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Table of Contents
1.
Public Trust Position Specification
1
2.
PTR Appointment Letter
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Crown Board Position Specification: Te Nohoanga o te Poari Karauna
Public Trust
On behalf of the responsible Minister, we are inviting applications for one position from
candidates with governance capability who can bring a fresh perspective to the Board of
Public Trust from their career and life experience.
Applicants must have the necessary capabilities that enable them to meet the
requirements of a board member under the Crown Entities Act 2004, and other relevant
legislations. They must be able to demonstrate the knowledge, skills, attributes,
behaviours, and personal qualities critical for organisational stewardship required for
particular roles on the Board.
For a full list of capabilities applicable to Crown entity, Crown companies and SOE
boards go to
: What we look for - Board Appointments.
Capabilities sought: Kaha Kimihia
Ideal candidates will have some or all of the following:
•
specialist expertise in financial services and / or investment market expertise
•
significant governance experience
•
strong Government sector experience or experience working with stakeholders
within Government
•
a strategic approach and experience charting and monitoring the implementation
of strategic objectives
•
strong commercial acumen
•
experience overseeing complex organisations during a period of significant
technology change
•
knowledge of Te Ao Māori and experience of partnering with iwi and other Māori
organisations.
Commitment: Manawanui
Public Trust Board typically meets six to seven times per year by way of physical
meetings in Auckland, as well as four to five times for shorter (one hour) meetings via
video conference. In addition, all members sit on at least two of the Board’s three
Committees which generally meet in advance of Board meetings and require around
half a day preparation. Some matters are considered by the Board via circulation, as
required.
Remuneration: Utu
Fees for the Public Trust Board are based on a rate of $30,800 per annum. Actual fees
paid are at the discretion of the Board.
Closing date and Introduction Letter: Rā Kati
Candidates are asked to provide a cover letter to support their application. This may
include details on their values, interest and motivations for this role, and any personal
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attributes, strengths and diverse perspectives that they think would contribute to
performance on this board.
To be successful in this board role candidates must be able to demonstrate the core
capabilities sought. In their cover letters, candidates will need to outline how they meet
each of the following key requirements:
1.
Specialist expertise in financial services and / or investment market expertise.
2.
Strong Government sector experience or experience working with stakeholders
within Government.
3.
Knowledge of Te Ao Māori and experience of partnering with iwi and other Māori
organisations.
Please note that if you are shortlisted as part of this appointment process, you will be
asked to disclose all relevant interests (which could be personal, private, business or
financial interests) that could result in an actual, potential or perceived conflict of
interest. All shortlisted candidates are also subject to reference and background checks
which will be undertaken by an external provider engaged by the Treasury.
Your application and cover letter are required to be with the Treasury no later
than
5:00pm on Monday 22 January 2024. All final decisions regarding board composition are at the discretion of the shareholding
or responsible Minister. Any queries should be directed to:
[email address]. Current Board composition:Te Pōari
Board Member
Start date
Term end
Region
Ian Fitzgerald (Chair)
22 May 2017
31 Oct 2025
s9(2)(a)
John Ross Duncan (Deputy Chair)
1 Nov 2015
31 Oct 2024
Meleane Burgess
1 Feb 2020
31 Oct 2025
Kirsty Mary Campbell
1 April 2019
31 Oct 2024
Kevin Murphy
1 Feb 2020
31 Oct 2025
Graham Arthur Naylor
1 Nov 2016
31 Oct 2024
Vacancy
Entity’s business and structure Rangaranga o te Kamapene
https://www.publictrust.co.nz/
Public Trust is an autonomous Crown entity governed by the Public Trust Act 2001 and
Crown Entities Act 2004. It has served New Zealanders for 150 years, being the first of
its kind in the world.
Under the Public Trust Act 2001, Public Trust is required to have the principal objective
of operating as an effective business and maintaining financial viability in the long term.
It is also required to be a good employer and an organisation that exhibits a sense of
social responsibility by having regard to the interests of the communities in which it
operates.
As New Zealand’s largest provider of trustee and estate administration services, Public
Trusts employs over 400 people across their corporate offices, contact centre and
nationwide network of customer centres. The organisation has a broad remit from
helping everyday New Zealanders put their estate plans in place, administering estates
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and charitable trusts, investing fiduciary customer funds, protecting student fees, and
providing corporate trustee, supervisory and custodial services to the financial services
industry.
