Shareholders opinions heard in survey results

Meeting expectations and delivering results is a key part of the PKW kaupapa to focus on the needs and aspirations of its people.

The annual shareholder survey is an important way for owners to give feedback to the organisation and help set the agenda for future planning.

This year, for the first time, recipients of educational grants and scholarships in 2017 and 2018 were asked for their opinions alongside shareholders. In total, 141 responses were received and analysed.

While most respondents lived in Taranaki, some participants live further afield across Aotearoa and Australia. However, geographical distance did not divide opinion, with many commonalities evident, especially around retention of the ancestral whenua and what to do with unclaimed dividends.

The overwhelming majority (86%) do not wish to see ancestral whenua being sold under any circumstance, but there is support (65%) for leases on that whenua to be sold as ownership remains with PKW.

Selling general land brings mixed responses with respondents slightly in favour at 55%, whereas there is clear direction at 80% that any funds from sales like this should be used to grow the PKW business or pay off debt.

Unclaimed dividends, some since PKW establishment in 1976, now amount to $4.7m due to various reasons, including succession not being completed through the Māori

Land Court (14% of all shareholders are recorded as deceased), current contact or bank account details being incorrect, or the minimum threshold for payment is not met, i.e. $5 for New Zealand accounts and $100 for Australian.

In addressing this, the clearest preference at 39% is for PKW to keep looking for shareholders or their whānau regardless of how long it takes, with other less favoured suggestions including putting a time limit on successors’ ability to claim, using the money for education purposes or redistributing the shares to the remaining owners.

Kaitiakitanga of the whenua is also by far the most important priority for respondents, with providing community and educational grants, scholarships and dividends the next on the list.

Following that is providing leadership in Taranaki, developing and employing our own people and reasserting cultural identity.

The suggestion that dividends be relinquished, either whole or in part, to support PKW business and Trust activities was met with opposition from 37% of respondents. Just 17% supported the proposition while 48% replied that they would consider it if necessary.

How to manage shares which are becoming too small to divide between succeeded relatives brought a difference of opinion also, with 36% agreeing or strongly agreeing to whānau trusts being put in place, while 31% had no preference either way and 33% either disagreed or strongly disagreed.

Respondents showed general support for PKW communication methods but are keen for more information, especially about non-farming investments. They are also comfortable with the current investment strategy but would like to understand the financial reports better.

Half also said they feel connected to the whenua and the desire for more access to the whenua, mostly to visit wāhi tapu, to collect kai and to access resources, eg. harvesting materials for weaving was also important to many.

“The survey results provide strong messages which will help the organisation continue to plan for the future”, PKW General Manager Shareholder Engagement, Mitchell Ritai says.

“This is an opportunity for PKW to have ongoing conversations with the owners to ensure we’re still meeting their expectations.”

(See magazine pg.27 for the 'Survey results at a glance' details)