π’ Crown Asset Management Limited
ⓘCollected from local cache
Raw data from Axiell backend
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[0] => Crown Asset Management Limited was formed for the purposes of acquiring the assets of five of the eight finance companies repaid by the Government under its Retail Deposit Guarantee Scheme and other assets as determined by its shareholding Ministers.
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The establishment date of Crown Asset Management Limited is based on the date it was incorporated under the Companies Act 1993, 14 February 2012.
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.
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-
Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/ (accessed 23 April 2014).
-
Companies Office website, http://www.business.govt.nz/companies (accessed 23 April 2014).
-
New Zealand Legislation website (Parliamentary Counsel Office), http://www.legislation.govt.nz/ (accessed 23 April 2014).
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[history] =>
Establishment
Crown Asset Management Limited was established on 14 February 2012 under the provisions of the Companies Act 1993, and commenced operations in May 2012. The Company was formed to acquire from the Crown the loan receivables and other financial assets of five finance companies that were in receivership that were participants in the Crown Retail Deposit Guarantee Scheme and any other assets that it was directed to acquire by the shareholders (the Crown) and to realise the assets acquired.1
Functions and Responsibilities
Crown Asset Management Limited was established to:
- acquire, manage and realise all of the assets of five of the eight finance companies under the Crown Retail Deposit Guarantee Scheme;
- acquire, manage and realise certain assets of Southern Response Earthquake Services Limited; and
- provide a better return to the Crown by operating in a manner that maximises returns and minimises costs.2
The objectives of the Company were to:
- manage and recover the assets acquired from five of the eight Deposit Guarantee Scheme (DGS) finance companies that were in receivership/liquidation; manage and sell the properties formerly owned by Southern Response Earthquake Services Ltd; and acquire and manage any other assets that it may be directed to acquire by the Shareholding Ministers;
- to provide a better financial return to the Crown as shareholder by operating in a manner that maximises financial returns, minimises costs and ensures the timely distribution of surplus funds thereby contributing to the overall reduction of the Crown’s exposure under the DGS; and
- operate commercially and on a financially sustainable, self-funding basis.3
Crown Asset Management acquired the following assets from the Crown:
- FCS Loans Limited (in receivership and in liquidation, formerly South Canterbury Finance Limited (in Receivership)), on 1 June 2012;4
- Allied Nationwide Finance Limited (in receivership), on 1 August 2012;
- Mascot Finance Limited (in receivership), on 24 September 2012;
- Mutual Finance Limited (in receivership), on 5 October 2012;
- Vision Securities Limited (in receivership), on 14 December 2012.5
The company acquired various properties from a Crown Owned Entity, Southern Response Earthquake Services Limited (Southern Response) on 28 February 2013. It also acquired property and loans from Belfast Park Limited (in Receivership and in liquidation) and Tyrone Estates Limited (in receivership and in liquidation) (Tyrone) on 28 February 2013. Belfast and Tyrone were subsidiaries of FCS Loans Limited and the property and loan assets were acquired in accordance with an earlier agreement for the Company’s acquisition of assets from FCS.6
Structure
Crown Asset Management Limited was a Crown company listed as a Schedule 4 company under the Public Finance Act 1989. As a Crown company, it was subject to the Companies Act 1993 as well as the Crown Entities Act 2004. Its shareholders were the Minister of Finance and the Minister for State Owned Enterprises, on behalf of the Crown.
Governance
Crown Asset Management was governed by a board of directors, which 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 given to the address for service of Crown Asset Management Limited, appoint or reappoint any natural person who is not disqualified from holding the office of Director, and any Director as Chairperson of the Board. Any such appointment or reappointment of a Director or of a Chairperson of the Board 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.7
Every appointment of a Director or Chairperson of the Board 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.8
At the end of their term of appointment, any Director was eligible for reappointment.9
Subcommittees
The Board had four standing subcommittees: Finance, Audit and Risk; Credit; Human Resources; and Litigation Review.
