REA Office and Zoom, office and online
Board Members: Denese Bates KC (Chair), Latham Lockwood, Liz Nidd, Mele Wendt, Tony
Stack, Vern Walsh
Attendees:
Belinda Moffat, Victor Eng, Andrew Bulled, Josh Doherty, Nadine Thomas,
Phirak Appleton, Marie Snell, Saara Fourie
Guests/Notes:
(Engagement, Insights and Education) for
Item 5.1 Data and Insights Strategy
1.
Opening Meeting
1.1
Board in Committee
Issues for discussion with the Chief Executive were agreed.
The Board conducted their self-assessment.
4) Finalise the Board Governance Self-assessment for the Minister.
Finalise the Board Governance self-assessment for the Minister.
Letter prepared by CE and finalised by
and sent. Copy in the
October Board pack.
Due Date:
30 Sep 2022
Owner:
Belinda Moffat
1.2
Board and CE alone time
Papers and issues identified by Board were discussed with the Chief Executive.
1.3
Karakia
The Senior Leadership Team joined and the meeting was opened with a Karakia at 10.37am.
1.4
Confirmation of Agenda
The agenda was confirmed.
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
1.5
Interests Register
· The Board noted that updates from last meeting have been made.
·
provided some additional updates:
o Remove as CPD trainers.
o
is no longer at Farry and Co - now consultant to Race, Douglas, Burke
Ltd.
o
no long a director of Nidd Realty - now consultant trainer to Nidd Realty.
8) Update Interests Register
Update interests register with
changes. Complete.
Due Date:
18 Oct 2022
Owner:
1.6
Confirm Minutes
Board Meeting 16 August 2022 16 Aug 2022, the minutes were confirmed as presented.
The minutes of 16 August 2022 were approved as a true and correct record.
On motions duly made and seconded, it is proposed that the minutes of 16
August be approved as true and correct.
Decision Date:
13 Sep 2022
Mover:
Seconder:
Outcome:
Approved
2.
Actions from Previous Meetings
2.1
Action Item List
Due Date
Action Title
Owner
21 Jun 2022
1) REA Emails for Board
Status: In Progress
30 Jun 2022
2) Provide an update on ethnicity and tenure pay parity.
Status: In Progress
16 Aug 2022
4) Pulse Survey
Status: Completed on 29 Aug 2022
13 Sep 2022
6) Update the Interests Register
Status: Completed on 5 Sep 2022
13 Sep 2022
7) Update the conflicts register to record potential conflict
Status: Completed on 5 Sep 2022
14 Sep 2022
3) Approach REINZ about the Real Estate Conference in October.
Belinda Moffat
Status: Completed on 10 Oct 2022
30 Sep 2022
9) CAC Allocation Process
Status: Completed on 7 Sep 2022
18 Oct 2022
7) Flexi by Default review
Status: In Progress
31 Oct 2022
12) License Expiry Reminders
Status: In Progress
28 Feb 2023
13) Māori Engagement Framework - Board Marae Visit
Belinda Moffat
Status: In Progress
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
Actions were taken as read and the following actions were discussed:
·
Action 3: REINZ Board is intending to meet in Wellington on 26 October and Board
members will be invited to attend for a joint meeting.
·
Action 8: REA has been invited to introduce and sponsor a speaker on Diversity and
Inclusion at the NZ Real Estate Conference on 13 October.
was
suggested as a possible speaker. The Board supported REA’s involvement and suggested
that one or both of the REA Board licensees should participate as attendees, with funding
from Board training budget.
·
Action 10: Flexi by Default Review: REA has sought some input on flexible working in
the
Have Your Say staff engagement survey and these results need to be analysed before
looking at this policy further. This will come back to the Board in either December or Q3,
noting the priority policies for review are the vaccination, diversity and inclusion and equal
opportunities policies.
6) REINZ Real Estate Conference in Auckland 13 October
Confirm REA introductory speaker and Diversity & Inclusion speaker
Determine which Board licensee representatives will attend
and put a request through to the Board Chair to approve attendance using the
Board training budget.
October: REA sponsoring
from
to speak at
Conference from a disability perspective, to be introduced by Belinda Moffat
cannot attend,
considering availability.
Due Date:
14 Oct 2022
Owner:
Belinda Moffat
5) Joint REINZ/REA Board Lunch Meeting 26 October
Board to advise the CE of availability to attend the REINZ/REA joint Board
meeting 26 October.
Due Date:
10 Oct 2022
Owner:
Belinda Moffat
3.
Chief Executive's Report
3.1
CE Report
The report was taken as read and Belinda Moffat, Chief Executive, highlighted the following:
· Progress with the Values work with
: The Board will be updated on progress in
October.
· Board calendar for 2023: The 2023 Board and Committee calendar was being prepared
and input was sought on meeting and reporting frequency, including a reduction in Audit &
Risk and People and Capability Committee meetings.
