Legislative and regulatory framework
Wākatu Incorporation is regulated and guided by the provisions of the Te Ture Whenua Māori Act 1993 and the Māori Incorporation Regulations. In addition, the Incorporation and its subsidiary companies are governed by the Companies Act 1993, the Limited Partnership Act 2008, the Financial Reporting Act 1993 and other relevant legislation regarding employment, the environment and health and safety.
Our Board of Directors sets the strategic direction of Wakatū. There are seven Directors plus one Associate Director drawn from the owners of the Incorporation. Appointment is for a term of three years and made via an election process by the owners. Terms are staggered so that some Directors expire each year and are able to stand for re-election. This rotation allows for continuity and stability at Board level whilst providing for the democratic election of new Directors. The Board has an active Associate Director programme to develop governance and leadership skills in our upcoming leaders.
Sector Boards have been established to ensure the different arms of our business receive the guidance and scrutiny necessary to be successful. In all cases, Sector Boards and Joint Venture Boards have representation from members of the Head Board and where appropriate, specialist Independent Directors with relevant industry expertise.
Audit and risk committee
The Board has a separate Audit and Risk Committee which reviews and monitors the Incorporation’s overall risk (both financial and non-financial) and its risk management strategies. It meets four times a year to review the effectiveness of, and compliance with, all internal controls including those relevant to finance and treasury. The Committee also reviews and monitors the external audit process.
Human resources committee
The Board also has a separate Human Resources Committee. This Committee oversees the appointment of senior employees, remuneration strategies and implements human resource policies.