🏒 Crown Irrigation Investments Limited

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	The establishment date of Crown Irrigation Investments Limited is based on the date it was incorporated under the Companies Act 1993, 1 July 2013.



	This agency documentation was created to capture information relating to the current structure of government. Archives New Zealand has not yet received any transfers of records created by this agency.

                    [custom2] => 
    
	
  1. 
		Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/ (accessed 17 April 2014).
    2. 
	
  2. 
		The Treasury website, http://www.treasury.govt.nz/ (accessed 17 April 2014).
    3. 
	
  3. 
		Companies Office website, http://www.business.govt.nz/companies (accessed 22 April 2014).
    4. 
	
  4. 
		New Zealand Legislation website (Parliamentary Counsel Office), http://www.legislation.govt.nz/ (accessed 17 April 2014).
    5. 


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	Establishment



	Crown Irrigation Investments Limited (operating as Crown Irrigation) was established on 1 July 2013 under the provisions of the Companies Act 1993.1 It was formed to help harness the opportunity that irrigation provided to improve productivity in the primary sector, create jobs, increase export earnings and accelerate New Zealand's economic development.2



	In December 2012 Cabinet agreed to invest up to $400 million into irrigation infrastructure. Cabinet noted that “Unlocking reliable water, through well designed water storage and off-farm irrigation infrastructure, will support ongoing economic growth in the context of a reformed water management system which is based on setting and managing within limits for water quality and quantity.”3



	Cabinet agreed to establish a Crown owned company to manage the Crown’s investment. Cabinet noted “The complexity of the decisions required, due to the size and the commercial nature of investments and the impacts on regional and national development, requires a commercially focused entity to manage the Crown’s investment. This will also remove any perception of decisions being influenced by political considerations.”4



	On 22 February 2013 the Minister for Primary Industries announced the appointment of an establishment board to oversee the formation of a new Crown company to invest in irrigation. The establishment board's term was 1 March to 30 June 2013, and consisted of:


    
	
  • 
		Alison Paterson (Chair);
    • 
	
  • 
		Debra Birch;
    • 
	
  • 
		Michael Webb;
    • 
	
  • 
		Donald Huse;
    • 
	
  • 
		Lindsay Crossen;
    • 
	
  • 
		Christopher Kelly; and
    • 
	
  • 
		Graeme Sutton.5
    • 




	The members of the establishment board were appointed to the new board by the Minister for Primary Industries prior to 1 July 2013.6



	Functions and Responsibilities



	The purpose of Crown Irrigation Investment Limited was to implement government policy by co-investing in off-farm irrigation schemes that were expected to be commercially viable in the long term; and to exit those investments once they became commercially viable. In doing so Crown Irrigation:


    
	
  • 
		Sought to avoid investing in irrigation schemes where its investment would replace or crowd out alternative investment that was available to a scheme and;
    • 
	
  • 
		Managed its investments using best practice management approaches; and
    • 
	
  • 
		Did not seek a controlling interest in those schemes.7
    • 




	Crown Irrigation’s constitution stated that it:


    
	
  • 
		would seek to maximise returns to shareholders to the extent that this was consistent with its purpose;
    • 
	
  • 
		would seek to minimise the amount and term of its investment in individual schemes, subject to the achievement of its purpose; and
    • 
	
  • 
		would operate in a financially responsible and fiscally efficient manner.8
    • 




	Crown Irrigation’s investment purpose was guided by investment principles that were agreed by Cabinet in December 2012:


    
	
  • 
		The schemes considered for investment demonstrated they were ‘investment-ready’ and would be financially viable over the long term.
    • 
	
  • 
		The Crown would be a risk averse, reluctant and minority investor with no more than (and in most instances considerably less than) a 49 percent equity share and invested no more than what was required to make a scheme viable in the short term.
    • 
	
  • 
		The Crown would require scheme sponsors to have sound governance, management and business planning in place before it invested.
    • 
	
  • 
		There was a clear exit strategy for the Crown in every scheme. The Crown could choose to require of schemes that it be the first investor to exit when financial viability on commercial terms had been or could be achieved.9
    • 




	Crown Irrigation’s core functions were:


    
	
  • 
		Assessing proposals against investment criteria to select optimum schemes to invest in, as well as establishing and implementing strong contractual structures.
    • 
	
  • 
		Managing investments in accordance with the Crown's investment requirements.
    • 
	
  • 
		Exiting schemes when commercial viability is reached.10
    • 




	Structure



	Crown Irrigation Investments Limited was a Crown-entity company incorporated under the Companies Act 1993 and subject to the Crown Entities Act 2004 (and was listed as under Schedule 2 of the Act). Its shareholders were the Minister of Finance and the Minister for Primary Industry, on behalf of the Crown.



