About Us - Commercial Operations Group of the Treasury

Page updated 3 February 2014

The portfolio of the Crown’s commercial and financial entities constitutes approximately two-fifths of the entire value of the assets on the Crown’s balance sheet. Ensuring that the size, performance and composition of this portfolio aligns with the Crown’s overall balance sheet objectives and government objectives is important.


The Treasury seeks to ensure that the Crown’s balance sheet is fit-for-purpose and is managed in a way that protects value, enhances performance and contains risk. The Treasury's Commercial Operations group aims to achieve this by:

  • Providing strategic ownership advice to the New Zealand government on the commercial and financial assets it owns and monitoring the performance of those assets.
  • Assisting with the appointment of directors to Crown company boards.
  • Advising Shareholding Ministers on performance and governance issues.
  • Building a Centre of Excellence to assist other agencies in their monitoring and governance responsibilities.
  • Assisting Ministers with advice on how to obtain better value from, and manage risks associated with, the assets and liabilities on the Crown’s balance sheet, and identify and reduce risks that could affect the Crown finances in the future, at both the aggregate and institutional levels

The Treasury monitors

  • State-owned enterprises
  • Crown research institutions (CRIs)[1]
  • Crown owned companies
  • Other Crown companies
  • Statutory entities
  • Air New Zealand Limited and
  • The Crown’s shareholding in three airports.
  • [1]In line with the February 2010 CRI Taskforce Review, from 1 February 2011 the Ministry of Science and Innovation will be the primarily monitoring department for CRIs, with the Treasury moving to a second-opinion role in relation to the CRIs’ financial performance. The Treasury will retain a key role in the board appointments process, working alongside the Ministry of Science and Innovation.