![Briefing to the Incoming Minister of Housing: Monitoring Housing New Zealand Corporation and Tamaki Redevelopment Company [2013]](/mastheads/publications/briefings/housing-bim-2013.gif){kind=small}
Monitoring of TRC
47. Given the relatively recent establishment of TRC and appointment of the Board we are in the initial stages of setting up a monitoring relationship with TRC. As part of the monitoring relationship we are also establishing a closer relationship with the Auckland Council to avoid unnecessary compliance burdens on TRC.
48. We are also establishing a monitoring regime for TRC. TRC is unique in being the first company of its type with less than 100 percent Crown ownership. This presents some challenges as monitoring will need to be co-ordinated with the Auckland Council.
49. One of the first monitoring-related tasks involves a Letter of Expectations (LOE) for the TRC Board. The LOE will be an opportunity for shareholders to establish a relationship with TRC, be clear about shareholders' expectations and the short-term outcomes they are seeking. The LOE for TRC is to be agreed between you and the Mayor of Auckland ahead of the Statement of Intent (SOI) being produced. Additionally, the SOI that is produced will also need the input and agreement of the Auckland Council. This is a unique process that will require careful management.
