• Abstract and Figures
• Public Full-text

PAGES Chairman’s Report 2 NZIER Board Members 2006 4 Director’s Report 6 Public Good Work 8 NZIER Publications 11 List of NZIER Members 2006 15 Contents Financials 17 NEW ZEALAND INSTITUTE OF ECONOMIC RESEARCH ANNU About NZIER AL REPORT 2006 AL REPORT • The New Zealand Institute of Economic Research (NZIER) is an independent economic consulting and forecasting organisation specialising in quality economic analysis and research to help decision-makers in both the private and public sectors with strategic and policy advice. • Established in 1958 and based in Wellington we are a non-profi t incorporated society. • We are independent of Government and any other organisation and we conduct our activities in an impartial and independent manner free from bias or any sectional interest. • Membership fees form approximately ten percent of our revenue and fund our various membership services. Membership is open to all. • Economic consultancy services provide most of our revenue. • The surplus on consultancy funds our public good research and other activities. • Our clients and members come from throughout New Zealand, Australia and further afi eld. 1 Chairman’s Report The past fi nancial year was one of strong growth in the level of activity for NZIER. Its staff was very busy delivering membership services and public good outputs as well as catering for a growing demand for its consulting services from public and private sector clients. The projects worked on covered a wide variety of topics and included a review of the design of the wholesale electricity market, the costs and benefi ts of various bio-security policies, charging for government services and the performance of the export crop sector in Papua New Guinea since independence. The Objectives of NZIER NZIER is independent of Government and of other organisations. Its fi elds of expertise are economic analysis, consulting and forecasting. It conducts its research and other activities in an impartial manner, free of bias and particular interests. Much of its research involves policy issues; some is undertaken for the agencies responsible for developing policy and some for parties interested in making submissions to shape policy. Irrespective of the party to whom it is working, NZIER tries to bring the insights of economics about the consequences of policy choices and tries to avoid the normative questions of what policies are “best”. The dividing line between what is the “best policy” and what policy is likely to best achieve an objective or aim is subtle, but important to the operations of NZIER. The organisation is an incorporated society and operates as a not-for-profi t. Public Good activities The objectives of NZIER extend beyond consultancy and forecasting. NZIER’s Constitution sets down that its objectives include conducting and promoting research into economic matters directly or indirectly affecting New Zealand and advancing the understanding of economic matters directly or indirectly affecting the country. Elsewhere in this report the numerous activities undertaken in fulfi lment of those objectives are listed in more detail. These public good activities are funded largely from NZIER’s own accumulated resources as the current subscriptions from members are just adequate to fund the services provided to them. One noticeable development in the last year has been an increase in the number of overseas visitors to NZIER. Many of these have been on fact-fi nding missions relating to trade liberalisation and policy development, but others have represented private sector fi rms or portfolio managers and have been looking to increase their understanding of New Zealand as a place to invest. Governance In my report last year I indicated that the Board would be considering over the next year its own role and composition in relation to the future needs of the Institute and that proposals to revise the Constitution were a possible outcome of this review. The Board has conducted the review and has brought forward to this year’s Annual General Meeting proposals to: 2 • Reduce the number of elected Board members from 9 to 6 persons; • Provide for an increase in the remuneration that can be paid to Board members from $20,000 to $45,000 so the remuneration of individual Board Members may be slightly more realistic; and NEW ZEALAND INSTITUTE OF ECONOMIC RESEARCH • Provide for the level of remuneration of the Board to be increased from time to time at general meetings of NZIER. Because these proposed changes were coming before this meeting, the opportunity has been taken to propose a new Constitution that uses more modern language than the existing one. I recommend these proposals to the members of NZIER. In regard to the question of Board fees I believe NZIER’s bests interests for facing future challenges will be served if I, and my successors, as Chairmen, are able to invite, and retain, fi rst class people for an outstanding Board, and then to ask them to give, frequently and wholeheartedly, of their expertise and wisdom to the NZIER, in addition to their contributions at quarterly Board Meetings. I think that such people will need to know that, even though they will receive only payments, as Board members, which are individually relatively small, they are being valued and recompensed by NZIER and its supportive members, to the best of NZIER’s ability. 