Half-yearly hui keeps shareholders updated

Shareholders enjoyed an informative half-yearly hui, with a positive financial forecast and new insight into PKW’s diversification portfolio as the highlights.

The hui at the beginning of May, which took place at Kairau Marae for the first time, included an overview of the achievements of the incorporation against its strategic goals in the first part of the year.

“We were pleased to be able to hold our hui at Kairau Marae as part of our desire to visit different iwi and hapū,” says Jacqui King, PKW Head of Corporate Services. “It was great to welcome new whānau to participate and learn more about our kaupapa.”

Enhanced shareholder engagement was a focus of the report, with the renaming of one farm ‘Te Ruru’ and another ‘Te Kāhu’ helping to forge closer connections with Meremere Marae whānau, and working groups established to implement the kaitiakitanga strategy. Iwi and hapū hosting the PKW Kaimahi Whānau Days at Waioturi was another example.

Progress towards a more balanced portfolio was made in line with the diversification strategy with the purchase of the Novotel Hotel in New Plymouth and the inception of the sheep dairy initiative. Warwick Tauwhare-George, PKW CEO, spoke to the hui about the collaborations and partner relationships being built and the next phase of the diversification plan being put into action.

A financial update was presented with positive profit projections for year end, despite the impact of the drop in the Fonterra share value.

Currently (to 31 December 2018) revenue stands at $11.8m, operating expenses at $7.3m and operating profit at $3.6m.

Richard Krogh (Te Atiawa, Ngāti Tūwharetoa), the chair of the newly formed PKW Farm LP Board, took the opportunity to introduce himself to shareholders and explain the results of the first stage of the governance review.

“The governance review was initiated from a desire to separate key strategic areas and ensure that board members were placed where their skill sets could be used to the most effect,” says Jacqui. “Stage one is now complete and stage two, reviewing the incorporation’s governance model, is underway.”

Four videos giving a greater insight into PKW’s investment interests were well received by those present, and the results of the shareholder engagement survey were also presented.

“The survey helps us as an incorporation to know where our shareholders’ priorities lie and where we should focus our efforts,” says Jacqui. “It is clear that retaining ancestral whenua is of utmost importance, along with our role as kaitiaki. More access to wāhi tapu is something we will be looking at as part of our Kaitiakitanga Strategy implementation.”

The meeting culminated in a delicious hāngī, with meat provided by one of PKW’s prime beef.

“Being able to kōrero directly with our shareholders is always a valuable experience and we, board members and management team alike, appreciate the opportunity,” says Jacqui.