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2019

ANNUAL REVIEW


THE TRUST PURPOSE & OBJECTIVES The New Zealand Business and Parliament Trust was formed in 1991 to bridge a perceived gap of understanding between Members of Parliament and the business community. The Trust is a non-partisan educational charity, it is not a lobbying organisation. The main objectives of the Trust are:

to enable Members of Parliament to widen their experience in and increase their knowledge of business; to improve the understanding of the Trust’s Corporate members of how government is exercised through Parliament.

These objectives are met through the provision of various means including, Parliamentary Study Programmes (for Corporate members) and Business Study Programme attachments (for Members of Parliament).

GOVERNANCE The Trustee Council comprises the Prime Minister, the Leader of the Opposition, and the leaders or representatives of the other Parliamentary parties. The 52nd Parliament has five parties represented with the Labour party (Government) and the National Party (Opposition) entitled to two representative each. There are six Corporate members elected by the Corporate membership. A Trust Board of four Corporate representatives (seconded from the Trustee Council) and three Parliamentary representatives, also drawn from the Trustee Council, exercises the legal functions and obligations of the Trust. The Speaker of the House of Representatives acts as President of the Trust. The Chairman is a Corporate representative.

MEMBERSHIP Corporate Membership of the Trust is open to companies and organisations that have the necessary structure to provide Members of Parliament with meaningful study programmes. Associate Membership is open to those Members of Parliament who have successfully completed a Business Study Programme attachment with one of the Trust’s Corporate members. The Trust is financed by subscriptions paid by its Corporate members.


CONTENTS

President’s Message

02

Chairman’s Message

03

Chief Executive’s Report

04

Appendix 1 : Programme of Events

12

Appendix 2 : President Dinners Attendees

12

Appendix 3 : Seminar Attendees

12

Appendix 4 : Parliamentary Seminar Speakers

14

Appendix 5 : Travel Fund Assistance for Schools

15

Performance Report

17

Entity Information

18

Statement of Service Performance

20

Statement of Financial Performance

22

Statement of Financial Position

23

Statement of Cash Flows

24

Statement of Accounting Policies

25

Notes to the Performance Report

26

Independent Auditor’s Report

29

Directory and Trust Membership

33

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PRESIDENT’S MESSAGE It is my pleasure to write this message for the 2019 Review and to congratulate the Trust on another full year of events. The work of the Trust through its parliamentary seminar programme, plays an important role in getting corporates to understand their country’s government and parliamentary processes. I was pleased to see the Trust extend this work with the addition of a new seminar with a focus on Executive Government and Public policy in addition to presenting at Select Committees and the management of legislation. The President’s dinners of which I hosted one this year, provides me with an opportunity to hear directly from our Corporate members and how they see the current and future business climate. They also provide an opportunity to acknowledge their membership and support of the Trust, building on the vision of those who founded the Trust twenty-eight years ago. Sir Patrick Goodman’s and Lindsay McCullum’s vision back in 1991 has stood the test of time and the Trust’s purpose is as relevant today as it was when first established. I am pleased to see the Trust providing increased funding to enable schools to undertake visits to Parliament. It is important that our students of all ages are given the opportunity to learn about their parliament and about parliamentary democracy. I acknowledge and thank all our corporate members for their continued commitment to the Trust and specially those who hosted Business Attachment programmes for Members of Parliament during the year. Members of Parliament, particularly those who do not have a business background, highly value this opportunity. I would like to thank the Chairman, Peter Griffiths, members of the Trust Board and the Secretariat, for the work they undertake on behalf of our Corporate members and the Members of Parliament.

Rt Hon Trevor Mallard MP President of the Trust

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CHAIRMAN’S MESSAGE Trust Operations 2019 has been a very busy year implementing several important changes to the image and operations of the Trust. These have included a soft launch of B&PT rebranding and colour palette, introduction of a social media platform and substantial redesign of the website which was launched mid-year. New brochures and promotional material have also been introduced. Greater emphasis on e - communications and materials has been key to our rebranding and developing a new way of operating. Changes have also been made to our highly successful parliamentary seminar programmes with the addition of a Machinery of Government and Parliament seminar which takes a closer look at legislation and select committees in addition to Executive Government and public policy. This seminar replaces the select committee seminar that has been offered in recent years. We reviewed our funding practices for tertiary education to include a wider range of Universities. This year will see Auckland, Waikato, Canterbury and Otago Universities awarding prizes in politics in the name of the Trust. At the end of 2019 the Board appointed Munro Benge to provide who will be responsible for the Trust with accounting services and transitioning our operations to a cloud-based system. I wish to acknowledge the excellent services provided by Brent Pearson of BJ Pearson Limited since the inception of the Trust. Trustee Council and Board At the Annual Meeting, I was pleased to be re-elected a member of the Trustee Council and to continue in the role of Board Chair for a further term of three years. It is a privilege to be associated with the Trust. Chris Litchfield, Managing Director, Coca- Cola Amatil, who had been co-opted to the Board at the end of 2018 until the 2019 Annual Meeting was also elected onto the Trustee Council and the Board for a three -year term. Alastair Scott MP (National Party) resigned from the Board in August and was replaced by Tim van de Molen MP. New Corporates Three new corporate members have joined us during the year. I welcome back Auckland International Airport Limited who were a founding member of the Trust together with DB Breweries Ltd and Pfizer New Zealand Limited as first-time members. Membership of the Trust is much sought after and therefore it is important that all our corporate members take full advantage of their membership by hosting Business Attachment programmes for Members of Parliament, ensuring their staff are participating in the parliamentary seminars and also by attending members’ events. Acknowledgements The contribution our Corporate members make to the Trust and its activities is significant and we appreciate this continued support. To all who have engaged with the Trust and its activities this year - thank you. Your on-going support is essential for the continued operation of the Trust and is greatly appreciated. I wish to place on record the Board’s appreciation of those Ministers, parliamentarians, staff of the Cabinet Office, Office of the Clerk and the Department of Internal Affairs, who gave freely of their time to speak at one of our four seminars during the year. The contribution you make is highly valued by our corporate attendees. My thanks also wish to the Rt Hon Trevor Mallard, Speaker of the House of Representatives who acts as the President of the Trust in hosting our seminars and events and ensuring our continued presence in the Parliamentary complex; and to my colleagues on the Trust Board for their valued input and support. To the Trust Secretariat, thank you for your efforts over the past year and for making the changes happen to the advancement of the Trust.

Peter Griffiths Chairman 3


CHIEF EXECUTIVE’S REPORT I am pleased to provide the 28th review of the business and activities of the Trust to the year ending 31 December 2019.

