Resilience key to positive performance

Another chapter to PKW’s story of determination and resilience was laid down at the Annual General Meeting, after a year of weathering the impact brought by the COVID-19 pandemic.

The hui at Aotearoa Marae, Okaiawa, which was attended by more than 250 people, was also livestreamed, enabling a further 40 shareholders to connect from across the world.

The financial report showed a good result with PKW recording a net profit for the financial year ending 30 June, 2020 of $12.6m (FY19/20 $11.8m). Total comprehensive income was $13.4m.

Consistency in performance was seen in both group revenue and expenditure (reflecting the cost monitoring focus maintained by the management team). While profit share from the Incorporation’s joint ventures was down, due to the huge impact of the Covid-19 pandemic on Port Nicholson Fisheries and Ngāmotu Hotels, the group reported an overall gain due to an uplift in the value of the Tai Hekenga portfolio, the forest woodlots held by Mangaoapa, increase in the value of commercial and rural investment property and a $2.5m uplift in the value of whenua tūpuna.

While the bottom line is important, PKW doesn’t just measure its success in dollar value. Te Ara Putanga, PKW’s outcomes pathways framework, enables shareholders to gain a ‘big picture view across the organisation’s values of Manaakitanga, Kaitiakitanga, Whakapono, Kotahitanga and Whanaungatanga and accurately assess the progress being made. This year is the first time comparisons can be made with previous metric scores (see diagram).

“Knowing who we are and why we exist (our kaupapa) is key to ensuring we stay the course as an Incorporation on behalf of our shareholders, particularly in times of crisis,” says Jacqui King, PKW Head of Corporate Services. “Our performance over the last financial year shows that our strong foundations, clear strategic approach and dedicated team are capable of withstanding the challenges that come our way, emerging ready to continue the mahi to deliver meaningful opportunity for our people.”

Above image: 2019/2020 AGM venue - Aotearoa Marae, Okaiawa

Above image: The 2019/2020 Annual General Meeting was attended by more than 250 people, with 40 more watching the livestream, in one of the best turn-outs by shareholders.

Warwick Tauwhare-George, CEO, spoke about the strategic highlights of the year and acknowledged the key role PKW people played in the COVID-19 response, by protecting the business and enabling the dividend payment to remain at status quo as a minimum.

The success of the diversification strategy was discussed, with improvements in the range and type of investments PKW holds. Diversifying the investment portfolio is key to providing stability to the business both in the short and long term.

Warwick outlined the strategic imperatives going forward, with the focus on the three P’s of Property, People and Protein. Optimisation of farming systems, building partnerships, seeking out new investment opportunities and lifting outcomes through maximising the potential of people within the organisation, will build capability and lift profitability.

Creating opportunities for whānau to reconnect with the whenua has been a continued focus over the year.

“Okahu and Inuawai hapū of Aotearoa Marae gave the name Waitokorau to PKW to rename Farm 29,” says Jacqui. “This ongoing process of renaming our farms is proving to be a meaningful way for Taranaki Māori to rediscover their ties with the land and we plan to continue to work with marae around the rohe to facilitate further name changes.”

The election results for three vacant Committee of Management positions were announced with Dion Tuuta, Claire Nicholson and Taari Nicholas taking seats around the table.

Dion Tuuta, Chair of the PKW Trust, presented the Trusts’s annual report, highlighting the mahi being done to grow the number of joint scholarships, with six more grants now available to undergraduate students, plus a paid summer internship opportunity with KPMG.

“Creating opportunities that enable our uri to pursue their aspirations and build capability in our communities is a key focus for the Trust,” explained Dion. “We are particularly pleased that two of the new partnerships announced are with local iwi – by working together we can bring benefits to everyone.”

A total of 170 scholarships and grants were awarded in FY19/20, plus five community awards.

Dion also spoke about the governance and strategy review being undertaken to ensure the Trust was fully aligned with PKW values and had clear focus for its activities in the future.

“It was a very positive AGM, with much to acknowledge and celebrate,” says Jacqui. “Now we look forward to the successes and challenges that are in store for us in 2021.”