Finance Audit and Risk subcommittee: assisted the Board in fulfilling its responsibilities by providing recommendations, counsel and information concerning its
- financial reporting;
- external audit function;
- maintenance of an effective internal control environment;
- legislative and contractual compliance;
- maintenance of an effective risk management environment.
Credit subcommittee: assisted the Board in fulfilling its responsibilities by providing advice and recommendations regarding the management of loan and investment assets.
Human Resources subcommittee: assists the Board in fulfilling its responsibilities by providing advice and recommendations regarding the appropriate remuneration policies and human resources policies for Crown Asset Management Limited.
Litigation Review subcommittee: comprised the chair and deputy chair, and was established to review ongoing litigation and review potential litigation identified by the receivers with regard to the merits of commencing such litigation.10
Management
A General Manager was appointed by the Board of Directors, who was responsible for the Company’s performance, direction and day-to-day operations. The Executive Management included the Chief Financial Officer, the Together with other managers, Senior Manager Asset Management, and Senior Manager Information Technology/Facilities.11
Footnotes:
- p.20, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
- Ibid, p.2.
- p.4, Crown Asset Management Limited Statement of Intent 2013-2014 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Statement_of_Intent%20Final%20June%202013.pdf (accessed 22 April 2014).
- p.2, Crown Asset Management Limited Annual Report 2012 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202012.pdf (accessed 22 April 2014).
- p.20, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
- Ibid.
- pp.20-21, Constitution Under the Companies Act 1993 - Crown Asset Management Limited, Companies Office website, http://www.business.govt.nz/companies/app/service/services/documents/1C7A1D86C5702A01916DF15BBF9ABF65 (accessed 22 April 2014).
- Ibid.
- Ibid.
- p.7-8, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
- p.9, Crown Asset Management Limited Statement of Intent 2013-2014 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Statement_of_Intent%20Final%20June%202013.pdf (accessed 22 April 2014), and p.37, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
Show History
Establishment
Crown Asset Management Limited was established on 14 February 2012 under the provisions of the Companies Act 1993, and commenced operations in May 2012. The Company was formed to acquire from the Crown the loan receivables and other financial assets of five finance companies that were in receivership that were participants in the Crown Retail Deposit Guarantee Scheme and any other assets that it was directed to acquire by the shareholders (the Crown) and to realise the assets acquired.1
Functions and Responsibilities
Crown Asset Management Limited was established to:
- acquire, manage and realise all of the assets of five of the eight finance companies under the Crown Retail Deposit Guarantee Scheme;
- acquire, manage and realise certain assets of Southern Response Earthquake Services Limited; and
- provide a better return to the Crown by operating in a manner that maximises returns and minimises costs.2
The objectives of the Company were to:
- manage and recover the assets acquired from five of the eight Deposit Guarantee Scheme (DGS) finance companies that were in receivership/liquidation; manage and sell the properties formerly owned by Southern Response Earthquake Services Ltd; and acquire and manage any other assets that it may be directed to acquire by the Shareholding Ministers;
- to provide a better financial return to the Crown as shareholder by operating in a manner that maximises financial returns, minimises costs and ensures the timely distribution of surplus funds thereby contributing to the overall reduction of the Crown’s exposure under the DGS; and
- operate commercially and on a financially sustainable, self-funding basis.3
Crown Asset Management acquired the following assets from the Crown:
- FCS Loans Limited (in receivership and in liquidation, formerly South Canterbury Finance Limited (in Receivership)), on 1 June 2012;4
- Allied Nationwide Finance Limited (in receivership), on 1 August 2012;
- Mascot Finance Limited (in receivership), on 24 September 2012;
- Mutual Finance Limited (in receivership), on 5 October 2012;
- Vision Securities Limited (in receivership), on 14 December 2012.5
The company acquired various properties from a Crown Owned Entity, Southern Response Earthquake Services Limited (Southern Response) on 28 February 2013. It also acquired property and loans from Belfast Park Limited (in Receivership and in liquidation) and Tyrone Estates Limited (in receivership and in liquidation) (Tyrone) on 28 February 2013. Belfast and Tyrone were subsidiaries of FCS Loans Limited and the property and loan assets were acquired in accordance with an earlier agreement for the Company’s acquisition of assets from FCS.6
Structure
Crown Asset Management Limited was a Crown company listed as a Schedule 4 company under the Public Finance Act 1989. As a Crown company, it was subject to the Companies Act 1993 as well as the Crown Entities Act 2004. Its shareholders were the Minister of Finance and the Minister for State Owned Enterprises, on behalf of the Crown.