New Zealand is facing an ageing population, increasing death rates, increasing rates of
dementia and other il nesses, growing complexity in family structures and a significant
transfer of intergenerational wealth. These factors mean Public Trust services are more
relevant than ever. The organisation is seeking to scale, enhance, and adapt its
offering to respond to this changing context and continue to meet the needs of the New
Zealand public.
The Board and management are leading a strategy focused on improving Public
Trust’s service delivery model and propositions to meet this increased and changing
demand. The strategy includes investment in new technology, creating efficiencies
across the business and listening closely to what customers want and need.
Business drivers short to medium term: Te Urunga o te Kaipakihi:
The primary areas the Public Trust will be focusing on are as follows:
•
A strategy that puts their customers and people first while also focusing on
financial performance.
•
Elevating their culture of care and putting people at the heart of everything they
do, all with an eye firmly on growing a sustainable business that will remain
relevant for generations to come.
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s9(2)(a)
Dear s9(2)(a)
I have pleasure in formal y appointing you as a Member of the Board of Public Trust from
15 July 2024 up to 30 June 2027.
The appointment is made under sections 28-35 of the Crown Entities Act 2004 and is on
the basis that you:
•
have consented in writing to being a member
•
have certified that you are not disqualified from being a member
•
have disclosed the nature and extent (including monetary value, if quantifiable) of al
interests that you have, or are likely to have, in matters relating to Public Trust.
If at any time after your appointment you become disqualified from holding office as a
member you must inform me immediately. A list of the persons who are disqualified from
holding office as a member is set out in section 30 of the Crown Entities Act 2004. The
appointment is also subject to the satisfactory completion of background checks.
Schedule 1 to this letter sets out the Minister’s expectations in regard to the avoidance of
conflict of interest situations by members of statutory entities.
Schedule 2 to this letter sets out the broad terms of reference and the Minister’s
expectations of members of Public Trust.
I expect that on taking up this appointment you wil ensure that you are appropriately
indemnified and insured by the entity. You could discuss this with the entity’s
management. You are welcome to take out additional insurance at your own cost if you
wish.
You wil be aware that responsibilities placed upon board members have increased in
recent years and are stil subject to significant change from time to time. If you have not
already done so, I strongly recommend that you make yourself familiar with the legal rights
and obligations of board members. I also expect you to familiarise yourself with the
contents of the Owner’s Expectations Manual (OEM). The manual and related updates
are at
https://treasury.govt.nz/publications/guide/owners-expectations-manual. The OEM
outlines Ministers' expectations of the entities and companies ful y or partial y owned by
the Crown. A key element of your obligation is the need for confidentiality with regard to
the board and board committee discussions.
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It is also possible that you may be placed in a situation where, as a result of circumstances
which are not related to your position as a member of the Board of Public Trust, your
continuing to act as a member might nevertheless place Public Trust or Ministers in a
position of embarrassment.
Consistent with your duty to act in the best interests of Public Trust, if you find yourself in
such a situation you must take the initiative and raise the matter with the Chair and, if
appropriate, me. While there are no set criteria for such situations, examples include:
•
where legal proceedings have been, or are likely to be, brought against the member
•
where the member has been, or is likely to be, subject to negative media or public
scrutiny
•
where the member is placed in a situation of actual or perceived conflict of interest
•
any issue affecting the member’s ability to contribute to the board (for example, as
a result of other time pressures, extended overseas travel (ie more than two
months), il ness, etc)
•
where the member is appointed to any position as an employee of the Crown, or
intends to undertake significant contract work for any Crown entity
•
any other similar circumstance which may place Public Trust or Ministers in a
position of embarrassment.
Ministers accord board, Chair and member performance a high priority in ensuring that
Ministers’ expectations are being met. As a member of this board, you are entitled to have
your performance evaluated in a manner intended to guide you in being a successful,
contributing member. However, you also have an obligation to contribute to the evaluation
of the Chair and of the Board as a whole. These evaluations are conducted, as a minimum,
on an annual basis.
Your induction programme is the responsibility of the Chair and management, and they
wil discuss this directly with you.
I congratulate you on this appointment and look forward to your contribution. I would be
grateful if you could sign the enclosed form acknowledging your appointment and return
via email as per the address on the Acknowledgement of Appointment.
Yours sincerely
Hon Nicole McKee
Associate Minister of Justice
Enc
Crown Entity Members - Management of Conflicts of Interest - Schedule 1
Cc:
[email address]
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It is necessary that new appointees to Crown entity boards be advised of the expectations
of the Minister with regard to the management of conflicts of interest that may arise in the
course of their term.
