Investment Committee

Background

Waikato-Tainui works for more than 85,200 iwi members affiliated to 68 marae from 33 hapuu. Our 2022 Annual Report and 2022-2023 Quarterly Report (Oct-Dec) are linked for your information.

Whakatupuranga 2050 involves three key elements fundamental to equipping tribal members with the capacity to shape their own future.

1. Pride and a commitment to uphold their tribal identity and integrity.
2. Diligence to succeed in education and beyond.
3. Self-determination and socio-economic independence.

These three key elements recognise the importance of tribal history, maaatauranga (knowledge, wisdom), reo (language), and tikanga (custom, protocol). They also encourage a culture for success and express Waikato-Tainui’s commitment to develop and grow its tribal assets.

Te Whakakitenga o Waikato (‘Te Whakakitenga’) is the tribal parliament and authority of Waikato iwi and was set up to receive the 1995 Raupatu Lands settlement for grievances under the Treaty of Waitangi/Te Tiriti o Waitangi.

The Waikato Raupatu Lands Trust (‘the Lands Trust’), was established to receive cultural, commercial, and other redress assets under the 1995 settlement which amounted to $170 million.

The beneficiaries of the Lands Trust are members of Waikato iwi and the purpose of the trust is to promote the educational, spiritual, economic, social, and cultural advancement of Waikato iwi and its various hapuu in perpetuity.

The Waikato Raupatu River Trust (‘the River Trust’) was established after pursuit of additional grievance claims with respect to the Waikato River, which resulted in a Deed of Settlement signed in 2008. The River Trust was established to pursue a range of general and specific purposes in connection with the Waikato River to benefit members of Waikato iwi and the Lands Trust in perpetuity.

Under the 2008 Deed of Settlement, the River Trust received defined parcels of land administered by Waikato Regional Council for soil conservation and river control purposes, 15 sites of cultural significance, and the sum of $50 million as a fund (the ‘River Initiatives Fund’). The River Initiatives Fund supports initiatives to restore and protect the relationship of Waikato iwi with the Waikato River (including its economic, social, cultural, and spiritual relationships) and the protection and enhancement of significant sites, fisheries, flora, and fauna in the lower reaches of the river.

Again, under the 2008 Deed of Settlement, the River Trust established the Co-Management Fund. This fund assists Waikato-Tainui in engaging in co-management arrangements relating to the river. The Co-Management Fund consists of an annuity of $1 million for 30 years.

The Waikato Endowed Colleges Trust (‘WECT’) was established to develop, establish, and maintain the Endowed Colleges and the realisation of the vision of Sir Robert Mahuta in relation to the Endowed Colleges. The relationship with WECT is through the River Trust Deed whereby a sum of $20 million was given to WECT to establish the Sir Robert Mahuta Endowment Fund (the ‘Endowment Fund’). The purpose of the Endowment Fund is to support the College in perpetuity as an educational centre within a national and international community of scholars.

The combined assets of the Group total approximately $1.9 billion. Wholly-owned subsidiary Tainui Group Holdings was appointed as the Chief Investment Officer of the Waikato iwi assets in January 2021 and currently manages a net asset base of $1.57 billion. The investment portfolio is diverse and includes property, private equity, equities, fixed income, natural resources, cash, and settlement receivables.

Te Arataura

Te Arataura is the executive body of Te Whakakitenga, comprising 11 members - 10 of whom are elected by Te Whakakitenga, and one of whom is appointed by the head of the Kaahui Ariki, Kiingi Tuheitia Pootatau te Wherowhero VII. Te Arataura is responsible for setting the strategic direction to achieve Whakatupuranga 2050.

The current members of Te Arataura are:

• Tukoroirangi Morgan (Chair)
• Ngira Simmonds (Deputy Chair)
• Vanessa Clark
• Jackie Colliar
• Maxine Graham
• Huirama Matatahi
• Tori Ngataki
• Hinerangi Raumati
• Linda Te Aho
• Donald Turner
• Rangitamoana Wilson

Group Investment Committee

Te Whakakitenga is committed to best practice iwi investment governance.  In 2018, and following an independent investment governance review, Te Arataura established the Waikato-Tainui Group Investment Committee (“GIC”).