Darryl Stevens MNZM

2019 ANNUAL GENERAL MEETING The Trust’s 27th Annual General Meeting was held on Wednesday 30 April in the Grand Hall, Parliament House. The Rt Hon Trevor Mallard MP, Speaker of the House of Representatives, presided as President of the Trust. The meeting was chaired by Peter Griffiths. The meeting ratified changes to the corporate membership of the Trustee Council and Board as outlined in the Chairman’s message. Peter Griffiths, Chair of the Trust Board was re-elected for a further term of three years. Chris Litchfield, Chief Executive of Coco Cola Amatil who had been seconded to the Board in 2018 to fill a casual vacancy was elected to the trustee council and to the Board for a term of three years. Following the formal business, Dr Deborah Russell MP and Angie Warren-Clark MP, who had completed Business Attachments with Fonterra Co-operative Group and Foodstuffs New Zealand Ltd in 2018, respectively, received their Associate Members certificates. Louisa Wall MP an existing Associate Member was presented with her certificate following completion of an Attachment with GlaxoSmithKline. 4

Presentations were also made to the joint recipients of the final scholarships under current arrangements with Victoria University of Wellington. See Education on page 8 for further details.


TRUST MEMBERSHIP NEW CORPORATE MEMBERS The Trust’s Corporate membership stands at 72 members as at 31 December 2019. This year we welcomed 4 new Corporate Members: Varian Medical Systems Pfizer New Zealand Limited Dominion Breweries Limited Auckland International Airport Limited (re-joining having been a foundation member)

Tim van de Molen MP with Peter Griffiths

The resignations of Abano Healthcare Group Ltd, Dell EMC NZ Corporation Ltd, IBM New Zealand Ltd, Microsoft New Zealand Ltd, Qantas Group and Steel & Tube Holdings Ltd all took effect from 31 December 2019.

NEW ASSOCIATE MEMBERS The following Members of Parliament were appointed Associate Members following the successful completion of their first Business Attachments: Andrew Bayly Clayton Mitchell Tim van de Molen Hamish Walker Nicola Willis Dr Duncan Webb

Clayton Mitchell, Board Member receiving his Associate Members certificate

Member for Hunua List Member Member for Waikato Member for Clutha Southland List Member Member for Christchurch Central

National Party New Zealand First National Party National Party National Party Labour Party

This brings the number of Associate Members in the 52nd Parliament to 63 as at 31 December 2019 and includes two Board members, Clayton Mitchell MP and Tim van de Mollen MP.

EVENTS Corporate members were invited to nominate staff representatives for 4 seminars and to attend two additional events during the calendar year. In addition, Members of Parliament were invited to meet with corporates at all four Parliamentary seminar lunches and two Trust hosted events.

Stakeholders Function

Darryl Stevens Trust CEO, Catherine Soper, Snr Manager Government Affairs, Air NZ Ltd and Dr Duncan Webb MP

5


PRESIDENT’S DINNERS Invitations are extended to a small group of Chief Executives or senior Leaders from amongst our Corporate membership for each of the dinners and they continue to provide valuable opportunities for maintaining contact between the Trust, the senior management of our Corporate membership and Parliamentary leaders. The President of the Trust hosted one dinner on 11 September, for the Opposition Parties. 10 Corporate Chief Executives and/or leadership team representatives attended the dinner. The Parliamentary guests were; David Seymour MP, Leader of the ACT Party, Barbara Kuriger, Senior Opposition Whip and Andrew Bayly, Party Spokesperson for Building & Construction and Revenue, National Party.

Typical seminar lunch where attendees get the opportunity to meet MPs informally

Corporates that attended the dinner are listed at Appendix 2.

COMMUNICATIONS, SOCIAL MEDIA AND PUBLICATIONS Social Media Our new webpage went live with a soft launch in midyear. The site provides us with a fresh professional look. Further development work and enhancements will be carried out to the site in 2020.

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His expertise in social media and the internet made him indispensable and we were sorry to have to farewell him mid - November following the completion of the academic year.

Our social media presence was established through Facebook and LinkedIn and we are now in the process of growing our presence through these platforms.

Publications All current publications have been updated in both content and design and were rolled-out in the first half of 2019. These publications are available on-line or in hard-copy by request.

COMMS Intern Rory McGuire, a third-year media and marketing student at Massey University joined the Secretariat in March as our first COMMS Intern.

Corporate membership and the schools funding application forms have also been re-designed in order to provide more robust information to aid the decision-making processes.


BUSINESS OVERVIEW One Business Overview was held with Roger Dennis as the guest speaker. Roger Dennis who works as a consultant in foresight, innovation and large scale change provided the audience with a thought- provoking presentation. His role sees him working with both government bodies and companies across Asia, Europe and Australasia. He likes to discuss why forming strategy without knowing about the future is like pouring coffee without a cup and why a strategy without an innovation capacity is akin to walking very slowly on the same spot.

BUSINESS STUDY PROGRAMMES Our Business Study Attachments programme is a key pillar of the Trust’s operations. 11 Members of Parliament completed their Attachments during the year and a further 3 are in the process of undertaking attachments to be completed in 2020. We acknowledge and warmly thank the following corporate members who hosted Members of Parliament during the year: Air New Zealand Ltd Tim van de Molen on Attachment with Sealord – NZBPT News June 2019

Christchurch International Airport Ltd Deloitte Ltd Johnson & Johnson NZ Ltd Meridian Energy NZ Steel Ltd Ports of Auckland Russell McVeagh Sealord Group Ltd SBS Bank St John Willis Bond & Co Ltd It is clear from the feedback received from Members of Parliament undertaking attachments, that the experience in doing so is very worthwhile and much valued. The challenge is to fit the required time commitment into already busy and ever-changing schedules.

Andrew Bayly at NZ Steel Ltd NZBT News December 2019

Hosting Corporate members continue to be very accommodating in coping with these pressures and their cooperation and assistance in providing opportunities for Members of Parliament to spend time with their businesses is highly appreciated. 7


UNIVERSITY OF CANTERBURY PRIZE WINNER

EDUCATION SCHOLARSHIPS & TRUST STUDY PRIZES The Trust has had a longstanding relationship with the Victoria University of Wellington through the provision of both scholarships and prizes in politics. The Scholarship was first established in 2010 for students enrolled in an Honours or Master study in either Political Science, International Relations or the School of Government.

Our partnership with the University of Canterbury, which dates back to 2014, has been retained. Canterbury awarded the first Politics and Public Policy prize to Jessica Harnett Kikstra, their top 2018 Master of Policy & Governance student. Her dissertation was entitled Collaborative Water Governance in Canterbury and involved fieldwork with both ECAN and farmers from the Canterbury region. A feature of the new prizes is that winners are invited to Wellington to either participate in a parliamentary seminar or have engagement with the Trust. Jessica elected to attend our last parliamentary seminar of the year where she received her award from the Chair of the Board in the presence of Corporate and Associate members.

The 2018 Scholarships were the last to be awarded under the current arrangements. The University identified two equally deserving scholars and so the decision was taken to jointly award the Scholarship between Annie MacDonald and Kathleen Robertson. Annie MacDonald undertook research on the experience of the Green Party and their role governing New Zealand, drawing inspiration from her experience interning at Parliament with the Party’s co-leader Hon James Shaw. In addition, Annie undertook research on the role of Parliament in the Land and Water forum to address freshwater issues. Kathleen Robertson completed Honours in Political Science and wrote an essay about increasing the representation of disabled people in Parliaments, comparing the New Zealand Election Access Fund Bill with approaches used in other countries. Kathleen also undertook an internship at Parliament interning with two New Zealand Green Party Members of Parliament. Following the review of tertiary scholarships and prizes in 2018, the Board is pleased that engagement is now well under-way with our new partner universities - Auckland, Otago and Waikato where prizes in politics and or public policy will be offered.

