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NZIER Annual Report 2009.Pdf Annual Report New Zealand Institute of Economic Research 20 09 New Zealand Institute of Economic Research (Inc) ESTABLISHED 1958 8 Halswell Street Thorndon PO Box 3479 Wellington 6011 New Zealand Phone: +64 4 472 1880 Fax: +64 4 472 1211 email: [email protected] Website: www.nzier.org.nz Chairman’s Report 3 NZIER Board Members 2009 4 Chief Executive’s Report 6 Public Good Work 7 Membership Products 8 List of NZIER Members 2008 9 Contents Summary Financial Statements 11 NEW ZEALAND INSTITUTE OF ECONOMIC RESEARCH NEW ZEALAND INSTITUTE OF ECONOMIC About NZIER ANNUAL REPORT 2009 ANNUAL • 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-profit 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 is open to all. • We devote the surplus on our operations to fund our public good research and other activities. 1 NZIER wishes to thank • Major members, members and clients for providing the funding necessary to carry out the Institute’s work. • The New Zealand Treasury and the Reserve Bank of New Zealand for providing a grant towards the cost of the Quarterly Survey of Business Opinion. • Sir John Anderson, Professor Frank Scrimgeour, Dr John McDermott, Dr Arthur Grimes and Mr Jeremy Corban for sitting on the Awarding Panel for the 2008 NZIER Economics Award. • The National Business Review for their support of the NZIER Economics Award. • Dr Graham Scott, for providing the address at the 2008 Annual General Meeting. • The Centre of Policy Studies at Monash University, in particular Dr James Giesecke, for collaborative research and work in the field of computable general equilibrium (CGE) modelling. • The Ministry of Foreign Affairs and Trade for financial assistance with our participation in the Track II Study Group on a Comprehensive Economic Partnership for East Asia (CEPEA). • The Foundation for Research Science and Technology for research funding. 2 Chairman’s Report The past year was again successful for NZIER, despite an adverse economic environment. NEW ZEALAND INSTITUTE OF ECONOMIC RESEARCH NEW ZEALAND INSTITUTE OF ECONOMIC The Board is pleased to report a surplus of $11,213 for the financial year. This surplus is after funds applied to the Institute’s usual public good activities, the Research Award in celebration of NZIER’s 50th anniversary, and search and recruitment costs of its Chief Executive. Without the latter two expenditures, the surplus would have been in excess of $140,000. The balance sheet and liquidity position of the organisation both remain very healthy. Public Good activities 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. In recent years, NZIER has been able to devote approximately $250,000 of its annual revenue from all sources to funding public good projects and activities. During the 2008/9 financial year NZIER funded the hosting of international visitors, the preparation of conference papers – particularly on the implications of the global financial crisis for New Zealand, and a number of research papers. Examples of these include: human capital and the trans-Tasman brain drain, household wealth, and a review of employment policies during a recession. The Board is also pleased that the 50th anniversary Research Award paper, by Law, Genç and ANNUAL REPORT 2009 ANNUAL Bryant, was successful in stimulating debate about the role that migration policy can play in promoting trade. A key achievement this year has been the development of a dynamic computable general equilibrium model of the New Zealand economy. The model has already been applied to a number of important public policy issues, such as our independent assessment of the Government’s fiscal stimulus package. It will prove to be a valuable and distinctive tool for our consultancy work for public and private sector clients. Governance This year’s accounts are presented in a summary form, in accordance with Financial Reporting Standards 43: Summary Financial Statements. The full accounts are available on NZIER’s website, or by contacting the Institute by phone, mail, or email. NZIER is a non-profit organisation, and its constitutional aims and objectives are educational. On 1 November 2008 the Charities Commission advised us that the Institute continues to be registered as a charitable entity under the new legislative provisions. The Board continues to work effectively. The Board has two committees: the Audit Committee, which is chaired by Mr Paul Baines with Mr Norman Geary and myself as the other members, and the Remuneration Committee, which is chaired by me, with the Deputy Chairman, Mr Kerry McDonald, as the other member. Thanks