	Governance



	Crown Irrigation was governed by a board of directors. The number of directors was determined by the shareholding Ministers, which they could vary from time to time, and under the company’s constitution could number no fewer than 2 nor more than 9.  The shareholding Ministers could at any time or times by written notice signed by them to the address for service of the Company, appoint or reappoint any natural person as a director, and any director as the chairperson or deputy chairperson of directors, and any such appointment or reappointment of a director or of a chairperson or deputy chairperson of directors was effective from the time specified in the notice or, if no such time was specified, from the time the notice was received at the address for service of the Company.



	Every appointment of a director or chairperson or deputy chairperson of directors was for such term (if any) as was specified in the notice of appointment, which could not exceed 3 years unless the shareholding Ministers considered it necessary or desirable in any particular case (in which case the term shall not exceed 3 years and 3 months).




	At the end of their term of appointment, any director was eligible for reappointment.11



	All decisions about Crown Irrigation’s operations were made under the authority of the Board. The Board was responsible for ensuring that the shareholding Ministers’ expectations of Crown Irrigation were met.



	Crown Irrigation was accountable to its shareholding Ministers. The Treasury Crown Ownership Monitoring Unit (COMU) assisted the shareholding Ministers in monitoring Crown Irrigation’s performance in terms of delivery against the financial and non-financial measures.12



	Standing Committees



	The Board had two standing committees: Audit & Risk and Chief Executive Appointment.



	Audit and Risk Committee: The Audit and Risk Committee assisted the Board in fulfilling its responsibilities by providing recommendations, counsel and information concerning its:


    
	
  • 
		Accounting and reporting responsibilities under the Companies Act and related legislation including the Financial Reporting Act 1993 and the Crown Entities Act.
    • 
	
  • 
		Management of all material risks including investment flows across all Crown Irrigation operations.
    • 




	The Audit and Risk Committee was also responsible for identifying areas of financial risk to which Crown Irrigation Investments Limited could be exposed.



	Chief Executive Appointment Committee: This Committee assisted the Board in fulfilling its need to appoint a permanent Chief Executive Officer for Crown Irrigation. A Chief Executive was appointed on 23 September 2013.13



	Management



	A Chief Executive Officer was appointed by the Board of Directors, who was responsible for the day-to-day operations of Crown Irrigation.



	Footnotes:


    
	
  1. 
		Treasury Report T2013/2176: Crown Irrigation Investments Ltd: 2013 Draft Statement of Intent and Business Plan – The Treasury website, http://www.treasury.govt.nz/publications/informationreleases/irrigation/pdfs/ciil-2713234.pdf (accessed 17 April 2014).
    2. 
	
  2. 
		Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/ (accessed 17 April 2014).
    3. 
	
  3. 
		p.8, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
    4. 
	
  4. 
		Ibid.
    5. 
	
  5. 
		Minister announces CII Establishment Board - Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/news/minister-announces-cii-establishment-board.html (accessed 17 April 2014).
    6. 
	
  6. 
		Irrigation investment company establishment - Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/news/irrigation-investment-company-established.html (accessed 17 April 2014).
    7. 
	
  7. 
		p.10, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
    8. 
	
  8. 
		p.3, Constitution of Crown Irrigation Investments Limited, Companies Office website, http://www.business.govt.nz/companies/app/service/services/documents/474524B64E87BC94CC282D481EC6172A (accessed 22 April 2014).
    9. 
	
  9. 
		p.10, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
    10. 
	
  10. 
		Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/ (accessed 17 April 2014).
    11. 
	