University of Canterbury prizewinner

TRAVEL FUND ASSISTANCE FOR SCHOOL VISITS TO PARLIAMENT This scheme has been in effect since July 2015. In order to qualify for funding assistance, schools must undertake the 90 - minute “How Parliament Works” educational tour organised by the Parliament Education Services. A little funding from the Trust can make all the difference and students who would not normally be given the opportunity to visit their Parliament are able to do so. The Trust is also equally impressed with how many of the rural and small - town schools are supported by their communities through fundraising ventures. In 2019 the Trust provided grants totalling $60,345 to 48 schools enabling 1,034 students and 69 parents / caregivers to visit Parliament. A full schedule of all schools receiving funding is given at Appendix 5.

Victoria University Scholarship recipients

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Pupils of schools in receipt of funding will often write to the Trust expressing their appreciation for the funds that enabled them and their school to visit Wellington. A small sample of feedback received are:


“Thank you for the funds that provided us with a range of opportunities. I personally enjoyed getting to see our Prime Minister in the debating chamber. She acknowledged and waved to us. It was a cool experience and I learnt about how they get to ask the questions and prepare.” Lachlan, Meeanee School “The rules were explained to us and we got to ask questions but while we were doing that I could not stop staring at the mace, it looked like pure gold I don’t know if it was but it looked like gold.” Hamish, Meeanee School “Thank you, NZ Business and Parliament Trust for helping Ngākau Māhaki to get to Wellington. We really enjoyed it in the Parliament because we got to watch a real live debate. My favourite part personally, was when we got to see the past Prime Ministers of New Zealand. I think we all enjoyed being in the parliament with our guide William.” Caiden, Ngākau Māhaki

YOUTH PARLIAMENT As in previous years, the Trust ran a competition for the Triennial Youth Parliament which was open to all Youth MPs and members of the Youth Press Gallery. Youth MPs could either write an essay, deliver a speech or make a video on the topic “Choose one big issue facing our society and describe what the Government can do to better enable businesses to make a difference on this issue”. The competition attracted a high number of entries. The overall standard of entry was of a very high calibre resulting in the judges awarding four highly commended awards in addition to the three monetary prizes. The judging panel, for the first time, included corporate member representation.

“Thank you for the money you gave Limehills School for the year 7s Wellington camp, we really appreciated it. We had so much fun with getting a tour around the Beehive and being able to meet our MP. We learnt things such as the fire that happened in the library many years ago and about the Queen and the carpets and so much more.” Tahlia, Room 8

Shine Wu, winner

Omakere School Visit participating in “How Parliament Works” programme

Winner Shine Wu formerly Newlands College, Wellington and now studying at Victoria University of Wellington and Dukes University USA. Shine was the Youth MP for Brett Hudson, List Member, National Party. Shine’s essay topic was ‘Inspiring Innovation - Building Aotearoa’s New Entrepreneurs’ 1st Runner-Up William Wood of Palmerston North Boys High School and Youth MP for Ian McKelvie, Member for Rangitikei. 2nd Runner-Up Fiona Wu, a member of the Youth Press Gallery and studying at Auckland University. Highly Commended James Macey, Youth MP for Jonathan Young, Member for New Plymouth Sophie Dixon, Youth Press Gallery Kate Morris, Youth Press Gallery Shaneel Lal, Youth MP for Hon Jenny Salesa, Member for Manukau East

Devon Intermediate School – New Plymouth

The awards were presented by the Rt Hon Trevor Mallard MP, Speaker of the House of Representatives and Trust President and Peter Griffiths, Board Chair at a reception hosted by the Hon Peeni Henare, Minister of Youth and attended by all Youth Members of Parliament and Press Gallery members. 9


PARLIAMENTARY SEMINARS – STUDY PROGRAMMES Parliamentary Seminars are central to the Trust’s purpose in creating a learning environment whereby representatives and employees of our corporate members are able to come to Parliament and be addressed by Ministers, parliamentarians and officials operating at the core of our parliamentary and executive government systems. This year we hosted 4 seminars attended by a total of 108 participants from 42 corporate members. The Prime Minister headed an illustrious group of Ministers and parliamentarians to address corporate participants. A full list of all our speakers is given at Appendix 5. This year saw the introduction of a new one-day seminar entitled the Machinery of Government and Parliament - Taking a closer look. The seminar has been designed to provide our corporate clients with the unique opportunity to engage and interact with expert officials as well as learn through practical approaches to Government and Parliament.

The inaugural attendees at the Machinery of Government and Parliament seminar

The seminar was created in part in response to the feedback received from course participants attending our Exercising Government through Parliament seminar and in part to ensure that Executive Government and Public Policy were being covered. While this new seminar replaces the half-day Select Committee seminar, Select Committees including roleplaying and the passage of legislation through Parliament are incorporated into the programme as is the opportunity to view Parliament in action. Seminar attendees were equally appreciative that so many of our Members of Parliament and in particular Associate Members were able to attend the seminar lunch that precedes Oral Questions - Questions to Ministers in the House, giving them the opportunity to speak informally with parliamentarians. Some of the comments received from attendees at this year’s Seminars were: “The opportunity to hear first-hand from the country’s leaders, the quality of the speakers, the information provided by them, the frankness and openness of the speakers and the appreciation of the fact that, what is a very busy and full day, keeps to time.” “The seminar was well organised. Great topics. Fantastic to get time from these speakers. It also provides a great networking opportunity between members and corporates.” Seminar participants receiving a briefing on the work of the Parliamentary Library

10

“The guest speakers were all very engaging, and it was great to have an idea of individuals roles within the machinery of Government and Parliament.”


SEMINAR SPEAKERS

THANK YOU Firstly, I wish to acknowledge and thank the Ministers and Members of Parliament who generously undertake speaking engagements informing our corporate members on Parliament and government. The Trust could not achieve its key purpose without your support. I would like to record my thanks to the Speaker’s Office, the Clerk of the House and staff of the Office of the Clerk, Cabinet Office, Department of Internal Affairs policy team and the Parliamentary Service (in particular Executive Assistants) for their assistance and support throughout the year. The Trust relies heavily on you all to help us achieve our mission. Thank you too to our Corporate Liaison officers, without whose cooperation our programmes could not be implemented. I also acknowledge

the excellent work undertaken by Kim Mantell of Mantell Brands for work relating to re-designing our publications and the new web page and to Brent Pearson of B J Pearson Ltd for financial services. Brent has been associated with the Trust for some twentyeight years and following a Board decision at the end of 2019 making changes to our financial management resulting in the appointment of a new accountancy firm to deliver those changes, Brent’s association with the Trust will cease in the first quarter of 2020. Finally, my personal thanks to my colleagues Vasoula Kappatos, Tassie Wong and Rory McGuire for their contribution to the work of the Trust and who have successfully coped with a raft of ongoing changes.

