8th February 2008

MEDIA RELEASE

Development West Coast Trustees Reach Consensus

The Trustees of Development West Coast held a two day planning and strategy meeting in Christchurch earlier this week.

The meeting was facilitated by Nicholas Davidson QC and was advised by several prominent legal advisors.

At the meeting, Trustees achieved consensus and unanimous agreement on a wide range of topics, including those which had previously been the subject of a request to the High Court for legal directions. The consensus was achieved both on matters of general principle, and key processes that will be adopted by DWC.

The principles agreed include a policy on the transparency of Trust activities, accountability of the Trust to the West Coast Community, perpetual succession of all resolutions and openness in communication on a range of matters which are not otherwise confidential or legally privileged.

A table of specific information types and examples was agreed to be confidential; for example enquiry and application information as well as client, staff and personal information. A second table of information was agreed to be made publicly available, such as regional development initiatives and projects, and non confidential board discussions.

Publicly available information will be disseminated through a variety of communication channels, and in addition through a public forum held annually in the three main centres.
Z:\MA Marketing and Promotions\04.MA.MED Media Releases\2008\DRAFTS\08-02-08 release re facilitation meeting.doc Due to the wide agreement and unanimous acceptance of the general principles and processes, Trustees have agreed to strike off the request for directions from the High Court.

The Trustees have signed agreement to appoint a seventh Trustee. The appointment, will be an appointment of the Settlor for a period of up to one year, after which time, that appointment will also be made by the Law or Accountants Societies. The identity of the seventh Trustee will be announced at the Trust meeting on Monday, 11th February.

ENDS

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