- About COMU
- Board Appointments
- Ownership Framework
Page updated 20 Nov 2010
The portfolio of the Crown’s commercial and financial entities constitutes approximately two-fifths of the entire value of the assets on the Crown’s balance sheet. Ensuring that the size, performance and composition of this portfolio aligns with the Crown’s overall balance sheet objectives and government objectives is important.
The Crown Ownership Monitoring Unit (COMU) seeks to ensure that the Crown’s balance sheet is fit-for-purpose and is managed in a way that protects value, enhances performance and contains risk. COMU aims to achieve this by:
- Providing strategic ownership advice to the New Zealand government on the commercial and financial assets it owns and monitoring the performance of those assets.
- Assisting with the appointment of directors to Crown company boards.
- Advising Shareholding Ministers on performance and governance issues.
- Building a Centre of Excellence to assist other agencies in their monitoring and governance responsibilities.
- Assisting Ministers with advice on how to obtain better value from, and manage risks associated with, the assets and liabilities on the Crown’s balance sheet, and identify and reduce risks that could affect the Crown finances in the future, at both the aggregate and institutional levels
- State-owned enterprises
- Crown research institutions (CRIs)
- Crown owned companies
- Other Crown companies
- Statutory entities
- Air New Zealand Limited and
- The Crown’s shareholding in a shipping line, Pacific Forum Line and four airports.
- In line with the February 2010 CRI Taskforce Review, from 1 February 2011 the Ministry of Science and Innovation will be the primarily monitoring department for CRIs, with COMU moving to a second-opinion role in relation to the CRIs’ financial performance. COMU will retain a key role in the board appointments process, working alongside the Ministry of Science and Innovation.