Darryl M Stevens MNZM Chief Executive

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APPENDIX 1 - 3 APPENDIX 1 2019 CALENDAR AND PROGRAMME OF EVENTS Parliamentary Seminar 1 - Exercising Government through Parliament

3 April

Annual General Meeting

30 April

Parliamentary Seminar 2 - Machinery of Government and Parliament - Taking a Closer Look

12 June

Youth Parliament NZBPT Competition - Awards announced and presentation of prizes

16 July

Winter Business Overview

21 August

President’s Dinner for Corporate Chief Executives and Leadership Team representatives

11 September

Parliamentary Seminar 3 - Exercising Government through Parliament

25 September

Parliamentary Seminar 4 - Machinery of Government and Parliament - Taking a Closer Look

13 November

Associate Members & Stakeholders Christmas drinks - 28th Anniversary of the Trust

11 December

APPENDIX 2 PRESIDENT’S DINNER - CORPORATE CHIEF EXECUTIVES ATTENDING Alison Andrew Dr Joanna Breare Elisabeth Champion Alex Lagny Simon Mander Felix Richter Gabriel Selischi Guy Waipara David Walsh

Chief Executive Chief Executive Chief Executive Chief Executive Chief Executive Chief Executive Senior Vice President Australasia General Manager Group Chief Executive

Transpower NZ Ltd Todd Energy GSK New Zealand Veolia Ltd Metropolitan Glass & Glazing Ltd Marsden Maritime Holdings Ltd OMV New Zealand Ltd Meridian Energy New Zealand Post Group

APPENDIX 3 CORPORATE ATTENDEES PARLIAMENTARY SEMINAR 1 - 3 APRIL Abbey Baylis Lucy Sutherland Craig Dunstan Amy Barrett Jackie Mullan Stuart Smith Brett Marett Melissa Bentley Kirsten Daggar-Nickson Tanea Chapman Nikki Winter Judy Bowman Vanessa Vermeulen Ruth Doone Craig Dowling Tori Scott Simonne Thompson 12

3R Group Ltd Abbvie Ltd Christchurch International Airport Ltd Downer/Hawkins NZ Ltd Genesis Energy Ltd Goodman (NZ) Ltd GSK GSK Imperial Tabacco New Zealand Ltd KiwiRail KiwiRail Pāmu Farms Pāmu Farms Merck Sharp & Dohme (NZ) Ltd Mercury NZ Ltd Meridian Energy NZ College of Massage

Alex Ross Eugene Venter Suhail Sequeira Nigel Ironside Jack Stewart Greg Bannon Fiona Ryan Elle Dorset Aaron Chudleigh Leon Moore Dr Joanna Breare Raewyn Moss Courtney Grenfell Fabian Yukich Megan Martin Will Hine Julia Hopkins

NZ Steel Ltd Pacific Aluminum Ports of Auckland Ports of Auckland Refining NZ Refining NZ Russell McVeagh Spark NZ Trading Ltd Talley’s Group Ltd Talley’s Group Ltd Todd Energy Transpower NZ Ltd Television New Zealand Limited Villa Maria Estate Ltd Vodafone NZ Ltd Westpac New Zealand Westpac New Zealand


PARLIAMENTARY SEMINAR 2 - 12 JUNE Tony Bye Lindsay Boy Penny Wells Byron Walker Amy Barrett Haley Mortimer Elaine Anelay Kate McLellan Kirsten Daggar Nickson Louise Evans McDonald Tanea Chapman Nikki Winter Kim Ellwood

3R Group Ltd Abbvie Ltd Christchurch International Airport Ltd Deloitte Ltd Downer/Hawkins NZ Ltd Fonterra Co-operative Group GSK GSK Imperial Tabacco NZ Ltd Imperial Tabacco NZ Ltd KiwiRail KiwiRail Landcorp Farming Ltd

Vanessa Vermeulen Justin Powell Paul Smith Steve Wynn Jamie Heywood Holly Attrill Matiu Park Fiona Ryan Geordie Johnson Robyn MacDonald Dr Joanna Breare Laura Ackland Julia Hopkins

Landcorp Farming Ltd Lotto New Zealand Merck Sharp & Dohme (NZ) Ltd Metropolitan Glass & Glazing Ltd NZ Agriseeds Ltd OMV New Zealand Ltd OMV New Zealand Ltd Russell McVeagh Russell McVeagh Subaru of New Zealand Todd Energy Transpower NZ Ltd Westpac New Zealand

Greg Buzzard Kavi Singh Mike Skilling Susannah Walker Tim Rickerby Bronagh Downey Greg Kingston Rowan Hooper Deborah Gray Kirsty Way Sonya Mason Daisy Hudson Barbara McPhee

PowerNet Limited PowerNet Limited SBS Bank Southern Cross Healthcare Spark New Zealand Trading Ltd Spark New Zealand Trading Ltd Talley’s Group Ltd Todd Energy Transpower New Zealand Ltd Television New Zealand Ltd Vodafone New Zealand Ltd Templeton Scholar - Otago Daily Times Parliamentary Services

Kavi Singh Rachael Watt Arwen Vant Jeff Richardson Joycelyn Raffills Richard Langley Brent McAnulty Kirsty Way Nicky Preston Matt Hardwick Jessica Kikstra Dr Jocken Guckes

PowerNet PowerNet Spark NZ Talley’s Group Ltd Todd Energy Todd Energy Television New Zealand Ltd Television New Zealand Ltd Vodafone Z Energy NZBPT Politics Prize Winner, University of Canterbury Bodastyl Federal Republic Germany

PARLIAMENTARY SEMINAR 3 - 25 SEPTEMBER Shane Paramore David Erskine Benoit Midol Mia Joronen Warwick Williams Krunal Patel Mike Linnell Ben Johnston Shannon Lynds Mandy Armstrong Marie Winfiled Paul Lindsay Vanessa Gascoigne Sheryl Kurte

Abbvie Air New Zealand Ltd Downer/Hawkins NZ Ltd Fujitsu New Zealand Ltd Genesis Energy Ltd Goodman Property GSK New Zealand Ltd KiwiRail Landcorp NZ Ltd Landcorp NZ Ltd Lotto New Zealand Merck Serono Australia Pty Ltd Merck Sharp & Dohme (NZ) Ltd Merck Sharp & Dohme (NZ) Ltd

PARLIAMENTARY SEMINAR 4 - 13 NOVEMBER Sven Herselman Sandy McFadyen-Rew Rebekah Cain Esther Summerhays Allan Swann Quincy Liu Bryce Davies Sami Hakim Ben Johnston Jody Bowman Kathryn Haworth John Bright James Canny Suhail Sequeira

3R Group Air New Zealand Ltd Bank of New Zealand Bank of New Zealand Genesis Energy GSK New Zealand IAG NZ Ltd Imperial Tobacco Australia Ltd KiwiRail Landcorp Farming Ltd Lotto NZ Mercury NZ Ltd Meridian Energy Ports of Auckland

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APPENDIX 4 - 5 APPENDIX 4 PARLIAMENTARY SEMINAR SPEAKERS FOR 2019 EXERCISING GOVERNMENT THROUGH PARLIAMENT SPEAKERS Rt Hon Jacinda Ardern