Members occupy a fiduciary position, which requires them to act bona fide in what the
member considers is in the best interests of the entity. Accordingly, members are
required not to place themselves in a position of a conflict of interest other than to the
extent al owed under the Crown Entities Act 2004.
It is expected that al members make themselves familiar with their obligations under the
Crown Entities Act 2004. Nothing in this statement obviates any member responsibility in
this regard. However, it is important that appointees are aware of the additional
expectations of the Minister with regards to conflicts of interests.
The Minister expects that no member on the Board of Public Trust wil undertake work
for Public Trust. This expectation is not intended to preclude a member from undertaking
assignments for the Board which properly fal within the definition of a member’s duties,
but would preclude the member carrying out, say, a consulting assignment for the
management of Public Trust.
The Minister also expects that members of Public Trust should not be placed in a conflict
of interest through the involvement of an organisation with which the member has an
ongoing substantial commercial or professional interest or employment, with a Crown
entity of which they are a member. Two situations that could create a conflict of interest
where Crown entities engage organisations in which members have such an interest are:
1.
Where the organisation has been engaged for a one-off, specific assignment
2.
Where the organisation engaged has an on-going involvement with the Crown
entity.
With regard to the first situation, the Minister considers that, provided the concerned
member declares his/her interest in the organisation to be engaged for the assignment
and takes the appropriate actions under the Crown Entities Act 2004 (eg refraining from
voting), it is unlikely that the organisation needs be excluded from undertaking the
assignment. To exclude the organisation could unduly penalise organisations from
competing for business, especially when they are in highly specialised areas.
However, the Board of Public Trust wil also need to consider whether the affected
member should be party to the service to be provided by his/her organisation to Public
Trust. The Minister expects a member in this situation to distance themselves from the
provision of service or advice although, in a highly specialised sector, this may not always
be possible. The Public Trust Board should give careful consideration to a member’s
involvement in deliberations on the assignment.
The second situation referred to above causes the Minister greater concern, ie where the
organisation engaged has an on-going involvement with Public Trust.
The situation can arise from the company engaging, say, legal, accounting or other
professional advice or services. Many of these firms are sources for a large number of
members and the potential for conflicts of interest is high.
In principle, the conflict of interest provisions in the Crown Entities Act 2004 should
provide adequate direction against al egations of conflicts of interest, but the Minister has
additional concerns that those provisions may not entirely remedy the situation. A
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member who frequently stands aside from board decision-making places a greater
burden on the remainder of the board. This can also deny the board the skil s and
experience of a member, which is not (general y speaking) in the best interests of Public
Trust. There is also potential for the Minister and boards to be significantly distracted by
al egations of conflicts. The need to address each al egation can be time-consuming.
Accordingly, the Minister wishes to convey to al members an expectation that Public
Trust should not engage in an on-going arrangement with an organisation in which a
member has an interest of the nature outlined in this letter.
The Minister is of the view that Public Trust should be beyond reproach. Fol owing the
expectations of the Minister described in this statement should ensure that this is so. In
the event that exceptions to these measures appear appropriate, they should be referred
to the Minister.
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Broad Terms of Reference for Board Members: Public Trust Schedule 2
Background
The role of the Board is essential y the equivalent of a company board. The key
requirement of the position is to ensure effective accountability and governance of Public
Trust consistent with the requirements of the Crown Entities Act 2004 and the Public Trust
Act 2001, and to ensure that the value of the entity is enhanced.
The responsible Minister appoints a board to govern and oversee the management of each
Crown entity. Under the Crown Entities Act 2004, the Board has the authority, in the
entity’s name, to exercise the powers and perform the functions of the entity.
Key requirements
The key requirements of the Board Member position are to ensure effective accountability
and governance of Public Trust consistent with the requirements of the Crown Entities Act
2004 and the Public Trust Act 2001.
Accountabilities
You are accountable to the Associate Minister of Justice (the responsible Minister for
Public Trust) in the manner set out in the Crown Entities Act 2004 and the Public Trust Act
2001. For the purpose of the Crown Entities Act 2004, every reference to the responsible
Minister is to be read as a reference to the responsible Minister acting with the agreement
of the Minister of Finance.
The primary accountability document between the Board and the responsible Minister is
the Statement of Intent (SOI). The SOI is a public document tabled in the House of
Representatives annually. The Board is responsible acting in a manner consistent with its
SOI.
