Shareholders log on for half-yearly update

The half-yearly shareholder review meeting took place a little differently this year due to the Covid-19 lockdown regulations.

“We held a huirangi, or webinar, instead of a physical meeting and were very pleased with how it went, along with the positive feedback we received from shareholders,” said Jacqui King, Head of Corporate Services.

“Holding the meeting online also meant our whānau who live outside the rohe were able to join us. We had shareholders from the South Island, Australia and beyond logging in to connect with the Incorporation to be involved in what we do.”

Chair of the PKW Board, Hinerangi Raumati-Tu’ua, outlined some of the Incorporation’s strategic highlights and achievements to date. These included the launch of the Kaitiakitanga Strategy, the further advancement of the Diversification Strategy including the Waipipi Windfarm and the Tai Hekenga commercial property investment, plus growing usage of Te Ara Putanga, PKW’s kaupapa reporting framework across the business.

She also spoke about the organisation’s financial position and performance, taking into account the current and future impact of the Covid-19 pandemic, with projected figures forecasting a net profit for the 2019-20 financial year.

The Covid-19 pandemic forced the temporary closure of both the Port Nicholson Fisheries business and the Novotel Ngāmotu Hotel.

“The 2019/20 financial year closing forecast does take our best assumptions of the impact of those closures into account, making our performance relatively strong, considering what we have been through,” she said. “I am very proud of the way the PKW team has responded to the Covid-19 crisis, working through many challenges in the best interests of our shareholders.”

Warwick Tauwhare-George, PKW Chief Executive Officer, echoed the Chair’s sentiments, thanking the PKW Group kaimahi for carrying the business through this very difficult time, and acknowledging the efforts of the management and leadership teams of both PKW and its subsidiary businesses.

He provided further insights into the process of bringing balance to the Incorporation’s investment portfolio and outlined how narrowing the strategic focus in this area will bring more clarity.

“We realise the next 12–18 months is going to be difficult due to the economic situation but by really exploring the Why, What and How of our strategic intent we will maximise our efforts in this area,” he said.

Warwick also outlined the progress being made in building the capability of PKW people, with a new Kaitiakitanga Project leader position being filled, a summer internship developing the cultural health monitoring tool, wāhi tapu research being conducted and GIS (Geographic Information System) mapping carried out.

His future focus for the business included extending Te Ara Putanga to all areas of PKW and advancing the priorities of People, Property and Protein.

Dion Tuuta, Chair of the PKW Trust, then spoke about the growth of the scholarship portfolio from just five, funded largely by PKW a few years ago, to 22 today created by working with strategic partners.

He also paid tribute to former Chair Hinerangi Edwards for her vision and advocacy in this area.

A governance review is currently underway to ensure the Trust has the right structure to refine and improve systems, operations and reporting and accountability frameworks.

“A similar review was carried out within the PKW Farms business last year and proved to be a valuable exercise so I am looking forward to learning how we can improve what we do to deliver positive outcomes to our whānau,” Dion said.

“We are also working on how we can better encourage grant recipients to engage with PKW, iwi and whānau activities to help build the capability of Taranaki Māori into the future.”

The meeting ended with an inspiring presentation from PKW Trust scholar Aarona McGregor about how he fulfilled his educational aspirations with the support of the Trust and an insight into his current business activities and goals for the future.

“It was a very successful huirangi and something we will look at doing again,” said Jacqui. “While Covid-19 has brought us many challenges, it has also presented us with possibilities and we are embracing the benefits that these could deliver to the business and our shareholders.”