Prime Minister of New Zealand and Member for Mt Albert

Rt Hon Trevor Mallard MP

Speaker of the House of Representatives

Hon Grant Robertson

Minister of Finance and Member for Wellington Central

Hon Kris Faafoi

Minister of Broadcasting, Communications and Digital Media and Member for Mana

Hon Tracey Martin

Minister for Children and List Member, NZ First Party

Hon Simon Bridges MP

Leader of the Opposition, Member for Tauranga

Hon Ruth Dyson MP

Member for Port Hills

Michael Wood MP

Member for Mt Roskill

Barbara Kuriger MP

Member for Taranaki-King Country

Matt Doocey MP

Member for Waimakariri

Hon Tim Macindoe MP

Member for Hamilton West

Hon Alfred Ngaro MP

List Member, National Party

Louisa Wall MP

Member for Manurewa

Jamie Strange MP

List Member, Labour Party

Dan Bidois MP

Member for Northcote

Simeon Brown MP

Member for Pakuranga

Ginny Andersen MP

List Member, Labour Party

David Wilson

Clerk of the House

Jessica Mutch McKay

ONE News Political Editor

Sam Sachdeva

Political Editor Newsroom and Deputy Chair, Press Gallery

MACHINERY OF GOVERNMENT AND PARLIAMENT - TAKING A CLOSER LOOK

14

Rt Hon Trevor Mallard MP

Speaker of the House of Representatives and List Member, Labour Party

Gerrard Carter

Cabinet Office, Department Prime Minister & Cabinet

Gina Smith,

Director of Policy Services Directorate, Dept of Internal Affairs

Rachel Groves

Director, Policy Services, Dept of Internal Affairs

Craig Renney

Snr Ministerial Advisor, Office of Minister of Finance

Danya Levy

Snr Press Secretary, Office of Minister of Transport

Joy Gribbean

Snr Press Secretary, Office of Minister of Immigration

Bill Fewen

Ministerial Adviser, Office of Minister of Health

Gabor Hellyer

Committee Clerk, Office of the Clerk

Pavan Sharma

Manager Policy & Legal, Office of the Clerk


APPENDIX 5 TRAVEL FUND ASSISTANCE FOR SCHOOL VISITS TO PARLIAMENT 2019 SCHOOL

LOCATION

GRANT

Benneydale School

Waitomo District

Devon Intermediate School

New Plymouth

$1,280

Egmont Village School

Inglewood

$1,280

Flemington aSchool

Waipukura

$1,040

Future Leaders

Greymouth, Eastern Bays, Kaikohe, $1,075 Kapiti, Palmerston North, Whangarei

Glen Oroua School

Palmerston North

Halfmoon Bay School

Stewart Island

Hastings Boys’ High School

Hastings

Hikurangi School

Northland

$540

$600 $1,080 $400 $1,800 $660

Hillview Christian School

Christchurch

Hororata School

Darfield

$1,920

Jireh Christian School

Auckland

$2,400

Kaitoke School

Claris-Great Barrier Island

Lawrence Area School

Otago

$1,200

Limehills School

Southland

$2,100

Lyttelton Primary School

Christchurch

$1,680

Mapua School

Tasman

$1,280

$480

Marlborough Girls’ College

Blenheim

$750

Marshland School

Christchurch

$640 $400

Maungakaramea Primary School

Northland

Mayfair School

Hastings

$1,280

Mayfield School

Ashburton, South Canterbury

$1,260

Meeanee School

Napier

$1,040

Millers Flat School

Roxburgh, Otago

$1,500

Monrad Intermediate School

Palmerston North

Normanby School

South Taranaki

$1,280

Oaklands School

Halswell, Christchurch

$1,920

$800

$920

Omakere School

Central Hawkes Bay

Our Ladies of Victories

Christchurch

$1,560

Paihia School

Northland

$2,600

Paraparaumu College

Kapiti Coast

$750 $720

Portobello School

Dunedin

Puketapu School

Taradale, Hawkes Bay

$1,240

Saint Joseph’s Catholic School

Dargaville

$2,600

St Peter’s School

Gore

$3,200

Tamariki School

Christchurch

Tapawera Area School

Nelson

$840 $1,280

Tapora School

Wellsford

$480

Tauranga Adventist School

Tauranga

$1,260

Tauranga Girls School

Tauranga

$1,200

Te Kura Kaupapa Maaori o Te Hiringa

Tokoroa

Te Kura Taumata o Panguru

Kohukohu

$1,600

Te Puke Primary School

Bay of Plenty

$1,680

Te Rereenga School

Coromandel

$2,240

Te Waka Unua School

Christchurch

$1,860

$920

The City Impact School

Auckland

$400

Tikokino Primary School

Waipawa

$920

Upper Moutere School

Nelson

Whataroa School

South Westland

$1,200 $360 15


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PERFORMANCE REPORT FOR THE YEAR ENDED 31 DECEMBER 2019 17


NEW ZEALAND BUSINESS AND PARLIAMENT TRUST ENTITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2019

LEGAL NAME OF ENTITY

New Zealand Business and Parliament Trust.

TYPE OF ENTITY AND LEGAL BASIS New Zealand Business and Parliament Trust is incorporated under the Charitable Trusts Act 1957 and is registered with the Charities Commission. The Registration Number is CC43956. AUDITOR

Grant Thornton New Zealand Audit Partnership.

SOLICITOR

Russell McVeagh.

BANKER

Westpac New Zealand Limited.

NEW ZEALAND BUSINESS & PARLIAMENT TRUST’S PURPOSE / MISSION Mission Statement To advance and encourage understanding and goodwill between the business community of New Zealand and Parliamentarians.

ENTITY STRUCTURE The New Zealand Business and Parliament Trust (“the Trust”) is a Trust focused on supporting business, economic and educational activities in New Zealand. It is also a registered charity. The Trust is governed by a Board of Trustees comprising four members of the Trustee Council who are subscribing Corporate members of the Trust, and three members of the Trustee Council who are Members of Parliament. The Trustee Council is composed of six subscribing corporate members and representatives from each of the political parties represented in the House of Representatives. The Board meets four times per year and must also convene an Annual General Meeting. The Trust’s operations are managed by a team of three part-time paid employees - the Chief Executive, an Executive Assistant (Programmes & Administration), and an Administration (Events) Assistant.

18


MAIN SOURCES OF THE ENTITY’S CASH AND RESOURCES

The New Zealand Business and Parliament Trust’s primary source of funding is through receipt of membership income. The Trust also receives interest income on bank balances held by it.

19


NEW ZEALAND BUSINESS & PARLIAMENT TRUST STATEMENT OF SERVICE PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2019

DESCRIPTION OF THE ENTITY’S OUTCOMES

The strategic objectives and outcomes of the New Zealand Business and Parliament Trust include: advancing and encouraging understanding and goodwill between the business community of New Zealand and Parliamentarians; widening the experience of Parliamentarians in their knowledge of the business community and improving the understanding within the business community of the issues facing Parliament; advancing and encouraging public education or other charitable purposes beneficial to the community in connection with the work of Parliament.

