These are the roles for everyone involved in the Investment Management System (IMS), which are set by Cabinet.
Cabinet
The Cabinet Manual sets out the principles of Cabinet decision-making and the types of matters that Ministers must submit to Cabinet for consideration. It also describes how policy proposals should be developed.
Cabinet Manual
Cabinet Office circular (18) 2 covers the treatment of proposals with financial implications (whether in the Budget process or not).
CO (18) 2: Proposals with Financial Implications and Financial Authorities
Cabinet Office circular (23) 9 sets out Cabinet’s expectations for the management of investments, investment decision rights for departments and Crown entities, and mandates investments processes, including planning, business case and Gateway review requirements.
CO (23) 9: Investment Management and Asset Performance in Departments and Other Entities
Ministers
Ministers make sure investments are aligned to government policy and objectives. They can also approve investments that do not require new Crown funding and are within their delegation (or as delegated by Cabinet).
Te Tai Ōhanga The Treasury
As the kaitiaki of the investment management system, our main role is to provide stewardship and leadership across the IMS. We have three functions within the IMS team to make sure we succeed in this role.
Investment Management Policy
The Investment Management Policy function:
- manages the frameworks and standards that agencies follow, including the Better Business and Gateway frameworks
- convenes the Investment Panel to support investment funding decisions (which includes system leaders across government)
- provides advice on the Better Business Case framework and its application to Treasury vote analysts and agencies when needed.
- provides advice on prioritisation and sequencing of the Government’s investment portfolio based on investment reporting
- gives policy advice on the IMS as required to Ministers and other agencies
- enables the Government to be a good Te Tiriti o Waitangi partner across the IMS.
Investment Reporting
The Investment Reporting function:
- collects data on investments in the Government investment portfolio as they track through the investment lifecycle
- develops and improves the tools used to collect these data.
Investment reporting is used to:
- support better informed decision making by Ministers and Cabinet, on specific investments as well as the performance of the IMS overall
- prioritise and sequence investments
- identify opportunities for early interventions if a project starts to deviate from its expected costs and benefits
- support the Budget process, and
- support the Treasury with macroeconomics and fiscal forecasts.
Gateway
The Gateway function:
- facilitates investment reviews, such as Gateway, targeted investment reviews, and operations and benefits reviews, which advise on whether Government investments are well positioned for success.
System leads
The system leads provide advice, guidance, assurance, and rules for a specific type of investment or part of the investment management system.
Investment type | System lead |
---|---|
Finance | Te Tai Ōhanga The Treasury |
Data | Government Chief Data Steward (Tatauranga Aotearoa Stats NZ) |
Digital | Government Chief Digital Officer (Te Tari Taiwhenua Department of Internal Affairs) |
Cyber Security | Government Chief Information Security Officer (Te Tira Tiaki Government Communications Security Bureau) |
Legal | Government Legal Network (Te Tari Ture o te Karauna Crown Law Office) |
Protective Security | Government Protective Security Lead (Te Pā Whakamarumaru New Zealand Security Intelligence Service) |
Human resources | Te Kawa Mataaho Public Service Commission |
Policy | Te Tari o te Pirimia me te Komiti Matua Department of the Prime Minister and Cabinet |
Property | Hīkina Whakatutuki Ministry of Business, Innovation and Employment |
Procurement | Hīkina Whakatutuki Ministry of Business, Innovation and Employment |
System transformation | Te Tari Taake Inland Revenue |
Te Waihanga, New Zealand Infrastructure Commission
Te Waihanga was established to lift the quality of infrastructure procurement and delivery in New Zealand.
Te Waihanga provides a first point of contact for those in the infrastructure sector to seek advice on current and future infrastructure projects.
Monitoring agencies
Monitoring agencies monitor the performance of a delivery agency. For example:
- Te Manatū Waka Ministry of Transport monitors Waka Kotahi NZ Transport Agency
- Manatū Hauora Ministry of Health monitors Te Whatu Ora Health New Zealand.
Agency board or Chief Executive
The role of an agency’s board or Chief Executive is to make sure:
- their agency’s investments meet the agency’s strategic goals, government expectations and full public value
- appropriate planning and delivery of the agreed capabilities, assets or changes (within the parameters of each business case in the agency’s portfolio)
- benefits are realised across the agency’s portfolio of investments to ensure full public value is delivered and the agency’s strategic goals are achieved.
An agency’s Chief Executive can also approve agency-funded low-risk investments with a whole-of-life cost under $20 million.
Senior Responsible Owner
The Senior Responsible Owner (SRO) for an investment has delegated authority from the Chief Executive to oversee the:
- development of a business case for the investment
- delivery of the investment so that the expected benefits and outcomes can be realised.
The SRO also
- makes sure investment-related risks are identified and managed across the agency
- champions the investment to make sure all critical stakeholders are appropriately engaged in the agency, and if appropriate the sector, partners and the wider community.
Business Owner
The Business Owner (BO) is responsible for making sure the benefits:
- proposed in the business case are achievable, and
- are achieved once the new capability, asset or change has been delivered.
The SRO and BO roles may be held by the same person for some investments.