2006 REPORT ANNUAL Thanks As noted, the proposed new Constitution provides for six Board members in addition to the Director, who is a member ex offi cio. In anticipation of the new Constitution being passed, three of the current nine Board Members indicated their willingness to retire. They are Professor Conrad Blyth, Mr Graham Valentine and Professor Athol Mann. All three have given long and valuable service to NZIER. Professor Blyth was the fi rst Director of NZIER and so his association goes back nearly 50 years. He has been an elected Board member since 1989. Mr Valentine was fi rst appointed to the Board in 1988 and he has also served as chair of the Board’s Audit Committee. Professor Mann’s service began as a representative of the Vice-Chancellor of Victoria University in 1990 and he has been a member of the Board in his own right since 1995. I thank them all for their contribution. Professor Blyth’s long involvement has not completely ended as he will continue to serve on the sub-committee organising the 50th anniversary of the founding of NZIER. This will be celebrated in 2008. On behalf of NZIER and personally, I would like to thank all the Board members for their contributions to NZIER’s success during the last fi nancial year. I would particularly like to acknowledge the work undertaken by Mr G W Valentine as Chair of the Board’s Audit Committee. I would also like to express the appreciation of the Board for the hard work put in during the last year by Brent Layton and all the staff of NZIER. Michael Walls Chairman 3 NZIER Board Members 2006 The roles of the members of the NZIER Board are to: • Be responsible for the NZIER’s continuing to strive to attain its goals as they are agreed from time to time, and for the NZIER’s strategic direction. • Monitor and safeguard the continuation of the NZIER in good fi nancial health and morale. • Ensure the employment of a Director, who shall also act as Chief Executive Offi cer of NZIER, on appropriate terms, and to represent NZIER in implementing those terms. • Keep under review the performance of the Director and, through the Director, of NZIER’s staff. • Give advice to the Director on questions of general business practice or standards within the knowledge of the Board and give advice on strategic planning initiatives and issues. Mr M Walls Mr T K McDonald Mr P Baines Chairman Deputy Chairman Professor Mr N M T Geary Professor C A Blyth CBE V B Hall Professor Mr R F Nottage Mr G W Valentine A W Mann CMG CNZM Dr T B Layton (Director) Ex offi cio 4 Auditors PricewaterhouseCoopers Solicitors Kensington Swan Secretary J T Matthewson NZIER AGM 2005 Held at the Carlton Hotel in Auckland on 20 September 2005 NEW ZEALAND INSTITUTE OF ECONOMIC RESEARCH From Left: Dr Alan Bollard, Professor Tim Hazledine, Nevil Gibson and Michael Walls ANNU Andrew Stoler addresses the 2005 AGM AL REPORT 2006 AL REPORT Michael Walls (left) presents the 2005 Economics Award to Dr Arthur Grimes From Left: NZIER Board members Kerry McDonald, Conrad Blyth and Norman Geary with Dr Arthur Grimes 5 Professor Robert Scollay thanks Andrew Stoler for his presentation to the AGM Director’s Report The 2005/06 year was a very busy one for NZIER and its staff. One measure of the increase in activity is that contract revenue rose by over 25 percent from its level the previous year. The rise was not due to an increase in staff numbers. Contract revenue per economist was up a very creditable 46 percent. Nor was the increase due to increasing charge-out rates on contracts. These remained virtually static on average. The key factor was a signifi cant increase in the average chargeable hours per staff member. The increase in contract revenue did not come at the expense of membership services or public good outputs. The full range of membership services and publications continued to be provided and a new web-based service giving leading indicator measures from the Quarterly Survey of Business Opinion was introduced for the benefi t of members. The opportunity cost value of the staff time devoted to public good projects increased by 21 percent over the level of the previous fi nancial year to $127,777.

Load more

  36

Copy Link