Governance and Performance deliver positive results

The location of the 2018 Parininihi ki Waitotara AGM was a reminder to all those who attended of the history of the organisation and the challenges its people have faced and overcome.

Held at Owae Marae in Waitara, in the rohe where the first fateful shots were fired at Te Kohia Pā on 17 March, 1860, the meeting began with an acknowledgement of the past.

A review of the achievements of the past year with regard to the organisation’s values of Manaakitanga, Kaitiakitanga, Whakapono, Kotahitanga and Whanaungatanga and the strategic imperatives of business optimisation, seeking partnerships, diversification and lifting outcomes then followed, presented by Hinerangi Raumati-Tu’ua, Chair of the PKW Incorporation. These included increased engagement with shareholder whānau, the development of the Kaitiakitanga strategy and the naming of Te Ruru.

The accounts were presented, which reflect a more ‘normal’ year for the core agribusiness operations, with PKW posting an after-tax profit of $4.9m for the financial year 17/18. Total shareholder equity rose by 1.4% to $243.3m (FY16/17 $240m).

A governance model review for PKW Farms LP was presented, which recommended a change in board structure better suited to focus on the separate key strategic areas. A new Board consisting of two independent directors for consistency and two elected Board members from the Committee of Management (CoM) based on their skillset will oversee PKW Farm LP. This will be in place by the end of the year.

Consideration of the current CoM model and a review of the PKW Trust Board will follow in due course. Shareholders also approved the dividend payment of $1.30 per share.

Above: Warwick Tauwhare-George, PKW CEO

Warwick Tauwhare-George, PKW CEO took the floor to present his report to the hui.

“Warwick spoke of the commitment of our people during the year and the progress of the business to date but the real highlight of his kōrero was his insight into our diversification strategy,” says Jacqui King, PKW Head of Corporate Services. “The results of our planning stages are now being seen with tangible investments being made. It is an exciting time with the development of new partnerships and finding new directions for the business to go in pursuit of our strategic goals.”

Mitchell Ritai, General Manager Shareholder Engagement, presented the Kaitiakitanga Strategy and explained the framework of actions that aim to really define what it means to be a kaitiaki of the land.

Hinerangi Edwards, Chair of the PKW Trust, presented the Trust’s annual report and spoke of the strong asset base of more than $3m that helps fund the work it does.

A $14k increase in grant and scholarships took place last year, with 232 grants and scholarships awarded in comparison to 197 last year. This means an additional 35 uri were given support to fulfill their aspirations.

“Hinerangi was also pleased to announce four new joint scholarships with our partners Victoria University of Wellington, Meridian Energy and Marsh Insurance Brokers,” says Jacqui. “The Trust will continue to collaborate with iwi and key suppliers to establish more scholarships and support a pan-tribal kaupapa to ensure support is there for all Taranaki Māori.”

After the hui, a feast of kai including milk and cheeses from Fonterra, Rockit apples and kōura was served while kapa haka group Te Kāhui o ngā Mātā Raukura, from Waitara East School, performed.

Above: Te Kāhui o ngā Mātā Raukura (Waitara East, Kapa Haka group)

“It was great to see so many of our shareholders at the AGM,” said Jacqui. “It was particularly gratifying to note there were a lot of younger people there, taking an interest in their future.”

“Gaining an insight and understanding into the organisation now means PKW will be in good hands when they step up and become custodians of the whenua when it’s their turn.”