On behalf of NZIER, and personally, I thank all the Board members for their contributions to NZIER’s success during the last financial year. I also express the appreciation of the Board to the staff of NZIER, for all their work over the past year. Michael Walls Chairman 3 NZIER Board Members 2009 The roles of the NZIER Board members are to: • Be responsible for the Institute continuing to strive towards attaining its goals as they are agreed from time to time, and for the Institute’s strategic direction. • Monitor and safeguard the continuation of the Institute in good financial health and morale. • Ensure the employment of a Chief Executive of the Institute, on appropriate terms, and monitor the Chief Executive’s performance relative to those terms. • Keep under review the performance of the Chief Executive and, through the Chief Executive, of the Institute’s staff. • Give advice to the Chief Executive 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 TK McDonald Mr P Baines Chairman Deputy Chair Mr NMT Geary Professor VB Hall Mr R F Nottage CBE CNZM Mr J de Raad (Chief Executive) Ex officio Auditors PricewaterhouseCoopers Solicitors Kensington Swan Secretary J T Matthewson 4 NZIER AGM 2008 Held at the Intercontinental Hotel in Wellington on 28 August 2008. NEW ZEALAND INSTITUTE OF ECONOMIC RESEARCH NEW ZEALAND INSTITUTE OF ECONOMIC Chairman Michael Walls addresses the 2008 AGM Dr Graham Scott addresses the 2008 AGM ANNUAL REPORT 2009 ANNUAL John Gibson with the Economics Award and his wife, Geua David Law accepts the 50th Research Award prize on behalf of himself, John Bryant and Murat Genç 5 Chief Executive’s Report The 2008/09 year was marked by some exciting and some challenging events for NZIER. In 2008 we celebrated NZIER’s 50th anniversary. Our history is nicely documented in The Evolving Institute through a series of essays by some of our previous directors (available at www.nzier.org.nz). Among the highlights of the year has been our ongoing contribution to evaluating climate change policies for a range of clients. NZIER is committed to continue to making independent contributions to policy issues with potentially major implications for the economy. We have also had a strong voice in debates around the energy sector and commented on fiscal stimulus and employment policies. Our work in these areas has not always endeared us to some interest groups, but I am very proud of both the quality of our work, and of our strong independent stance. The success of our investment in a computable general equilibrium model led us to invest further to develop a dynamic version of the model, with expert assistance from the Centre of Policy Studies at Monash University. Our capability in this area will provide our customers with analysis and insights that are more robust and credible than the standard economic impact studies that are on offer. Our collaboration with the world-class Liggins Institute was another very exciting development over the last year. Our contribution to that collaboration will be to develop a robust methodology to evaluate the life course benefits and costs of interventions very early on in life, or even pre- birth. The work is still at an early stage, but the potential pay-offs in quality of life and economic terms are large, and this research may prove to be a very astute investment by the taxpayer. Another notable highlight of the 2008/9 year was the growth of our involvement in trade and trade liberalisation policy and research, particularly where Asia and the Asia-Pacific rim are concerned. Our experienced and expert trade team continues to assist customers with everything trade-related, from modelling to strategic advice on sector structures and policy. We have not been immune from the external environment. A sharp focus on costs in the wake of the prolonged recession, and the post-election focus on implementing the first 100 days agenda, slowed our consultancy business and affected membership numbers. This is reflected in our financial results. Tighter public sector budgets and the focus to do ‘more with less’ presents an obvious business risk to NZIER, as public sector clients account for a significant proportion of our consultancy income. Despite this risk, we are excited by the business opportunities that are arising in the current economic environment. These include: • Public sector clients now show greater demand for robust economic analysis to underpin policy development. NZIER is well equipped to assist clients with independent evaluations of the net benefit of existing and new policy, as well as prioritisation.
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