  11. 
		p.5, Constitution of Crown Irrigation Investments Limited, Companies Office website, http://www.business.govt.nz/companies/app/service/services/documents/474524B64E87BC94CC282D481EC6172A (accessed 22 April 2014).
    12. 
	
  12. 
		p.8, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
    13. 
	
  13. 
		Ibid, p.21.
    14. 


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Agency

AFLJ

2013 ‑ 

Central government

Companies Act 1993

Crown Irrigation Investments Limited (Crown Irrigation) was a Crown entity that acted on behalf of the New Zealand Government as a bridging investor for regional water infrastructure development.

Wellington

Show History

Establishment

Crown Irrigation Investments Limited (operating as Crown Irrigation) was established on 1 July 2013 under the provisions of the Companies Act 1993.1 It was formed to help harness the opportunity that irrigation provided to improve productivity in the primary sector, create jobs, increase export earnings and accelerate New Zealand's economic development.2

In December 2012 Cabinet agreed to invest up to $400 million into irrigation infrastructure. Cabinet noted that “Unlocking reliable water, through well designed water storage and off-farm irrigation infrastructure, will support ongoing economic growth in the context of a reformed water management system which is based on setting and managing within limits for water quality and quantity.”3

Cabinet agreed to establish a Crown owned company to manage the Crown’s investment. Cabinet noted “The complexity of the decisions required, due to the size and the commercial nature of investments and the impacts on regional and national development, requires a commercially focused entity to manage the Crown’s investment. This will also remove any perception of decisions being influenced by political considerations.”4

On 22 February 2013 the Minister for Primary Industries announced the appointment of an establishment board to oversee the formation of a new Crown company to invest in irrigation. The establishment board's term was 1 March to 30 June 2013, and consisted of:

  • Alison Paterson (Chair);
  • Debra Birch;
  • Michael Webb;
  • Donald Huse;
  • Lindsay Crossen;
  • Christopher Kelly; and
  • Graeme Sutton.5

The members of the establishment board were appointed to the new board by the Minister for Primary Industries prior to 1 July 2013.6

Functions and Responsibilities

The purpose of Crown Irrigation Investment Limited was to implement government policy by co-investing in off-farm irrigation schemes that were expected to be commercially viable in the long term; and to exit those investments once they became commercially viable. In doing so Crown Irrigation:

  • Sought to avoid investing in irrigation schemes where its investment would replace or crowd out alternative investment that was available to a scheme and;
  • Managed its investments using best practice management approaches; and
  • Did not seek a controlling interest in those schemes.7

Crown Irrigation’s constitution stated that it:

  • would seek to maximise returns to shareholders to the extent that this was consistent with its purpose;
  • would seek to minimise the amount and term of its investment in individual schemes, subject to the achievement of its purpose; and
  • would operate in a financially responsible and fiscally efficient manner.8

Crown Irrigation’s investment purpose was guided by investment principles that were agreed by Cabinet in December 2012:

  • The schemes considered for investment demonstrated they were ‘investment-ready’ and would be financially viable over the long term.
  • The Crown would be a risk averse, reluctant and minority investor with no more than (and in most instances considerably less than) a 49 percent equity share and invested no more than what was required to make a scheme viable in the short term.
  • The Crown would require scheme sponsors to have sound governance, management and business planning in place before it invested.
  • There was a clear exit strategy for the Crown in every scheme. The Crown could choose to require of schemes that it be the first investor to exit when financial viability on commercial terms had been or could be achieved.9

Crown Irrigation’s core functions were:

  • Assessing proposals against investment criteria to select optimum schemes to invest in, as well as establishing and implementing strong contractual structures.
  • Managing investments in accordance with the Crown's investment requirements.
  • Exiting schemes when commercial viability is reached.10

Structure

Crown Irrigation Investments Limited was a Crown-entity company incorporated under the Companies Act 1993 and subject to the Crown Entities Act 2004 (and was listed as under Schedule 2 of the Act). Its shareholders were the Minister of Finance and the Minister for Primary Industry, on behalf of the Crown.

