		KEY DOCUMENTS

Key Documents

The following documents discuss issues related to the Crown companies that COMU monitors. Some of these documents are available in PDF format only. If you would like to receive a copy of any of these documents in another format, please contact us.

State-owned enterprises

2010: Financial Performance Measures

The following pdf contains a set of financial performance measures that COMU uses for external reporting purposes, for state-owned enterprises. The aim is to promote transparency and consistency through a standardised set of measures.

Financial Performance measures for SOEs (.pdf, 36 Kb)
Equity Analyst Valuation Reports

2009: Crown-company time series graphs

The following pdfs contain time-series graphs to illustrate SOE performance from 2002/03 to 2008/09.

Background commentary describing the groupings and an explanation of the graphs.
SOEs' graphs

2008: Briefing to Incoming Ministers on entities monitored under Vote State-Owned Enterprises

This document is CCMAU's briefing dated November 2008 on the entities monitored under Vote SOEs.

2008: CSR Framework for SOEs

Shareholding Ministers reported to the Cabinet Policy Committee on 22 August 2008, on progress with implementing the CSR framework for State Owned Enterprises (refer to the Cabinet Paper and associated Minute).

2007: Corporate Social Responsibility (CSR) Framework for SOEs: Cabinet Paper (.pdf, 2 Mb)

2007: Corporate Social Responsibility (CSR) Framework for SOEs: Cabinet Minute (.pdf, 327 Kb)

This cabinet paper from October 2007 outlines the corporate social responsibility (CSR) framework for state-owned enterprises (SOEs). This provides expectations that shareholding Ministers have for SOEs over their obligation to exhibit a sense of social responsibility as required by the SOE Act. The paper also provides an update on the Mercury Energy disconnection case involving the late Mrs Folole Muliaga. The associated cabinet minute is also attached.

2007: Owner's Expectations Manual for State-Owned Enterprises (OEM) (.pdf, 25Kb)

This manual outlines shareholding Ministers’ expectations of Crown company boards and clarifies the environment within which shareholding Ministers expect boards to meet their responsibilities and shareholding Ministers’ expectations.

2005: Briefing to the Incoming Minister for State Owned Enterprises 2005 (.pdf, 840Kb)

This document provides an overview on the role of CCMAU, background on Crown companies, an overview of the SOE sector, and company profiles. It was prepared in September 2005 for the incoming Minister for State Owned Enterprises, Hon Trevor Mallard.

Crown research institutes

2008: Briefing to Incoming Ministers on entitites monitored under Vote Crown Research Institutes

This document is CCMAU's briefing dated November 2008 on the entities monitored under Vote CRIs. It is available in html here.

2007: Owner's Expectations Manual for Crown Research Institutes (OEM) (.pdf, 25Kb)

2006: Target Cost of Equity for Crown Research Institutes (.pdf, 36Kb)

The Crown Research Institutes Act 1992 requires CRIs to generate an adequate rate of return on shareholders’ funds (equity). An adequate rate of return on equity invested in CRIs should reflect the cost of that equity. While the Crown does not own CRIs for the primary purpose of financial return (as CRIs contribute to broader goals) it is considered important that they achieve their cost of equity on average over time to ensure long-term viability. Shareholding Ministers have adopted a single cost of equity and return target of 9.0% for all CRIs. This report presents the rationale for that target.

All Crown companies

2008: Owner's Expectations Manual for Non-SOE/CRI Entities Monitored by CCMAU

This letter and spreadsheet outlines shareholding Ministers' expectations for the boards of the non-SOE/CRI entities monitored by CCMAU. It notes that while the entities are not SOEs, many of the expectations in the Owner's Expectations Manual for SOEs will still apply.

Boards and appointments

2004: Crown Company Directors’ Fees and Reimbursement Guidelines (.pdf, 77kB)

This document outlines shareholding Ministers’ expectations around the payment of directors’ fees and expenses and is intended as a guide for the use of chairs, directors and managers.