The Board discussed the following matters:
· 2023 Board and Committee meetings:
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
o ARC Chair agreed to reduction in ARC meeting to four (and one can be cancelled if
not needed). CE to ensure that meeting schedule enables all reporting
requirements and policy reviews to be met. Budget, SPE/SOI and Annual Report,
report to Minister and policy review are the key ARC responsibilities.
o Approvals by written procedure are not preferred by the Board and these may
increase with a reduction of meetings.
o Resourcing and reporting/best use of time: Noted that SLT attendance at Audit &
Risk meetings has been adjusted to require only those presenting papers to attend
o Delegations: Committees are advisory so most decision making remains with the
full Board.
o People & Capability Committee: the Board noted that REA has been going through
uncertain times with personnel and COVID-19, and it is important to consider
whether we wait until we are in a more stable position before reducing the number
of meetings. P+C Committee provides important role of review of policies and
support and guidance on people matters.
o
Decision on ARC meetings: Agreed to schedule four ARC meetings with the
option to cancel one if the Chair determines that it is not needed.
o
Decision on P&C meetings: Three meetings for 2023.
· COVID-19 removal of the traffic light system on 12 September: REA will refine sector and
workplace guidelines and also consider removing the existing care package offering to
staff.
· No health and safety concerns arising, COVID continues to be primary focus.
· Regulatory Services Manager vacancy: Senior staff member is backfilling this role but the
higher duties allowance does not adequately compensate the work required.
Exception to the Remuneration Policy - Higher Duties
The CE
recommended that the Board approved the Chief Executive
determining the appropriate higher duties remuneration for this higher duties
role as an exception Remuneration Policy.
Decision Date:
13 Sep 2022
Mover:
Seconder:
Outcome:
Approved
· Stakeholder engagements such as Conversation with REA (CWREA) and Regulator’s
Forum:
o The Board reiterated the importance of these engagements and providing
opportunities for the Board to engage with sector leaders.
o REA Conversation with REA event in Porirua was a very successful event from a
Board perspective.
o Due to EIE resourcing challenges for Q2 and other competing REA priorities it was
agreed that the Q2 Conversation with REA not proceed. The next Conversation
with REA will be held in Q3
o The Board agreed to hold an end of year stakeholder function on 5 December,
following the Regulator’s Forum meeting in Auckland. The Board meeting and P+C
Committee meeting will be held Auckland on 6 December.
Recommendations
It was recommended that the Board:
Note the contents of this report.
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
Discuss the health and safety update and provide feedback on any issues arising
Discuss and provide feedback on any other matters raised in this report where indicated.
Outcome: Noted
9) Update the Board on Values in October.
Update the Board on Values in October.
Update provided to P+C Committee in October
Due Date:
19 Oct 2022
Owner:
10) 2023 Board Dates and Work Plan
Bring 2023 Board dates and work plan back to the Board in October, including 4
ARC meetings and 3 P&C meetings.
October: see proposed dates in October Board pack
Due Date:
19 Oct 2022
Owner:
11) Send a placeholder for the stakeholder event and Board dinner in Auckland on
5 December
Send a placeholder for the stakeholder event and Board dinner in Auckland on
5 December.
Complete.
Due Date:
19 Oct 2022
Owner:
Belinda Moffat
3.2
Break
4.
Committee Updates
4.1
Audit and Risk Committee Update
ARC Chair,
, gave a verbal update on the meeting held 12 September 2022 noting the
focus on the audit completion report with the auditors and the latest iteration of the 2021/22 annual
report.
5.
Board Papers for Approval or Discussion
5.1
Data and Insights Strategy
The paper was taken as read and
, Head of Engagement, Insights and Education,
introduced
from the Engagement, Insights and Education (EIE)
team. The following aspects of the strategy were highlighted:
The strategy is designed to enable REA to be a more data-led effective regulator.
The focus is to undertaken a stocktake of data holdings and ensure our data management
and governance is fit for purpose, enabling us to store and access data that is relevant to
our regulatory functions
Three-year roadmap of work to be undertaken.
The Board was invited to provide feedback and ask questions about REA’s strategic
approach.
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
The Board discussed the following matters:
The Board agreed that this is an important strategy.
Budget: anticipate costs will come in the next financial year to resource any systems
improvements (linked to CLIP project and systems enhancement in ISSP) so it is not in the
current budget.
Outside/external support requirements: EIE’s data specialist is doing the early work to work
out our current data position.
Is this being managed as a project? Not yet but appendix 3 outlines that it will become a
project when we reach a certain position.
Noted the need to align with CLIP project. Can run both projects side-by-side. Once the
CLIP end solution is identified that will better inform the IT solutions required.
Fit with the EIE team: this is a fundamental piece of work for EIE with training,
communications and harm prevention work. This is about being future-focused and having
systems. It will require the data and insights team to work closely with the IT team and
across RST to ensure data integrity and governance.
The strategy runs to year ending June 2024.
Resourcing: when will the Board know what systems changes and costs are required?
2023/24 fiscal arrangements will be reviewed in March next year so the Board will get a
picture of resourcing needs after that.
Impacts on legal services: No significant impact at this stage as they work in duplicate
systems (M-Files and FLIC). Getting this right will be really valuable to be able to integrate
Legal Services.