GIC supports Te Whakakitenga in its capacity as trustee of the Trusts in fulfilling its fiduciary responsibilities with respect to the investment activities of the Trusts, including overseeing all aspects of investment-related operations.

The responsibilities of the GIC include but are not limited to:

• Advising on key investment documents such as:
  • Puna Whakatupu Taangata (our investment framework).
  • Statements of Investment Policy and Objectives for each of the Trusts.
  • Investment Management Agreements and/or commercial arrangements between the Trusts and other parties relating to the investment of iwi assets.
• Advising on investment risk.
• Advising on land-holding investment strategy.
• Evaluating the performance of Tainui Group Holdings as Chief Investment Officer.
• Monitoring and evaluating investment performance and costs.
• Requesting further analysis or engaging independent consultants as required.
• Working with Te Arataura to develop a bespoke Waikato-Tainui capability-building programme, capturing the skills and expertise required to be a member of the Committee.

Appointment of Group Investment Committee Members

Members of the GIC, including the Chair, are appointed by Te Arataura on the recommendation of the GIC Nominating Committee.

The GIC consists of at least five and up to seven members. The majority of the Committee’s votes, including the Chair’s casting vote, must be held by Independent Members. At least one member must be a member of Te Arataura.

Elected Members of Te Whakakitenga are eligible for consideration and selection as members of the Committee.

The current members are:

Mark Butcher (Chair)	Independent Member
Taari Nicholas	Independent Member
Craig Barrett	Member (Elected Member of Te Whakakitenga)
Vanessa Clark	Te Arataura Member
Maxine Graham	Observer (professional development opportunity)
Donald Turner	Observer (professional development opportunity)

Knowledge, Skills and Experience

To be effective the GIC requires diversity of thought, skills, knowledge, and experience relevant to oversight of investment and administration of the Trusts’ assets.

At least three members must have substantial experience, expertise and professional credibility in the field of management of financial investments relevant to the current holdings and long-term objectives of the Waikato iwi.

Particular Skill Requirements for this Appointment Process

For this appointment process, the Nominating Committee is particularly interested in candidates who possess the following skills.

• Deep technical expertise and professional credibility in the governance and management of financial investments relevant to the current holdings and long- term objectives of the Waikato iwi.
• Understanding of Statements of Investment Policy and Objectives (SIPOs).
• Understanding of Chief Investment Officer environments.
• Knowledge and experience with impact investments (desirable).
• Relevant compliance and risk management experience.
• Values, knowledge, and interpersonal skills such as Te Reo Maaori and tikanga literacy, which are conducive to being effective in a multi-stakeholder, post-settlement iwi and Maaori environment.

The Nominating Committee is particularly interested in meeting candidates for this role with the capability and aspiration to potentially step into the Chair role within two years.

Time Commitment

Over the next 12 months GIC members can expect twelve (12) three-hour meetings, a commitment of around 50 hours (including preparation time). In addition, there will be a small number of stakeholder meetings and some work resulting from those.

From 2024 and into 2025 the GIC’s work is anticipated to normalise around a cadence of quarterly meetings, with a six-weekly update in between. There could be two or three kanohi ki te kanohi (face to face) hui with the stakeholders every year.

Most meetings are held in person in Kirikiriroa|Hamilton with the remainder held via video conference.

GIC Independent Member Fees

The remuneration for this position is $25,500 per annum. Travel costs will be separately reimbursed.

Indicative Dates

Candidates are asked to note the following indicative dates.

Candidate search	April 2023
Interview shortlist confirmed	16 May 2023
Interviews with Nominating Committee	2 June 2023
Preferred candidate reference checks	Early June 2023
Recommendation to Te Arataura	Late June 2023

Please apply using the process set out in the advertisement – kia ora.