For Clarity

6 Oct

One of the trade offs for having a closed door at Invercargill City Holding Company (Holdco) is that the Directors are required to submit a Statement of Intent every year.  The SOI means they have to make a few promises and commit to a few reporting standards.  They have to report at six months (to ICC) and have 3 months after the end of year (30 June) to submit their annual report to ICC.  The SOI also includes a dividend (pay out) promise to ICC.

Holdco have NOT submitted one before the three month time limit.  I bet they didn’t submit a six monthly report at all (as always, I stand to be corrected).

The SOI requires them to submit to ICC…


(did you notice it’s a BIG BUT?)

…the Local Government Act 2002 says …

67 Annual report

(2) The report must include the information required to be included by—

Therefore, it should not only have been submitted to ICC but the public should have access too.

The failure here is on so many levels and it reiterates the attitude of ICC and the failings of staff, elected members, processes, directors and the CEO’s (of ICC and Holdco).  It should not be members of the public telling you how to do your job, whether it be an unidentified CCO, an amendment to the LTP, or a late annual report.


2 Responses to “For Clarity”

  1. Philip T October 6, 2013 at 8:04 pm #

    Jeez Kylie they will be wanting a pay rise if you give them to much work to do.
    Certainly a good example of the ability of the board to ensure everything is done properly. They have no trouble setting the directors fees. Pity not the same attention to detail on the actual business of the so called company

    • Kylie October 6, 2013 at 8:15 pm #

      Sadly I have to admit that the power companies have had theirs online for a while. A pat on the back for Boniface and the gang….doubt you’ll hear that often out of me…lol

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