In addition, Boards are expected to produce the fol owing documents:
• an annual business plan
• a longer term (ie at least 10 years) strategic plan
• quarterly reports on the financial and non-financial performance of Public Trust within
one month of the end of the quarter under review
• an annual report within three months of the end of each financial year.
The responsible Minister has adopted a “no surprises” policy. The Board (usual y through
the Chair) is expected to advise the responsible Minister and / or his or her advisors of any
material event or circumstance, wherever possible wel in advance of its occurrence, that
could affect the value of the entity, cause embarrassment, or be of significant interest to
the responsible Minister. Board Members may also be required to provide information to,
and appear before, select committees on behalf of the entity.
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APPOINTMENT-IN-CONFIDENCE
Specific terms of reference
The responsible Minister expects you to:
• contribute to the continual review and updating of Public Trust’s governance
arrangements and risk management policies to ensure they reflect current best-
practice. It is expected that Board sub-committees wil be maintained to ensure
appropriate governance, review and risk management focus is applied to the
business of the entity
• contribute in a positive fashion to Board discussions based on your own skil s,
experience and judgement
• work constructively with the Chair and other board members to ensure that the
Board undertakes its work efficiently and effectively. It is expected that the Chair
wil , in consultation with the Board, develop an annual Board work plan
• define, agree and implement a business strategy that wil ensure the viability and
sustainability of Public Trust in a manner consistent with the owner’s expectations
and the relevant provisions of the Crown Entities Act 2004 and the Public Trust
Act 2001
• present to the responsible Minister by 30 April each year (or as agreed) a draft
business plan and SOI for at least the next three years. The annual business
plan should be consistent with Public Trust’s longer-term strategic plan
• employ a Chief Executive who wil assist Public Trust to meet the strategic and
operational objectives set by the Board
• provide the necessary guidance and support to the Chief Executive and the
senior management team to ensure Public Trust is managed effectively and
efficiently on a day-to-day basis, so that the targets and outcomes in the SOI are
met
• monitor the performance of the Chief Executive – and hold him / her accountable
for achievement of the business plan
• ensure that Public Trust complies with its own policies and procedures and best-
practice, and that the Board has sufficient controls and procedures in place to
effectively audit senior management’s compliance with the policies and
procedures
• general y act in a manner consistent with your obligations as a member under the
Crown Entities Act 2004 and the Public Trust Act 2001.
In addition, you should take the necessary steps to satisfy yourself of your statutory
and best practice obligations.
Treasury:4969284v1
APPOINTMENT-IN-CONFIDENCE
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APPOINTMENT-IN-CONFIDENCE
Performance measurement benchmarks
The benchmarks against which the Board wil be measured are:
• the business plan for the current year and out-years is supported (within agreed
timeframes) by the responsible Minister
• the supported current-year business plan is achieved, including agreed balance
sheet outcomes
• risk management standards and expected outcomes are established in the Public
Trust’s business plan and SOI, and are consistently achieved
• financial accounts are audited within the statutory timeframes and comply with
general y accepted accounting practice
• Public Trust’s annual report complies with the requirements of the Crown Entities
Act 2004 and the Public Trust Act 2001, and is submitted for tabling within the
statutory timeframes
• routine and one-off audits of process fol owed by the Board consistently show
that Public Trust is complying with its own policies and procedures and best
practice, and that the Board has sufficient controls and procedures in place to
effectively audit senior management’s compliance with those policies and
procedures.
Treasury:4969284v1
APPOINTMENT-IN-CONFIDENCE
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APPOINTMENT-IN-CONFIDENCE
Acknowledgement of Appointment
Hon Nicole McKee
Associate Minister of Justice
PARLIAMENT BUILDINGS
WELLINGTON 6160
Dear Minister
I acknowledge receipt of your letter appointing me as a Member of the Public Trust
Board from 15 July 2024 up to 30 June 2027.
I wil ensure that I keep myself ful y familiar with the obligations and responsibilities
of the position and ensure that the entity has taken any necessary steps to arrange
for an indemnity and/or insurance for me in my position as a board member. I also
accept that the appointment is subject to the satisfactory completion of background
checks.
I undertake to advise the Minister, via Treasury, of any change in my circumstances
that may have an impact on my ability to continue to serve on the Public Trust Board.
Yours sincerely
s9(2)(a)
Date:
Please return via email to:
[email address]
Treasury:4969284v1
APPOINTMENT-IN-CONFIDENCE
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Document Outline
- MOIA Reply 20240849 COIA 71 T2024-3047Appointments to the Public Trust Board
- Enclosure: Yes (attached)
- 20240849 MOIA Binder
