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The Role of Maori Accountants in Maori Economic Development

The Role of Maori Accountants in Maori Economic Development. An External Perspective John Spencer Chairman, Tainui Group Holdings. Introduction. Background Overseas NZ ICANZ. Dairy Industry & Maoridom. Tribal Affiliation Political Elected Representatives Capital Structure

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The Role of Maori Accountants in Maori Economic Development

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  1. The Role ofMaori Accountants inMaori Economic Development An External Perspective John Spencer Chairman, Tainui Group Holdings

  2. Introduction • Background • Overseas • NZ • ICANZ

  3. Dairy Industry & Maoridom • Tribal • Affiliation • Political • Elected Representatives • Capital Structure • $ in / $ out • Future Generations • Invest long-term • Land • Significant • Centralised Activities • Marketing • Fisheries • Loyalty

  4. Tainui Group Holdings • What went wrong • Issues well documented • People • Impact • Perception • Bankers • Commercial Environment • General Public • Lost Opportunities • 10 year gap

  5. Role of the Accountant • Governance • Accounting and Reporting • Policies and Procedures • Planning • Investments • Employees

  6. Governance • Tribal / Commercial Separation • Different objectives • Different skill sets • Government • Asset Ownership • Commercial • Board Charter • Minutes / Action Lists • Board Committees • Audit • Remuneration • Legacy Issues • Deal with them

  7. Board Charter • Role of the Board • Structure of the Board • Matters relating to Directors • The Committees of the Board • Integrity and Ethical Behaviour • Audit • Financial Reporting • Timely and Balanced Disclosure • Recognition and Management of Risk • Performance Evaluation • Chief Executive Officer

  8. Accounting and Reporting • Monthly Accounts • Up-to-date • Actual versus Budget • Forecasts • Cash Flow • Benchmarks and Targets • Investment sectors • Similar institutions • Reporting to Trustees • KISS • Explain “why” • Interpretation • Education process

  9. Policies and Procedures • Basic Policies • Employment • OSH • Treasury • Investment • Capital Expenditure • Level of Authority • Internal Audit

  10. Planning • Mission Statement • Strategic Plans – Commercial & Tribal • 3 to 5 years • Roadmap • Targets • Transition • Budgets

  11. TGH Mission Statement • To maximise shareholder wealth by implementing a sustainable asset portfolio by appropriate financing and dividend policy

  12. Investments • Policy • What • How • Local / Overseas • Asset Mix • Use of Advisers and Experts • Passive versus Active • Need for a Business Case • Use of Debt • JVs • Security • Project Debt versus General Debt

  13. TGH Target Asset Allocation • Growth Assets 80% • Property 70% • Equities 10% • Income Assets 20% • Cash 5% • Bonds / Fixed Interest 15%

  14. Land • Significance • Need for a Return • Property Mix • Sale and Purchase of Property

  15. Employees • Position Descriptions • Remuneration • Incentives • Training • Mentoring • Staff Selection

  16. The Future • Economic Power • Select Industries / Sectors • Ensure Beneficiaries benefit • Learn from others

  17. Summary • Vital role • Set high standards • Planning • Integrity • Pride • Leadership

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