Data and Insights Strategy was endorsed
Recommendations
It was recommended that the Board:
Discuss and provide feedback on
the questions raised in this paper
Endorse the Data and Insights Strategy.
Decision Date:
13 Sep 2022
Mover:
Seconder:
Outcome:
Approved
5.2
Break
6.
Board Papers for noting
6.1
Regulatory Services Team Paper
The paper was taken as read and
Head of Regulatory Services, highlighted the
following points:
Seeing flattening of active licensee numbers. Too soon to say where that reduction and
growth is occurring, whether it be Auckland or across the Board.
CAC Training Day:
thanked
for attending the first in-person event in
two years. It was a valuable opportunity for CAC members to come together and share
case studies and experience.
Trust Account Audit progress highlighted.
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
Regulatory services manager’s resignation has impacted the RST team and
has
positioned himself within the team to provide extra support as the team transitions. The
legal team has also provided great support.
Meetings have been held with other regulators and some common trends and issues have
been identified. This has been a useful exercise that ties in with the Complaints and
Licensing Improvement Project (CLIP).
Th CLIP project status report included in supplemental papers.
The Board made the following comments:
When transaction numbers are
quieter, there is a greater likelihood to see tension about fairness and more reporting of
possible unlicensed trading which could be attributed to this increase.
Transactions are taking longer which can be beneficial to both buyers and sellers.
Consumer survey next year: would be good to see how well methods of sale are being
explained to our consumers.
Changes in bank lending: banks were taking a long time to pre-approve but this seems to
be improving.
TMR: how many cases have they been given and closed to date? In four weeks they have
been given 28, closed 6, 2 sent back.
Backlog management: intention is to ringfence the aged cases, work with TMR and legal
secondment to close out the aged/backlog cases.
Recommendations
It was recommended that the Board:
Note the contents of the Report and provide feedback on any matters raised.
Outcome: Noted
6.2
Legal Team Paper
The paper was taken as read and
, General Counsel, highlighted the following:
Case numbers are holding steady, with no drop of volume
The Board discussed the following:
Legal services working in with RST to support the CLIP process:
confirmed that
Legal Services are intimately engaged in the project currently and this will continue to be
the case as the project continues.
At 12.12pm
was recused from the meeting to discuss a matter with potential
conflict of interest. Minutes from this discussion have been saved separately.
Recommendations
It was recommended that the Board:
Note the contents of the Report and provide feedback on any matters raised.
Outcome: Noted
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
rejoined the meeting at 12:21pm.
6.3
PMO Report on Projects and Key Initiatives
The paper was taken as read and
, Programme Manager, highlighted the following:
Noted that Project Management training has been planned for staff to help equip our
people with how to apply a project approach.
PMO Policy will come to the Board in the near future, aiming for December.
CLIP is amber not green as presented
The Board discussed the following:
Translation of guides: have the Ministry for Pacific Peoples and Ministry of Ethnic
Communities been involved in the launch of the guides?
confirmed both have been
approached and will support digitally by sharing our posts etc. Phase two will be to sit down
with them and see how REA can work collaboratively.
Data and Insights Strategy: there will be a project plan to approach this work, with the
current focus being discovery. There will also be a tactical plan that falls under this
overarching strategy. Now the strategy has been endorsed by the Board, the EIE team will
go away and look at the next 12-18 months and plan the activity required.
Recommendations
It was recommended that the Board:
Note the contents of this paper and provide feedback on any matters raised.
Outcome: Noted
7.
Other Business
7.1
General Business
The Board congratulated
on her recent achievement at the Women in
Governance Awards with winning the not-for-profit governance leader award.
The Board also acknowledged Belinda Moffat’s second anniversary as Chief
Executive/Registrar of the Real Estate Authority on 7 September and the exemplary
leadership she has shown during this time.
Audit preliminary results: three very good ratings achieved for the second year in a row.
Belinda noted there is likely to be increased scrutiny on REA and all Government agencies
in the lead-up to the election. Maintaining independence when engaging with the sector
and ensuring ongoing compliance with cabinet rules and guidelines, and public sector code
of conduct continue to be critical. An increase in OIAs and PQs is anticipated. All Board
noted and endorsed the importance of the principles of impartiality and integrity at all
times.
7.2
Closing Karakia
The meeting was closed with a Karakia at 12.40pm.
8.
Close Meeting
8.1
Close the meeting
Next meeting: Board Meeting 18 October 2022 - 18 Oct 2022, 9:00 am
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Minutes : Board Meeting 13 September 2022 - 13 Sep 2022
Unuhia, unuhia Draw on, draw on,
Unuhia ki te uru tapu nui Draw on the supreme sacredness
Kia wātea, kia māmā, te ngākau, To clear, to free the heart,
te tinana, te wairua t e ara takatā the body and the spirit of mankind
Koia rā e Rongo, whakairia ake ki runga Rongo, suspended high above us (i.e. in ‘heaven’)
Kia tina! TINA! Hui e! TĀIKI E! Draw together! Affirm!
Signature:____________________
Date:_________________________
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