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Owner's Expectations Manual Owner’s Expectations Manual Owner’s Owner’s Expectations Manual | Crown Ownership Monitoring | Crown Unit Crown Ownership Monitoring Unit July 2012 © Crown Copyright reserved ISBN 978-0-478-39662-1 (Print) ISBN 978-0-478-39663-8 (Online) This work is licensed under the Creative Commons Attribution 3.0 New Zealand licence. In essence, you are free to copy, distribute and adapt the work, as long as you attribute the work to the Crown and abide by the other licence terms. To view a copy of this licence, visit http://creativecommons.org/licenses/by/3.0/nz/. Please note that no departmental or governmental emblem, logo or Coat of Arms may be used in any way which infringes any provision of the Flags, Emblems, and Names Protection Act 1981. Attribution to the Crown should be in written form and not by reproduction of any such emblem, logo or Coat of Arms. Internet The URL for this document on the Treasury’s Crown Ownership Monitoring Unit’s website at July 2012 is http://www.comu.govt.nz/publications/guidance/owners-expectations-manual/ Persistent URL http://purl.oclc.org/nzt/g-oem Table of Contents What’s New? .............................................................................................................................................................. 5 Summary of Significant Updates to the Owner’s Expectations Manual ........................................................................ 5 1 Introduction ....................................................................................................................................................... 8 1.1 Who should read this manual?............................................................................................................................. 9 2 Ownership Framework ................................................................................................................................... 10 2.1 Crown company model ....................................................................................................................................... 10 2.1.1 SOE model............................................................................................................................................. 10 2.1.2 Non-SOE model ..................................................................................................................................... 11 2.2 SOE accountability .............................................................................................................................................. 11 2.3 Government ownership policy ............................................................................................................................ 12 3 Shareholder Roles and Responsibilities ........................................................................................................ 13 3.1 Shareholding Ministers’ roles and responsibilities ............................................................................................. 13 3.2 Shareholding Ministers’ powers .......................................................................................................................... 13 3.3 Shareholding Ministers’ statutory powers .......................................................................................................... 13 4 The Monitoring Function ................................................................................................................................ 15 4.1 Monitoring performance ...................................................................................................................................... 15 4.1.1 COMU’s monitoring approach ............................................................................................................... 15 4.1.2 COMU’s structure .................................................................................................................................. 16 5 SOE Reporting and Accountability ................................................................................................................. 18 5.1 The business planning process .......................................................................................................................... 19 5.2 Expectations letter .............................................................................................................................................. 19 5.3 Submission and review of business plan and draft SCI .................................................................................... 19 5.4 Finalising, tabling and releasing SCI .................................................................................................................. 20 5.5 Key SCI content expectation .............................................................................................................................. 20 5.5.1 Objectives, and nature and scope of activities ..................................................................................... 20 5.5.2 Financial and non-financial performance indicators ............................................................................. 21 5.5.3 Estimate of current commercial value ................................................................................................... 22 5.6 Reporting to shareholders .................................................................................................................................. 22 5.6.1 Quarterly reports .................................................................................................................................... 22 5.6.2 Interim/half-yearly reports ...................................................................................................................... 23 5.6.3 Annual reports ....................................................................................................................................... 24 5.6.4 Table of key reporting dates ................................................................................................................. 25 5.7 Other expectations .............................................................................................................................................. 26 5.7.1 “No surprises” policy .............................................................................................................................. 26 5.7.2 Provision of official information ............................................................................................................. 27 5.7.3 Post-investment review .......................................................................................................................... 27 5.7.4 Business case review ............................................................................................................................ 29 5.7.5 Disclosures ............................................................................................................................................. 30 5.7.6 Annual general meeting......................................................................................................................... 30 5.7.7 Public meetings ..................................................................................................................................... 31 5.7.8 Visits by Ministers/MPs .......................................................................................................................... 31 5.8 Accountability ...................................................................................................................................................... 31 5.8.1 Select committees ................................................................................................................................. 31 Owner’s Expectations Manual | 1 6 Social Responsibility ....................................................................................................................................... 33 7 Financial Governance ..................................................................................................................................... 34 7.1 Financial targets .................................................................................................................................................. 34 7.2 Performance against targets .............................................................................................................................. 34 7.3 Managing for value – value-based reporting ..................................................................................................... 35 7.4 Managing risks .................................................................................................................................................... 35 7.5 Foreign exchange risk management .................................................................................................................. 35 7.6 Capital management ........................................................................................................................................... 35 7.6.1 Optimal capital structure ........................................................................................................................ 35 7.6.2 Dividend policy ....................................................................................................................................... 36 7.7 SOE borrowing ...................................................................................................................................................
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