Letter to the Minister 02 Board of Directors
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Letter to the Minister 02 Board of Directors Mr. Sada Reddy Rev. Sereima Lomaloma Mrs. Elenoa Gonelevu Chairman Director Director Appointed to the Board in Decem- Appointed to the Board in Decem- Appointed to the Board in February ber 1999 and became Chairman ber 2002. Rev. Lomaloma has a 2005. Mrs. Gonelevu holds a Post from December 2000. Mr. Reddy is Masters Degree in Social Planning Graduate Diploma in Management an Economist having attained a from London School of Economics. & Public Administration and has Masters in Economics with distinc- She is currently serving as the completed 2 units in Masters in tion and presently the Deputy General Secretary of the Anglican Business Administration, Bachelor Governor of the Reserve Bank of Church in Fiji, Tonga, Samoa and of Arts in Management and Fiji. He joined the Reserve Bank of Archdeaconry in New Zealand. Linguistics and Vocational Teachers Fiji in 1975 and has held other Rev. Lomaloma has held various Certificate. She is currently involved senior management positions senior positions in Government in social/community work and during the period of his employ- including being Director for holds the position of Interim ment. Mr. Reddy is also the Deputy Women in the Ministry of Women Secretary of Fijian Women’s Chairman of the Capital Markets & Social Welfare for nine years. Organisation. Development Authority. Mr. Cama Tuiloma Mr. Olota Rokovunisei Mr. Vishnu Deo Director Director Director Appointed to the Board in January Appointed to the Board in Novem- Appointed to the Board in Dece- 2004. Mr. Tuiloma is the Chief ber 1996. Mr. Rokovunisei holds a mber 2002. Mr Deo is a Chartered Executive Officer for the Ministry Masters of Business Administration, Accountant and a retired partner of of Local Government, Housing, Post Graduate Diploma in Applied the accounting firm KPMG where Squatter Settlement & Environment Finance and Investment, Bachelor he served as partner-in-charge of the from 2004. He had served with the of Science in Mathematics & Physics Lautoka office for some 20 years. Public Works Department for 24 and Bachelor of Arts in Accounting He is a past president of the Fiji years. Before taking up his new and Economics. He is presently the Institute of Accountants. Mr. Deo position, he was the Director of General Manager/Chief Executive is currently a Business Consultant Buildings & Government Architect. of the Fiji National Provident Fund. and a Board Member of Capital Mr. Tuiloma holds a Bachelor and Mr. Rokovunisei has continued to Markets Development Authority Masters Degree in Architectural serve on various Boards including and holds other company direc- Studies. He also holds a Graduate that of Unit Trust of Fiji (Mana- torship. He is also Chairman of Certificate in Management. gement) Ltd, Yasana Holdings, Fiji Sathya Sai Service Organisation of Mr . Tuiloma is also a Board member TV, Home Finance Ltd, Credit Fiji, a spiritual and service for Public Rental Board and Corporation Fiji Ltd, Telecom Fiji organisation. National Fire Authority. Ltd and Amalgamated Telecom Holdings Ltd. Board of Directors Term Expired on 31st December 2006 Corporate Governance 03 Board Composition Board of No. of No. of The Committee’s main function was Directors meetings meetings There are six Directors on the Board, held attended to assist the Board in fulfilling its all of whom are appointed by the responsibilities relating to the fiduciary Minister for Women, Social Welfare Mr. Sada Reddy 11 11 management of the accounting policies and Housing. The Chief Executive Mr. Olota Rokovunisei 11 1 and reporting practices of the Officer is an ex-officio member of the Authority. Board but does not have the power to Mrs. Elenoa Gonelevu 11 9 vote nor regarded as a Board Director Rev. Sereima Lomaloma 11 9 The Committee is charged with the for the purpose of formimg a quorum. responsibility to oversee and appraise Mr. Vishnu Deo 11 7 the quality of the audits conducted by Board Functions Mr. Cama Tuiloma both internal and external auditors. The relationship between the Board /Ms. Emele Duituraga 11 9 The Committee also maintained open and the Management is a partnership lines of communications among the that is crutial to the Authority’s long Board, the internal auditors and term success. Each has functions which Board Sub-Committees external auditors to exchange views and should be clearly defined and under- To assist the Board to plan and support information. stood. The Chief Executive Officer is its activities and administration, three responsible to the Board for the day to Sub-Committees were formed, namely Human Resources day management of the Authority. Property, Finance, Audit & Risk Mana- Sub-Committe The Board gives directions and exercises gement and Human Resources Sub- The Human Resources Sub-Commi- judgment in setting the Authority’s Committees. The minutes of the ttee was chaired by Mr. Sada Reddy objectives and overseeing their imple- meetings held by these Sub-Comm- with Mr. Cama Tuiloma, Mr. Vishnu mentation. ittees were tabled at Board meetings Deo and Rev. Sereima Lomaloma as and all resolutions of these Commi- members. Some of the major responsibilities of ttees required the approval of the the Board Directors include: Board. • The corporate governance of Property Sub-Committee The fundamental tasks of this Comm- the Authority, including The Property Sub-Committe was ittee were to monitor the performance establishment of Sub- chaired by Mr. Cama Tuiloma with Rev. of the Chief Executive Officer, General Committees; Sereima Lomaloma, Mrs Elenoa Gone- Managers, recommend remunation • Oversight of business and affairs levu and Mr. Vishnu Deo as members. policies and address strategic human of the Authority by: resource matters. In addition, the Com- • Establishing with Management the The Committee’s primary role was mittee endorses Management’s recom- strategies and financial objectives; to review Management’s recommen- mendations in regard to performance • Monitoring the performance of the dations on all land development management system and assists Mana- Management tenders and all acquisition of land by gement in maintaining good industrial • Communicating with the development tenders and on relations with the Union. shareholders, results of, and all acquisition of land by the Autho- developments in the rity. The Committee also evaluated Attendance to Sub-Committee operations of the Authority; and pre-qualified civil contractors/ Meetings • Appointments of the Chief consultants eligible to carry out the The number of Board Sub-Committee Executive Officer; and Authority’s projects and assisted meetings held during the year were 8 • Approval of the Authority’s major Management where necessary in and attendance to these meetings by Human Resources policies and dealing with contractors/consultants, he Board Directors averaged 70%. overseeing the development municipal authorities and other strategies for senior and high stakeholders. performance executives. Finance, Audit and Risk Board Meeting Management Sub-Committee The number of Board Directors’ meet- The Finance, Audit & Risk Managemnt ings and number of meetings attended Sub-Committee was chaired by by each of the Board Directors of the Mr. Vishnu Deo with Mrs. Elenoa Housing Authority during the financial Gonelevu, Mr. Olota Rokovunisei and year were: Rev. Sereima Lomaloma as members. 04 Financial Highlights Return on Equity (1998-2006) Profitability Trend (1998-2006) 10.00% 4.31% 1.40% 1.97% 4,000 0.00% 5.00% 5.68% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2,487 -10.00% -8.23% -9.90% 2,067 -13.47% 2,000 2,281 -20.00% 518 538 771 160 (432) % -30.00% 0 (000) 1998 1999 2000 2001 2002 2003 2004 2005 2006 -40.00% -50.00% (2,000) -60.00% (3,400) -63.62 -70.00% (4,000) Lots Production (1998 - 2006) Performing Portfolio (1998-2006) 2500 128.7 130 2000 124.2 125 122.3 122.5 122.9 1500 118.9 120 117.0 114.7 113.6 1000 $M 115 Lot Numbers 500 110 0 105 1998 1999 2000 2001 2002 2003 2004 2005 2006 1998 1999 2000 2001 2002 2003 2004 2005 2006 Lots completed Lots In-Progress Scheme/Design Plan Non Performing Portfolio (1998-2006) Weighted Average Cost of Capital (1999-2006) 40.0 25.0% 20.8% 20.7% 21.1% 21.1% 35.0 20.0% 10.00% 20.0% 8.70% 7.70% 30.0 15.7% 24.1% 7.15% 16.5% 14.6% 8.00% 6.47% 6.38% 6.29% 25.0 15.0% 5.41% 6.00% 5.01% 20.0 (%) $M 10.0% % 15.0 4.00% 10.0 22.2 28.7 29.9 30.5 34.3 32.7 24.1 21.3 20.9 5.0% 5.0 2.00% 0.0 0.0% 0.00% 1998 1999 2000 2001 2002 2003 2004 2005 2006 1999 2000 2001 2002 2003 2004 2005 2006 Non Performing Portfolio Non Performing Portfolio(%) Years Effective Lending Rate (1999-2006) Total Operating Expense to Total Operating Income (1994-2006) 12.00% 10.10% 10.50% 9.35% 10.00% 100% 93% 7.16% 7.11% 7.59% 81% 87% 8.00% 80% 66% 71% 6.38% 6.35% 65% 66% 60% 60% 57% 56% 6.00% 53% 55% % 60% 4.00% 40% 2.00% 20% 0.00% 0% 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1999 2000 2001 2002 2003 2004 2005 2006 Years Organisational Structure 05 Minister for Women Social Welfare & Housing Minister for Public Services, Public Enterprises & Public Sector Reforms Board of Directors Chief Executive Officer Alipate Naorosui The Chief Executive’s Division has the primary responsibility of setting strategic directions, Board Secretary implementing policies as approved by the Board, corporate governance, monitoring Jagdish Prasad and measuring of results against targets and risk management.