Governance

Crown Irrigation was governed by a board of directors. The number of directors was determined by the shareholding Ministers, which they could vary from time to time, and under the company’s constitution could number no fewer than 2 nor more than 9.  The shareholding Ministers could at any time or times by written notice signed by them to the address for service of the Company, appoint or reappoint any natural person as a director, and any director as the chairperson or deputy chairperson of directors, and any such appointment or reappointment of a director or of a chairperson or deputy chairperson of directors was effective from the time specified in the notice or, if no such time was specified, from the time the notice was received at the address for service of the Company.

Every appointment of a director or chairperson or deputy chairperson of directors was for such term (if any) as was specified in the notice of appointment, which could not exceed 3 years unless the shareholding Ministers considered it necessary or desirable in any particular case (in which case the term shall not exceed 3 years and 3 months).

At the end of their term of appointment, any director was eligible for reappointment.11

All decisions about Crown Irrigation’s operations were made under the authority of the Board. The Board was responsible for ensuring that the shareholding Ministers’ expectations of Crown Irrigation were met.

Crown Irrigation was accountable to its shareholding Ministers. The Treasury Crown Ownership Monitoring Unit (COMU) assisted the shareholding Ministers in monitoring Crown Irrigation’s performance in terms of delivery against the financial and non-financial measures.12

Standing Committees

The Board had two standing committees: Audit & Risk and Chief Executive Appointment.

Audit and Risk Committee: The Audit and Risk Committee assisted the Board in fulfilling its responsibilities by providing recommendations, counsel and information concerning its:

  • Accounting and reporting responsibilities under the Companies Act and related legislation including the Financial Reporting Act 1993 and the Crown Entities Act.
  • Management of all material risks including investment flows across all Crown Irrigation operations.

The Audit and Risk Committee was also responsible for identifying areas of financial risk to which Crown Irrigation Investments Limited could be exposed.

Chief Executive Appointment Committee: This Committee assisted the Board in fulfilling its need to appoint a permanent Chief Executive Officer for Crown Irrigation. A Chief Executive was appointed on 23 September 2013.13

Management

A Chief Executive Officer was appointed by the Board of Directors, who was responsible for the day-to-day operations of Crown Irrigation.

Footnotes:

  1. Treasury Report T2013/2176: Crown Irrigation Investments Ltd: 2013 Draft Statement of Intent and Business Plan – The Treasury website, http://www.treasury.govt.nz/publications/informationreleases/irrigation/pdfs/ciil-2713234.pdf (accessed 17 April 2014).
  2. Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/ (accessed 17 April 2014).
  3. p.8, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
  4. Ibid.
  5. Minister announces CII Establishment Board - Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/news/minister-announces-cii-establishment-board.html (accessed 17 April 2014).
  6. Irrigation investment company establishment - Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/news/irrigation-investment-company-established.html (accessed 17 April 2014).
  7. p.10, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
  8. p.3, Constitution of Crown Irrigation Investments Limited, Companies Office website, http://www.business.govt.nz/companies/app/service/services/documents/474524B64E87BC94CC282D481EC6172A (accessed 22 April 2014).
  9. p.10, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
  10. Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/ (accessed 17 April 2014).
  11. p.5, Constitution of Crown Irrigation Investments Limited, Companies Office website, http://www.business.govt.nz/companies/app/service/services/documents/474524B64E87BC94CC282D481EC6172A (accessed 22 April 2014).
  12. p.8, Crown Irrigation Investments - Statement of Intent 2013-2016, October 2013 - Crown Irrigation Investments website, http://www.crownirrigation.co.nz/assets/CrownIrrigation-SOI-2013.pdf (accessed 17 April 2014).
  13. Ibid, p.21.

The establishment date of Crown Irrigation Investments Limited is based on the date it was incorporated under the Companies Act 1993, 1 July 2013.

This agency documentation was created to capture information relating to the current structure of government. Archives New Zealand has not yet received any transfers of records created by this agency.


  1. Crown Irrigation Investments Limited website, http://www.crownirrigation.co.nz/ (accessed 17 April 2014).
  2. The Treasury website, http://www.treasury.govt.nz/ (accessed 17 April 2014).
  3. Companies Office website, http://www.business.govt.nz/companies (accessed 22 April 2014).
  4. New Zealand Legislation website (Parliamentary Counsel Office), http://www.legislation.govt.nz/ (accessed 17 April 2014).




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