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Annual Report of the Treasury for the Year Ended 30 June 2012

Statement from the Treasury Board

The Treasury Board is a governance body that supports the Chief Executive and Executive Leadership Team (ELT) in their work to make the Treasury's organisational strategy, capability and performance contribute to the achievement of the Treasury's goals. The Board steers and endorses organisational strategy, tests key strategic decisions and holds ELT to account for its performance.

We believe that the Treasury's vision - to be a world-class Treasury working toward higher living standards for New Zealanders - is very compelling. We have confidence in the leadership and management of the organisation to deliver on this objective.

The Treasury started the year with a new Chief Executive and a relatively new ELT. We are pleased to see that these leadership arrangements have bedded in well over the year. The team has performed well in making the Treasury's vision and values meaningful for the organisation, its staff and its stakeholders.

While still having a way to go, the Treasury has made significant progress on its external profile and engagement with the public, businesses and policy-makers. It has performed effectively in advising the Government on key economic and State sector policy issues, and implementing high-priority government policies.

We look forward to seeing further progress on delivering on the organisation's vision, and ensuring it is driven by its values.

Non-executive Board Members

The Treasury Board is currently made up of three non-executive members, the Chief Executive and Deputy Chief Executive. We are in the process of recruiting an additional two non-executive members. Current non-executive members of the Board are:

Paul Baines

Paul Baines has a significant background in financial and strategic management. He sits on the boards of the Institute of Economic Research, the ToddCorporation and the New Zealand School of Music. He is a former Chair of Barnardos and has served on the boards of the Reserve Bank and Telecom. He is a member of the Government's Regulatory Responsibility Bill Taskforce.

Susan Macken

Susan Macken is an experienced company director and consultant. She is a director of the Bank of New Zealand, Fertility Associates and Ultimate Care Group Ltd. She is Chair of Crown research institute Environmental Science and Research.

Joan Withers

Joan Withers is a full-time company director with significant senior executive and corporate governance experience. She is Chair of Mighty River Power Ltd, Deputy Chair of Television New Zealand and Chair of Auckland International Airport Ltd. She has temporarily stood aside from the Board in order to avoid any perceived or real conflicts of interest created by her role as Chair of Mighty River Power Ltd.

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