Press Release
26 February 2009
From Wally Stone

The purpose of this statement is to urge calm and to seek continued support for the strong and positive work of Ngai Tahu Holdings Corporation.

At a special meeting of Te Rununga o Ngai Tahu at the weekend I was removed as chairman of the corporation.

While I am disappointed by this surprise move, it is important that the nature of my removal or speculation around the basis for it, does not impact on confidence in the strong position the NTHC enjoys, or in the capable personnel employed to manage our tribe’s more than $600 million in assets.

The decision made by Te Rununga o Ngai Tahu is one which I must accept. All directors serve at the discretion of the shareholder.

To this end it is important that the decision to remove me as chair does not impact negatively on the reputation of NTHC.

In the past two-and-a-half years, the board and management of NTHC have worked very hard to strengthen the financial performance of all our operating companies and our overall group balance sheet. To this end NTHC is in a strong position with conservative debt levels.

We have some very talented managers who have demonstrated a high level of integrity and professionalism. They are managers in whom I have confidence to provide the leadership and direction of our companies as we navigate the current fraught economic environment.

I would like to take this opportunity to express my absolute confidence in NTHC chief operating officer, Andrew Harrison and his wider management team. They have done an exceptional job in lifting the performance of NTHC, and it is imperative that their performance or reputations are not affected by criticism directed at me.

NTHC is not immune from the effects of the current economic downturn and will need to managed prudently, however the strong work that has occurred in recent years has placed the corporation in a healthy financial situation relative to most New Zealand companies.

I have only one statement to make around my dismissal as chairman, and it relates to speculation around the basis for my removal.
The economic gains of Ngai Tahu assets post-settlement, has been the clear arms length separation between the social and cultural aims and commercial entities of the tribe.

This was a founding concept, post settlement that has served the tribe well, ensuring wealth generation and asset development, it also ensured adequate distributions were available to drive social and cultural initiatives. I believe this practice must be maintained and protected. And I urge the leaders within Ngai Tahu to strive towards maintaining this separation and the principles outlined in “Te Kawenata O Ngai Tahu”.

It must remain the imperative of the commercial arm to provide prudent management of iwi assets and the best advice possible to shareholders around commercial decision making. Of course the use of that advice will always be at the discretion of those who receive it.

I would finally like to take this time to thank the members of the Ngai Tahu whanui who have allowed me the opportunity to serve my people.

ENDS

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