OUTCOMES AND MEASURES OF QUALITY AND OBJECTIVES IN RESPECT TO DELIVERY

ACTUAL

BUDGET

ACTUAL

2019

2019

2018

Parliamentary Seminars (for Corporate members) Exercising Government through Parliament Machinery of Government & Parliament ++ Select Committee Seminars

2 2 Nil

2 2 Nil

3 1

Activities specific to MPs Business Study Programme attachments (for MPs) Attachments confirmed / offered Attachments completed Attachments cancelled / lapsed Attachments still to be completed One - day Business Visit (for MPs)

16 11 2 3 Nil

* *

12

1

1

1 1

2 2

2 2

Nil

Nil

1

1

4

2

48 1,034 69

# # #

46 -

Activities open to Corporate Members and MPs “Business Overview” events for Corporate members and MPs “President’s Dinners” for CEOs and senior leadership team members of the Trust’s Corporate membership ^New Members’ Function Education Provision of tertiary Trust Study Prizes Travel assistance for schools visiting Parliament Number of schools assisted Number if students assisted Number of parents / caregivers assisted

NOTES

(*) It is not possible to estimate how many Members of Parliament might undertake an attachment in any one year or how long it may take to complete an attachment. (@) Trust Study Prizes involving one university were agreed to and presented at the Annual Meeting. No Scholarships were awarded during 2019 following a decision by the Board to review the tertiary funding package that required the two participating Universities to suspend the scholarships. ++ Select Committee Seminars have been replaced by Machinery of Government & Parliament seminars introduced for the first time in 2019. (#) It is not possible to estimate how many schools might apply for travel assistance funding. ^ New Members Function - only one is held per parliamentary term following a General Election.

20


ADDITIONAL OUTPUT MEASURES

For the Parliamentary Seminars, participants are presented with a survey form seeking their comments on specific elements of the day’s programme. The survey results are presented to the Trust Board for their information.

21


NEW ZEALAND BUSINESS & PARLIAMENT TRUST STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2019

NOTES

2019

2018

$

$

320,653

324,674

18,350

21,659

339,003

346,333

Provision of goods or services

254,856

253,489

Other expenses

123,267

120,761

378,123

374,250

(39,120)

(27,917)

0

0

(39,120)

(27,917)

Revenue Fees, subscriptions and other revenue from members Interest, dividends and other investment revenue Total Revenue Expenses

Total Expenses

1

Deficit for the period before tax Income Tax Deficit for the period after tax

These financial statements should be read in conjunction with the accompanying notes.

22


NEW ZEALAND BUSINESS & PARLIAMENT TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019

ASSETS

NOTES

2019

2018

$

$

38,400

49,984

369,565

400,000

Accrued interest

8,755

7,829

Sundry Debtors

5,750

0

GST receivable

2,791

5,109

425,261

462,922

3,593

5,233

16,610

0

Investments

50,000

50,000

Total Non - Current Assets

70,203

55,233

495,464

518,155

Creditors and accruals

23,378

12,521

Employee entitlements

13,929

8,103

Other current liabilities

117

371

Total Current Liabilities

37,424

20,995

Total Liabilities

37,424

20,995

458,040

497,160

458,040

497,160

458,040

497,160

Current Assets Bank and cash Deposits

Total Current Assets Non - Current Assets Property, Plant and Equipment Intangible Assets

2

Total Assets Current Liabilities

Net Assets Accumulated Funds Reserves

3

Total Accumulated Funds

These financial statements should be read in conjunction with the accompanying notes.

25 May 2020 Signed

Peter Griffiths

Date

25 May 2020 Signed

Darryl Stevens MNZM

Date

23


NEW ZEALAND BUSINESS & PARLIAMENT TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2019

CASH FLOWS FROM OPERATING ACTIVITIES

2019

2018

$

$

315,653

324,674

17,424

18,077

1,855

0

(294,602)

(308,481)

(61,889)

(78,360)

0

(2,177)

(21,559)

(46,267)

0

0

0

(1,086)

Acquisition of intangible assets

(20,460)

0

Net movement of term deposits

30,435

75,000

9,975

73,914

(11,584)

27,647

Opening Cash

49,984

22,337

Closing Cash

38,400

49,984

38,400

49,984

Cash was received from Fees, subscriptions and other receipts from members Interest, dividends and other investment receipts Net GST Cash was applied to: Payments to suppliers and employees Donations or grants paid Net GST Net Cash Flows from Operating Activities Cash Flows from Investing and Financing Activities Cash was received from Net movement of investments Cash was applied to: Acquisition of property, plant and equipment

Net Cash Flows from Investing and Financing Activities Net Increase / (Decrease) in Cash

This is represented by Bank & Cash

These financial statements should be read in conjunction with the accompanying notes.

24


NEW ZEALAND BUSINESS & PARLIAMENT TRUST STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2019

BASIS OF PREPARATION

PROPERTY, PLANT AND EQUIPMENT

The Trust has elected to apply PBE SFR - A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit) on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000 for the last two annual reporting periods.

Property, plant and equipment are shown at cost or valuation less any accumulated depreciation and impairment losses.

All transactions in the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under the assumption that the Trust will continue to operate as a going concern in the foreseeable future. The performance report is presented in New Zealand Dollars. All numbers presented have been rounded to the nearest dollar unless otherwise stated.

REVENUE Revenue is accounted for as follows: Membership income Fees and subscriptions received in exchange for monthly access to member’s facilities are initially recorded as income in advance and recognised in revenue evenly over the membership period. Interest and dividend income Interest income is recognised on an accruals basis.

INCOME TAX The Trust is a registered charity under the Charities Act 2005, and accordingly is not subject to income tax.

Depreciation Depreciation is provided on a straight-line basis on all property, plant and equipment, at rates that will write off the cost of the assets to their estimated residual values over their useful lives. The depreciation rates and useful lives associated with major classes of assets have been estimated as follows: Office equipment : 5 years Intangible Assets The Trust has elected to adopt the Tier 2 standard PBE IPSAS 31 Intangible Assets in relation to the capitalisation of the costs incurred in the development of the website. Intangible assets acquired by the Trust, which finite useful lives, are measured at cost less accumulated amortisation and any impairment losses. Acquired website development costs are capitalised on the basis of the costs incurred to acquire and develop the website. Amortisation Intangible assets are amortised on a straight-line basis over the estimated useful life of the asset, from the date they are available for use and reported within the surplus or deficit for the year. The following amortisation rates have been applied: Website : 20% SL

BANK ACCOUNTS AND CASH Bank and cash in the Statement of Cash Flows comprise cash balances and bank balances (including short term deposits) with original maturities of 90 days or less.

DEPOSITS Deposits comprise term deposits which have a term of greater than three months and therefore do not fall into the category of cash and cash equivalents.

INVESTMENTS

EMPLOYEE COSTS Employee entitlements are measured at undiscounted nominal values based on accrued entitlements at current rates of pay. These include salaries and wages accrued up to balance date, and annual leave earned but not taken at balance date. The Trust recognises a liability and an expense for bonuses it is contractually obliged to pay, or where a past event has created a constructive obligation.

Investments are recorded at cost.

CHANGES IN ACCOUNTING POLICIES GOODS AND SERVICES TAX (GST) The Trust is GST registered. All amounts are recorded exclusive of GST, except for Debtors and Creditors which are stated inclusive of GST.

There have been no changes in accounting policies during the annual reporting period (2018: None).