Governance
Crown Asset Management was governed by a board of directors, which 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 given to the address for service of Crown Asset Management Limited, appoint or reappoint any natural person who is not disqualified from holding the office of Director, and any Director as Chairperson of the Board. Any such appointment or reappointment of a Director or of a Chairperson of the Board 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.7
Every appointment of a Director or Chairperson of the Board 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.8
At the end of their term of appointment, any Director was eligible for reappointment.9
Subcommittees
The Board had four standing subcommittees: Finance, Audit and Risk; Credit; Human Resources; and Litigation Review.
Finance Audit and Risk subcommittee: assisted the Board in fulfilling its responsibilities by providing recommendations, counsel and information concerning its
- financial reporting;
- external audit function;
- maintenance of an effective internal control environment;
- legislative and contractual compliance;
- maintenance of an effective risk management environment.
Credit subcommittee: assisted the Board in fulfilling its responsibilities by providing advice and recommendations regarding the management of loan and investment assets.
Human Resources subcommittee: assists the Board in fulfilling its responsibilities by providing advice and recommendations regarding the appropriate remuneration policies and human resources policies for Crown Asset Management Limited.
Litigation Review subcommittee: comprised the chair and deputy chair, and was established to review ongoing litigation and review potential litigation identified by the receivers with regard to the merits of commencing such litigation.10
Management
A General Manager was appointed by the Board of Directors, who was responsible for the Company’s performance, direction and day-to-day operations. The Executive Management included the Chief Financial Officer, the Together with other managers, Senior Manager Asset Management, and Senior Manager Information Technology/Facilities.11
Footnotes:
- p.20, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
- Ibid, p.2.
- p.4, Crown Asset Management Limited Statement of Intent 2013-2014 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Statement_of_Intent%20Final%20June%202013.pdf (accessed 22 April 2014).
- p.2, Crown Asset Management Limited Annual Report 2012 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202012.pdf (accessed 22 April 2014).
- p.20, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
- Ibid.
- pp.20-21, Constitution Under the Companies Act 1993 - Crown Asset Management Limited, Companies Office website, http://www.business.govt.nz/companies/app/service/services/documents/1C7A1D86C5702A01916DF15BBF9ABF65 (accessed 22 April 2014).
- Ibid.
- Ibid.
- p.7-8, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
- p.9, Crown Asset Management Limited Statement of Intent 2013-2014 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Statement_of_Intent%20Final%20June%202013.pdf (accessed 22 April 2014), and p.37, Crown Asset Management Limited Annual Report 2013 - Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/docs/CAML%20Annual%20Report%202013.pdf (accessed 22 April 2014).
The establishment date of Crown Asset Management Limited is based on the date it was incorporated under the Companies Act 1993, 14 February 2012.
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.
- Crown Asset Management Limited website, http://www.crownassetmanagement.co.nz/ (accessed 23 April 2014).
- Companies Office website, http://www.business.govt.nz/companies (accessed 23 April 2014).
- New Zealand Legislation website (Parliamentary Counsel Office), http://www.legislation.govt.nz/ (accessed 23 April 2014).
- Crown Entities Act 2004
- Public Finance Act 1989
- Official Informaiton Act 1982
- Public Audit Act 2001
- Income Tax Act 2007
- Public Finance Amendment Act 2013
- Ombudsmen Act 1975
- π State Owned Enterprises (1987 ‑ )
- π Realm of New Zealand (2012 ‑ )