He tau pai te tau, ko te te tau kei runga - Strong performance and new perspectives presented at AGM

Parininihi ki Waitōtara Incorporation brought a positive report card to the Te Rau Titikura / shareholder’s Hui ā-Tau / Annual General Meeting, with an excellent performance across the Te Ara Putanga (TAP) strategic framework.

The TAP metrics for the 21/22 financial year saw an increase in growing the capabilities of kaimahi and achieving value for money across the business, which was also seen in the return on assets and health and safety metrics. Small improvements were recorded for the PKW narrative and the use, understanding, proficiency and relevance of te reo across the organisation.

The Incorporation announced a net profit of $6.1million (FY20/21 $42.8m) with total revenue sitting at $37.1m (FY20/21 $31.8m), operating expenses at $22m (FY20/21 $18.3m) and operating profit at $11.8m (FY20/21 $11.3m).

“Our extremely solid business foundations, the efficiency and effectiveness of our management teams in implementing cost control strategies, and the ability of our kaimahi to maintain focus despite the rapidly changing world around them have all contributed to this very strong operating performance,” says Warwick Tauwhare-George, Te Rau Matomato CEO.

“Our consistency in our mahi, combined with a strong milk price, meant we have been able to deliver a shareholder dividend of $1.95 (20/21 $1.75) with an additional one-off economic bonus of $0.45 pay-out, noting the cost of living crisis many are faced with presently.”

Images: the PKW Executive Management team

The meeting also touched on the challenges for the business to face in the year ahead. Regulatory reforms, rising interest rates, the upcoming rent review and differences in perspective on a new wind farm were highlighted.

“Legislation such as the Resource Management Act, Three Waters and local government reforms present significant changes in the way we operate as a business in terms of compliance and protecting our position,” says Jacqui King, Te Rau Whakapuāwai / Head of Corporate Services. “The rent review process is always a significant challenge for all concerned, so we will be revisiting that over the coming year in preparation for the review itself in 2024.”

“Differences of opinion and perspective on an issue like the proposed wind farm in South Taranaki are almost inevitable, but our Board Chair Dion Tuuta has made a commitment to come together for respectful kōrero as a way forward at this time.”

Images: CoM Chair Dion Tuuta

There were two new appointments to fill spaces left by the retirement of Will Edwards from the Te Rau Rengarenga / CoM, and Darryn Ratana from the role of Te Māngai Rautitikura/Shareholder Representative on the PKW Trust Board. Jayde Rangi Wilkinson was elected to the CoM and Angela Kerehoma was elected onto Te Rau Manawaora / the PKW Trust Board.

The resignation of Warwick Tauwhare-George as Te Rau Matomato / CEO was also announced, and a date and time for a formal poroporoaki is to be set.

The PKW Trust AGM followed the Incorporation’s proceedings, with shareholders hearing about the strategic goals to build the potential in individuals and communities, forging new relationships to grow resources and a fresh approach to governance and leadership.

The Trust reported the distribution of $248k in grants and donations over the past year (total revenue $453k and operating expenses of $344k). Equity is sitting at $3.362m, a slight increase from the previous year (FY20/21 $3.253).

Proceedings at Kanihi Māwhitiwhiti Pa were then temporarily interrupted as the kai was ready and when an auntie says “It’s time to eat”, it’s time to eat – thank you to the Kanihi Marae whānau for their manaaki.

Image: Shareholders gather for the 2022 PKW AGM at Kanihi Māwhitiwhiti Pa.

After a delicious interlude, Trust scholars Hinenui WanoBryant and Kuramaiki Lacey presented powerful insights into their work and studies.

Kura Lacey is studying dentistry, and spoke about the inequities Māori face accessing the care they need in this area, and her own experiences of this. Her kaupapa is to try and address these through her desire to become a dentist and bring hauora to people.

Hinenui gained her Masters (with distinction) exploring He Taonga tō Tinana: The reclamation of a wāhine Māori view of the tinana. Her research focussed on understanding the impact of colonisation and patriarchy on the bodies of wāhine Māori, and how they relate to and identify with them. Her findings echo the voices of women who say that they are better able to raise strong, culturally connected tamariki, who have positive connections with their bodies, once they have decolonised their perspectives and reclaimed their own idea of what makes a ‘good tinana’.

Jacqui said, “Hearing from our Trust scholars is always an illuminating and inspiring part of our AGM, and these two wāhine brought us new perspectives and a reminder of the driving force behind us all, the security of a better future for our tamariki and those yet to come.”