25


NEW ZEALAND BUSINESS & PARLIAMENT TRUST NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 31 DECEMBER 2019

NOTE 1 – ANALYSIS OF EXPENSES

2019

2018

$

$

Brochures, Annual Review, Information Bulletins

59,764

30,233

Business and Parliamentary Study Programmes

120,926

137,113

0

3,000

74,166

83,143

254,856

253,489

Secretariat

85,540

85,853

Audit fees

5,200

0

19,471

13,401

Rent

5,333

5,333

Stationery and postage

4,252

7,480

Telephone and communications

2,924

3,116

547

5,578

123,267

120,761

2019

2018

$

$

Cost

20,460

0

Accumulated Amortisation

(3,850)

0

Net Book Value

16,610

0

0

0

Additions

20,460

0

Disposals

0

0

Amortisation

(3,850)

0

Closing Book Value

16,610

0

Provision of goods or services

Study Fund expenditure Special events Total Other Expenses

Professional fees

Travel and accommodation Total

NOTE 2 - INTANGIBLE ASSETS

Website

Reconciliation of book value at the beginning of the period Opening Book Value

26


NOTE 3 - ACCUMULATED FUNDS

GENERAL FUND $

STUDY FUND RESERVE $

TOTAL

Opening funds as at 1 January 2019

377,160

120,000

497,160

Operating Deficit for the year

(39,120)

0

(39,120)

0

0

0

338,040

120,000

458,040

Opening Funds as at 1 January 2018

405,076

120,000

525,076

Operating Deficit on activities for the year

(24,916)

(3,000)

(27,916)

(3,000)

3,000

0

377,160

120,000

497,160

2019

2018

$

$

2019

Transfer to Study Fund Closing Funds at 31 December 2019

$

2018

Transfer to Study Fund Closing Funds at 31 December 2018

BREAKDOWN OF RESERVES

Name

Nature and Purpose

General Fund

For operational expenses

338,040

377,160

Study Fund

For the provision of Scholarships and Trust Study Prizes

120,000

120,000

458,040

497,160

Total

SIGNIFICANT DONATED ASSETS - NOT RECORDED The Trust has not received any significant donated assets during the course of the year. (2018: None).

NOTE 4 - COMMITMENTS AND CONTINGENCIES There were no commitments or contingencies as at 31 December 2019 (2018: None)

27


NEW ZEALAND BUSINESS & PARLIAMENT TRUST NOTES TO THE PERFORMANCE REPORT FOR THE YEAR ENDED 31 DECEMBER 2019

NOTE 5 - RELATED PARTY TRANSACTIONS

2019 $ VALUE OF

2018 $ VALUE OF

2019 $ AMOUNT

2018 $ AMOUNT

TRANSACTIONS

TRANSACTIONS

OUTSTANDING

OUTSTANDING

Description of Related Party Relationship

Description of the Transaction (whether in cash or amount in kind)

Amounts paid to the Chairman

The Trust Board agreed (and ratified at the AGM on 10 April 2013) that the Chairman would receive an honorarium of $15,000 per annum, if requested

0

0

0

0

The Chairman also receives $1,200 in Chairman’s disbursements, if requested

0

0

0

0

The other Trustees do not receive any funds

0

0

0

0

The current Chair has indicated he does not wish to receive the Honorarium, nor funds for disbursements.

NOTE 6 - EVENTS AFTER THE REPORTING DATE On 11 March 2020 the World Health Organisation (WHO) declared a global pandemic in respect to the COVID-19 virus outbreak. Following establishment of a foothold within the New Zealand population, the New Zealand Government initiated a full societal lockdown with significant isolation requirements and movement restrictions imposed on citizens (with only essential services permitted to operate). The countrywide lockdown commenced on 26 March 2020 and is initially forecast to run for a 4 week period. The countrywide lockdown is expected to have a significant economic impact on New Zealand, with flow through to the organisations financial results considered to be highly likely. Due to the nature of the countrywide lockdown and flow on economic impacts it is not practicable to estimate the financial impact on the organisation at this time. There were no other significant events after balance date requiring reporting or adjustment in these financial statements (2018: Nil).

28


INDEPENDENT AUDITOR’S REPORT

Audit Grant Thornton New Zealand Audit Partnership L15 Grant Thornton House 215 Lambton Quay PO Box 10712 Wellington 6143 T +64 (0) 4 474 8500 F +64 (0) 4 474 8509 www.grantthornton.co.nz

TO THE MEMBERS OF THE NEW ZEALAND BUSINESS & PARLIAMENT TRUST : REPORT ON THE PERFORMANCE REPORT

OPINION We have audited the performance report of New Zealand Business and Parliament Trust (the “Trust”) on pages 18 to 28, which comprises the entity information, the statement of service performance, the statement of financial performance and statement of cash flows for the year ended 31 December 2019, the statement of financial position as at 31 December 2019, and notes to the financial statements, including summary of significant accounting policies and other explanatory information. In our opinion: a) the reported outcomes and outputs, and quantification of the outputs to the extent practicable, in the statement of service performance are suitable; b) the accompanying performance report presents fairly, in all material respects: the entity information for the year then ended; the service performance for the year then ended; and the financial position of the Trust as at 31 December 2019 and its financial performance, and cash flows for the year then ended in accordance with Public Benefit Entity Simple Format Reporting – Accrual (Not-ForProfit) issued in New Zealand by the New Zealand Accounting Standards Board.

BASIS FOR OPINION We conducted our audit of the statement of financial performance, statement of financial position, statement of cash flows, statement of accounting policies and notes to the performance report in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)), and the audit of the entity information and statement of service performance in accordance with the International Standard on Assurance Engagements (New Zealand) ISAE (NZ) 3000 (Revised). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Performance Report section of our report. We are independent of the Trust in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other than in our capacity as auditor we have no relationship with, or interests in, the Trust.

Chartered Accountants Member of Grant Thornton International Ltd

29


INDEPENDENT AUDITOR’S REPORT

OTHER INFORMATION The Trustees are responsible for the other information. The other information comprises the President’s Message, Chairman’s Message and Chief Executive’s Report but does not include the performance report and our auditor’s report thereon. Our opinion on the performance report does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon. In connection with our audit of the performance report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the performance report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF THE TRUSTEES FOR THE PERFORMANCE REPORT The Trustees are responsible for: (a) Identifying outcomes and outputs, and quantifying the outputs to the extent practicable, that are relevant, reliable, comparable and understandable, to report in the statement of service performance; (b) the preparation and fair presentation of the performance report on behalf of the Trust which comprises: the entity information; the statement of service performance; and the statement of financial performance, statement of financial position, statement of cash flows, statement of accounting policies and notes to the performance report in accordance with Public Benefit Entity Simple Format Reporting – Accrual (Not - ForProfit) issued in New Zealand by the New Zealand Accounting Standards Board, and (c) for such internal control as the Trustees determine is necessary to enable the preparation of the performance report that is free from material misstatement, whether due to fraud or error. In preparing the performance report, the Trustees are responsible on behalf of Trust for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate Trust or to cease operations, or have no realistic alternative but to do so.

