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Key DocumentsThe following documents discuss issues related to the Crown companies that CCMAU monitors. Some of these documents are available in PDF format only. If you would like to receive a copy of any of these documents in another format, please contact us.
State-owned
enterprises Under the SOE Act, SOE boards are required to disclose in their annual Statements of Corporate Intent, their estimate of the current commercial value of (the Crown’s investment in) the SOE. To encourage further discussion on this important performance measure, the Treasury and CCMAU commissioned two investment banks – ABN AMRO and Macquarie Research – to provide equity-analyst style valuation reports in a similar format to those produced for companies listed on the New Zealand Stock Exchange. ABN AMRO produced a valuation for Mighty River Power and Macquarie Research produced valuations for all three companies. The research reports and valuations were undertaken in May and June 2007 and were based on publicly available information at that time. The information contained in the reports, including the valuation figures, should not be used or relied on by the public nor should they be interpreted as representing the views of the SOE or the Crown. · ABN AMRO report – Mighty River Power (172 KB) · Macquarie Research report – Genesis Energy (515 KB) · Macquarie Research report – Meridian Energy (352 KB) · Macquarie Research report – Mighty River Power (444 KB) · Macquarie Research report – WACC Appendix (39 KB) 2007: Corporate Social Responsibility (CSR) Framework for SOEs: Cabinet Paper (.pdf, 2 Mb) 2007: Corporate Social Responsibility (CSR) Framework for SOEs: Cabinet Minute (.pdf, 327 Kb)
This cabinet paper from
October 2007 outlines the corporate social responsibility (CSR) framework
for state-owned enterprises (SOEs). This provides expectations that
shareholding Ministers have for SOEs over their obligation to exhibit a
sense of social responsibility as required by the SOE Act. The paper
also provides an update on the Mercury Energy disconnection case involving
the late Mrs Folole Muliaga. The associated cabinet minute is also attached. 2007: Owner's Expectations Manual for State-Owned Enterprises (OEM) (.pdf, 25Kb) This manual outlines shareholding Ministers’ expectations of Crown company boards and clarifies the environment within which shareholding Ministers expect boards to meet their responsibilities and shareholding Ministers’ expectations. 2005: Briefing to the Incoming Minister for State Owned Enterprises 2005 (.pdf, 840Kb) This document provides an overview on the role of CCMAU, background on Crown companies, an overview of the SOE sector, and company profiles. It was prepared in September 2005 for the incoming Minister for State Owned Enterprises, Hon Trevor Mallard.
2007: Briefing to the Incoming Minister of Research,
Science & Technology 2007: Owner's Expectations Manual for Crown Research Institutes (OEM) (.pdf, 25Kb) This manual outlines shareholding Ministers’ expectations of Crown company boards and clarifies the environment within which shareholding Ministers expect boards to meet their responsibilities and shareholding Ministers’ expectations. 2006: Target Cost of Equity for Crown Research Institutes (.pdf, 36Kb) The Crown Research Institutes Act 1992 requires CRIs to generate an adequate rate of return on shareholders’ funds (equity). An adequate rate of return on equity invested in CRIs should reflect the cost of that equity. While the Crown does not own CRIs for the primary purpose of financial return (as CRIs contribute to broader goals) it is considered important that they achieve their cost of equity on average over time to ensure long-term viability. Shareholding Ministers have adopted a single cost of equity and return target of 9.0% for all CRIs. This report presents the rationale for that target. 2005: Report on CRI Internationalisation activities (.pdf 36.8kB) Internationalisation is an accepted activity for the CRIs. It allows them to increase their revenue and profitability and to derive benefit for themselves and for New Zealand. However, experience has shown that there are several key factors and risks that the CRIs must consider when developing and implementing their internationalisation strategies. This paper discusses those relevant issues. 1997: Policy Framework for National Databases and Collections Owned by CRIs (.pdf, 349kB) This framework provides guidelines on the data and information that CRIs own, which form the primary building blocks of national databases and collections. All Crown companies
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