Vote State-Owned Enterprises Output Expense Performance
Crown Company Monitoring Advice to the Minister for State-Owned Enterprises and Other Responsible Ministers
Scope of Appropriation
This appropriation is limited to the provision of ownership, performance monitoring and governance advice to the Minister for State-Owned Enterprises and other responsible Ministers in respect of the Minister's shareholding responsibilities or as responsible Ministers for the New Zealand Lotteries Commission and Public Trust.
Significant Work Completed During 2009/10
- Established COMU to increase the efficacy of the Crown’s monitoring of performance of SOEs and Crown companies.
- Implemented a change in focus of monitoring to focus on accountability, transparency and performance.
- Implemented a continuous disclosure regime for the nine largest SOEs.
- Assisted the responsible Ministers in formulating ownership expectations in relation to the governance practices of the companies.
- Prepared advice on the Statements of Corporate Intent and strategic plans of the SOEs and Crown companies.
- Completed performance reports on a quarterly, half-year and full-year basis to analyse the performance and accountability documents prepared by each company.
- Commissioned independent valuations of the three electricity SOEs.
- Implemented financial performance measurements for the SOEs.
- Hosted training programmes for recently appointed and aspiring directors.
- Hosted professional development updates for existing Crown directors.
- Hosted a one-day induction seminar for new directors.
- Provided assistance to other agencies regarding nominations for boards.
| Performance Dimensions | Target | Performance for the 2009/10 year | ||||
|---|---|---|---|---|---|---|
| Quality standards for analysis and advice. | Achieved |
Not assessed in 2009/10. Refer to page 60 for further information on the application of the policy standard during 2009/10. |
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| Ministerial satisfaction. | Materially met |
Materially met. Ministers have been asked to comment on the performance of CCMAU and the transition to COMU. Expectations from the establishment of COMU have been materially met to date. |
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| 2009/10 Actual $000 |
Supp. Estimates - Voted $000 |
Main Estimates $000 |
2008/09 Actual $000 |
|
|---|---|---|---|---|
| Expenses | 2,654 | 3,275 | 2,775 | 2,517 |
| Funded by: | ||||
| Revenue Crown | 2,618 | 3,241 | 2,707 | 2,477 |
| Other Revenue | 36 | 34 | 68 | 40 |
Actual 2009/10 output class expenditure was $621,000 or 19% under the Supplementary Estimates budget owing to vacancies and efficiency savings.
