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7

Improved rules now provide better guidance and

clarity, we have an innovative tikanga-based disputes

resolution mechanism, and reduced membership will

create a streamlining in the House that encourages

stronger decision-making and productivity.

I acknowledge and thank Nanaia and Sir Henry for

their leadership in steering this important review,

and Sponsorship Group members and the team who

successfully brought this project to fruition.

I also acknowledge Glen Tootill whose role as

Secretary ended when the new rules were adopted,

and thank our governance representatives for the

diligence they have shown in our collective effort to

structure for prosperity.

Putanga Tahua

Commercial Performance

The kaitiaki of our commercial assets, Tainui Group

Holdings (TGH), has made further good progress on its

diversification strategy under the new leadership of CEO

Chris Joblin who took over the role in August 2015.

The confirmed sale of 50 percent of The Base by the

year’s end released a total of $192.5 million capital

for repayment of debt and re-investment into shares,

farming operations and direct investments. The Base

will now be run as a 50 percent joint venture with

listed company Kiwi Property, which has a strong track

record in operating shopping centres.

It was also pleasing to see TGH grow our whenua

holdings by purchasing an 89 hectare dairy farm at

Tauhei. TGH now manages around 4,500 hectares on

the tribe’s behalf.

Net profit which includes some strong revaluation

gains from our commercial properties and land

holdings was up 66 percent compared to last year.

TGH and Waikato-Tainui Fisheries (WTF) paid a

combined dividend of $13.5 million this year, up seven

percent on last year.

Ngaa Whakamihi

Acknowledgements

My first acknowledgement is to the people of Ngaati

Hauaa. The name ‘Te Kauhanganui’ was gifted by them

and we thank them for their taonga which has guided

us well these past 20 years. He mihi nunui tenei ki a

koutou katoa.

I also acknowledge our many other iwi partners​ ​—​ ​

those who stand beside us as the Tainui Waka Alliance

and those within the Iwi Chairs Group. We recognise

our responsibility to share and contribute, and we

appreciate the support we receive in return.

I am supported by many in my role, none more so

than Deputy Chairman Te Whakahawea Rapana who

never fails to provide sage advice.

To my fellow governors, the chairmen and members of

our entity boards, to management and staff, thank you

all for your excellent work, support and commitment

to our cause.

Pai marire.

MAXINE MOANA-TUWHANGAI

Chairman

Te Whakakitenga o Waikato

0.19

0.21

0.23

0.24

0

0.18

0.18

0.20

0.22

0.29

0.39

0.49

0.57

0.53

0.64

0.78

0.80

0.92

1.04

1.16

1.22

‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16

20 YEARS TOTAL ASSETS

*

1.5

1.2

0.9

0.3

0.6

0

$B

YEAR

*

Figures are based on historical records and are approximate