Investment Fund A Step Towards Ngā Hapū O Ngāpuhi’s Future Prosperity
An Investment Fund established for the benefit of ngā hapū o Ngāpuhi is a significant step in the Crown’s efforts to restore its relationship with the iwi and its commitment to help ngā hapū meet their economic aspirations for the future, Treaty of Waitangi Negotiations Minister Andrew Little announced today.
“The ability to engage in meaningful negotiations for commercial redress is an important part of restoring the Crown’s relationship with ngā hapū o Ngāpuhi. This important work will sit alongside our continued work on restoring all aspects of our relationships with ngā hapū o Ngāpuhi, including mandate issues and having in depth discussions around issues such as He Whakaputanga me te Tiriti,” Andrew Little said.
Ngāpuhi Investment Fund Limited, with initial capital of $150 million, is a new Crown company that will acquire and grow a portfolio of assets that can be offered by the Crown in negotiations with ngā hapū o Ngāpuhi.
“We have established the Fund so that the Crown has more options to put on the table for ngā hapū o Ngāpuhi in future negotiations. It will help ensure that ngā hapū do not miss out on opportunities for investment while they work towards negotiations.”
Sir Brian Roche has been appointed as the Establishment Chair of Ngāpuhi Investment Fund Limited. Ripeka Evans (Ngāpuhi, Ngāti Porou, Te Aupōuri, Ngāti Kahu) is Deputy Chair, with Lindsay Faithfull (Ngāpuhi), Sarah Petersen and Geoff Taylor as the other directors.
“This is a very significant development. The scale of the Fund will allow it to build a base of assets throughout the rohe and beyond that may not otherwise be available for the Crown to offer, and provides a boost in investment for Te Tai Tokerau,” Andrew Little said.
The Fund can invest in a wide variety of New Zealand assets, including land-based businesses, as well as standard financial assets to help the Fund grow. Investment decisions will be made by the Fund itself, according to its kaupapa and investment strategy, which will be developed by the independent board. The Fund will operate as “Tupu Tonu” - in simple terms this translates as ‘prosperity in perpetuity.’
A part of its annual revenue will be used for grants to ngā hapū me ngā uri o Ngāpuhi for social development and building governance capability.
“The Fund sends a clear signal of our intention to seek to meet the aspirations of ngā hapū o Ngāpuhi for redress for their people and their rohe, when they are ready,” Andrew Little said.
More information can be found at www.tuputonu.co.nz
About the Ngāpuhi Investment Fund Limited board
Ngāpuhi Investment Fund Limited is a Crown company under Schedule 4A of the Public Finance Act. It will acquire a portfolio of assets for the Crown to offer in negotiations with ngā hapū o Ngāpuhi, and will also seek to grow the financial value of the Fund. The Fund is expected to make both direct investments, including in land-based businesses, and indirect investments (e.g. shares and investments). The independent members have been appointed for their collective experience and knowledge of fund management and investment, governance, business, and the cultural and economic context of Ngāpuhi and Northland.
Ngāpuhi Investment Fund Limited board members
Sir Brian Roche, Establishment Chair
Sir Brian Roche is currently Chief Crown Negotiator for Ngāpuhi, and Chair of the New Zealand Transport Agency. He has been appointed as Establishment Chair for a period of six months to establish the Fund. In August 2020, he co-led a new group to support the Ministry of Health in improving COVID-19 border security. He has worked on a number of other negotiations for the Crown (Ngāti Awa, Taranaki Whānui Wellington, Waikato River), and was the CEO of New Zealand Post between 2010 and 2017. Sir Brian was the Project Manager for the successful bid to secure the hosting rights to Rugby World Cup 2011.
Ripeka Evans (Ngāpuhi, Ngāti Porou, Te Aupōuri, Ngāti Kahu), Deputy Chair
Ripeka Evans is a Māori Development consultant, and Chair of NorthTec. She is also Deputy Chair of Toi Ohomai Limited, and a member of the Reserve Bank’s Te Ao Māori Strategy Committee, and has previously been a director of Te Aupōuri Fisheries and trustee of Te Rūnanganui o Te Aupōuri. She holds a Master of Business Administration from Massey University. Ripeka has led transformational change for Māori and women, as a consultant, Chief Executive and Director across Crown, iwi and hapū social, cultural and economic development businesses.
Lindsay Faithfull (Ngāpuhi)
Lindsay Faithfull is the Managing Director of McKay Ltd, a Northland-grown, 500 employee strong company owned by his family. He holds a BE(HONS) from the University of Canterbury is a chartered engineer in the UK and NZ, and is a member of the Institute of Directors. Lindsay also has a proven record of commercial leadership recognised in his position as a member of the Tai Tokerau Northland Economic Action Plan governance team. Raised in Whangārei and of Ngāpuhi, English, and Scottish descent, he has a deep connection to Te Tai Tokerau and its communities, and a strong understanding of the region’s economic context.
Sarah Petersen is an experienced director, and a Chartered Accountant with over twenty years of commercial finance experience in not-for-profit, commercial and local government sectors. Sarah is experienced in assessing investment, infrastructure and economic development opportunities and managing risk, having chaired Audit & Risk Committees for those Boards on which she has served. She was raised and educated in Tai Tokerau, and is currently Chair of Northland Inc, Northland’s economic development agency, so brings a deep understandings of the Tai Tokerau economy and regional stakeholders. She is also a director of Chartered Accountants Australia and New Zealand, serves on other regional Boards and is a member of the Institute of the Directors.
Geoff Taylor is a professional director with extensive governance experience, and a significant background in financial, investment and fund management. He has managed a private equity fund in the agriculture sector and has been a director of a number of investment funds. He is a former group treasurer of the New Zealand Dairy Board/Fonterra.