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Annual Report of the Treasury for the Year Ended 30 June 2014

Crown Company Monitoring Advice to the Minister of Science and Innovation and the Minister for Economic Development

What is Intended to be Achieved with this Appropriation

This appropriation is intended to ensure appropriate financial and social returns, and long-term value is achieved from Crown research institutes (CRIs) and Crown entities monitored under this appropriation.

Scope of Appropriation

This appropriation is limited to the provision of ownership, performance monitoring and governance advice to the Minister of Science and Innovation and other responsible Ministers in respect of the Ministers' shareholding responsibilities.

Significant Work Completed

During 2013/14, the Treasury:

  • carried out a second opinion monitoring role in respect of the eight CRIs and reported on them in the Treasury's 2013 APR
  • provided second opinion advice and guidance to MBIE on its monitoring of CRIs and Research and Education Advanced Network New Zealand (REANNZ)
  • provided advice on New Zealand Venture Investment Fund Ltd (NZVIF) business planning and risks and opportunities, and
  • assisted Ministers with board appointments for CRIs, NZVIF and REANNZ.
Performance Measure Target for 2013/14 Performance for 2013/14 Forecast for 2014/15
Board appointments completed for CRIs and other entities. 23 directors Not achieved - 20 directors 25 directors
Technical quality of operational advice papers regarding ownership, performance monitoring and governance as assessed through the general Treasury policy advice quality assessment process. At least an average of 70% Achieved - Average of 70% At least an average of 70%
2013
Actual
$000
Crown Company Monitoring Advice to the Minister of Science and Innovation and the Minister for Economic Development 2014
Actual
$000
2014
Main Estimates
$000
2014
Supp. Estimates
$000
2015
Unaudited Forecast as per BEFU 2014
$000
384 Expenses 448 436 483 484
 

Funded by:

       
384 Revenue  Crown 448 436 483 484

Expenditure is $35,000 under the Supplementary Estimates budget owing to staff vacancies and minor delays in strategic reviews.

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