Chartered Accountants Member of Grant Thornton International Ltd

30


AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE PERFORMANCE REPORT Our objectives are to obtain reasonable assurance about whether the performance report is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAE (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this performance report. As part of an audit in accordance with ISAs (NZ) and ISAE (NZ) 3000 (Revised), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error; to design and perform audit procedures responsive to those risks, and to obtain audit evidence that is sufficient and appropriate to provide a basis for the auditor’s opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. If the auditor concludes that a material uncertainty exists, the auditor is required to draw attention in the auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the opinion. The auditor’s conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause an entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Perform procedures to obtain evidence about and evaluate whether the reported outcomes and outputs, and quantification of the outputs to the extent practicable, are relevant, reliable, comparable and understandable. We communicate with the Trustees regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Accountants Member of Grant Thornton International Ltd

31


INDEPENDENT AUDITOR’S REPORT

RESTRICTION ON USE OF OUR REPORT This report is made solely to the Trusts Members as a body. Our audit work has been undertaken so that we might state to the Trusts Members as a body, those matters which we are required to state to them in our audit report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and its Members, as a body, for our audit work, for this report or for the opinion we have formed. Grant Thornton New Zealand Audit Partnership

B Kennerley Partner Wellington 25 May 2020

Chartered Accountants Member of Grant Thornton International Ltd

32


NEW ZEALAND BUSINESS & PARLIAMENT TRUST DIRECTORY AND MEMBERSHIP

PATRON

PRESIDENT

CHAIRMAN

Vacant

Rt Hon Trevor Mallard MP

Peter Griffiths

SPEAKER OF THE HOUSE OF REPRESENTATIVES

TRUSTEE COUNCIL

BOARD MEMBERS

CHIEF EXECUTIVE

Rt Hon Jacinda Ardern Hon Simon Bridges MP John Dakin Peter Griffiths Gareth Hughes MP Chris Litchfield (from AGM) Simon Mackenzie Nancy McConnell Clayton Mitchell MP Dr Deborah Russell MP Alastair Scott MP (to 21 August) David Seymour MP Gretta Stephens

Peter Griffiths (Chair) Nancy McConnell (Deputy Chair) Chris Litchfield Clayton Mitchell MP Dr Deborah Russell MP Alastair Scott MP (to 21 August) Gretta Stephens Tim van de Molen MP (from 21 August)

Darryl Stevens MNZM EXECUTIVE ASSISTANT Vasoula Kappatos ADMINISTRATION ASSISTANT Tassie Wong COMMS INTERN Rory McGuire

CORPORATE MEMBERS 1. 3R Group Ltd 2. Abano Healthcare Group Ltd 3. AbbVie Ltd 4. ACG Tertiary & Careers Group Ltd 5. Air New Zealand Ltd 6. Airways Corporation of NZ Ltd 7. ANZ (New Zealand) Ltd 8. Bank of New Zealand Ltd 9. Barfoot & Thompson 10. Bauer Media Group (NZ) LP 11. Beef + Lamb New Zealand 12. Christchurch Int’l Airport Ltd 13. Coca-Cola Amatil (NZ) Ltd 14. Deloitte Ltd 15. Fonterra Co-operative Group 16. Foodstuffs NZ Ltd 17. Fujitsu New Zealand Ltd 18. Genesis Energy Ltd 19. GlaxoSmithKline NZ Ltd 20. Goodman New Zealand Ltd 21. Hawkins Group 22. Holcim (New Zealand) Ltd 23. IAG New Zealand Ltd 24. Imperial Tobacco NZ Ltd 25. Johnson & Johnson NZ Ltd

26. Kaipara Limited 27. Kensington Swan 28. KiwiRail 29. Lion - Beer, Spirits & Wine NZ Ltd 30. Lotto New Zealand 31. Marsden Maritime Holdings Ltd 32. McDonald’s Restaurants NZ Ltd 33. Merck Healthcare Pty Ltd 34. Merck Sharp & Dohme (NZ) Ltd 35. Mercury NZ Ltd 36. Meridian Energy 37. Metropolitan Glass & Glazing Ltd 38. NZ Agriseeds Co Ltd 39. NZ Post Group 40. NZ Steel Ltd 41. OceanaGold Waihi 42. OMV (NZ) Ltd 43. Pāmu Farms New Zealand 44. Ports of Auckland Ltd 45. PowerNet Limited 46. Qantas Group 47. Refining New Zealand 48. Rio Tinto (NZ Aluminium Smelters Ltd) 49. Russell McVeagh

50. Saatchi & Saatchi 51. Sanofi New Zealand Ltd 52. SBS Bank Group 53. Sealord Group Ltd 54. Shell New Zealand (2011) Ltd 55. SKYCITY Entertainment Group 56. Southern Cross Healthcare 57. Spark New Zealand 58. St John 59. Steel & Tube Holdings Ltd 60. Subaru of New Zealand 61. Talley’s Group Ltd 62. Television New Zealand Ltd 63. Todd Corporation Ltd 64. Transpower New Zealand Ltd 65. Vector Ltd 66. Veolia Ltd 67. Villa Maria Estate Ltd 68. Vodafone New Zealand Ltd 69. Westpac 70. Willis Bond & Co Ltd 71. Woolworths New Zealand 72. Z Energy

ASSOCIATE MEMBERS (CURRENT MPS) 1. Rt Hon Jacinda Ardern 2. Ginny Andersen 3. Kanwaljit Singh Bakshi 4. Andrew Bayly 5. Hon David Bennett 6. Chris Bishop 7. Hon Simon Bridges 8. Hon Gerry Brownlee 9. Rt Hon David Carter 10. Hon Dr David Clark 11. Hon Clare Curran 12. Hon Jacqui Dean 13. Matt Doocey 14. Hon Ruth Dyson 15. Hon Kris Faafoi 16. Hon Julie Anne Genter 17. Hon Paul Goldsmith 18. Hon Nathan Guy 19. Joanne Hayes 20. Hon Peeni Henare 21. Hon Chris Hipkins

22. Brett Hudson 23. Hon Shane Jones 24. Barbara Kuriger 25. Melissa Lee 26. Hon Andrew Little 27. Jan Logie 28. Hon Nanaia Mahuta 29. Rt Hon Trevor Mallard 30. Hon Ron Mark 31. Hon Tracey Martin 32. Hon Todd McClay 33. Ian McKelvie 34. Clayton Mitchell 35. Todd Muller 36. Hon Stuart Nash 37. Hon Alfred Ngaro 38. Hon Damien O’Connor 39. Simon O’Connor 40. Dr Parmjeet Parmar 41. Hon Grant Robertson 42. Jami-Lee Ross

43. Dr Deborah Russell 44. Hon Jenny Salesa 45. Alastair Scott 46. Hon Scott Simpson JP 47. Hon Aupito William Sio 48. Hon Dr Nick Smith 49. Fletcher Tabuteau 50. Hon Anne Tolley JP 51. Hon Louise Upston 52. Tim van de Molen 53. Hon Nicky Wagner 54. Hamish Walker 55. Louisa Wall 56. Angie Warren Clark 57. Dr Duncan Webb 58. Hon Meka Whaitiri 59. Hon Poto Williams 60. Nicola Willis 61. Hon Michael Woodhouse 62. Hon Dr Megan Woods 63. Jonathan Young

33


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