Public Trust - Annual Report 2011 - Crown Ownership Monitoring Unit

21The Board of Public Trust, which comprises not fewer thanfive nor more than nine members, is appointed by the Ministerof Justice, (the responsible Minister). The Board currentlyhas eight members.Role of the BoardTrevor Janes (Chair)Robin Hill (Deputy Chair)Sarah RobertsCandis Craven (to 31 October 2010)Rodger FinlayFiona OliverHinerangi RaumatiSue McCormackDinu Harry (from 20 April 2011)The Board and its members are responsible in terms of thePublic Trust Act 2001 and the Crown Entities Act 2004 to theresponsible Minister for supervising or directing the managementof the affairs of Public Trust. The Board appoints the ChiefExecutive, delegates to the Chief Executive appropriate authorityfor the day-to-day management of Public Trust and monitorsmanagement’s performance on a regular basis. The ChiefExecutive is responsible to the Board for the efficient and effectivemanagement of the affairs of Public Trust.Separation of the governance role of the Board from themanagement role of the Chief Executive is reinforced by theexpress bar in the Public Trust Act 2001 on the Chief Executivebeing a member of the Board. In addition to providing leadershipto and effective management of the Board, the Board Chair acts asthe primary interface between the Board and the Chief Executiveand management.Formal reporting by the Board to the Minister is ona quarterly basis.The Board is committed to the highest standards ofbehaviour and accountability and has adopted thefollowing policies and procedures.Board CommitteesThere are currently four standing committees of the Board:the Risk Assurance and Audit Committee, the InvestmentCommittee, the Governance and Remuneration Committee andthe Due Diligence Committee. The Chair is an ex officio memberof all the Board committees.Membership of the Committees is set out below. Committeemembers named were members of the applicable Committeefor all or part of the year.Risk Assurance and Audit Committee (RAAC)Robin Hill (Chair)Hinerangi RaumatiSarah RobertsDinu Harry (from 27 May 2011)Trevor Janes (ex officio)RAAC meets a minimum of four times a year. The ChiefExecutive and Chief Financial Officer and other membersof management attend by invitation, as do the externaland internal auditors.RAAC assists the Board in fulfilling its risk management and auditresponsibilities by overseeing and providing advice to the Boardon Public Trust’s:• risk management assurance• internal control mechanisms• internal and external audit functions• policies and processes adopted to ensure compliancewith applicable legislation, regulations and code of practice• financial statements relating to Public Trust and thePublic Trust Managed Funds.Board policy is that non-audit services for Public Trust maynot be undertaken for, or sought from, the organisation’sexternal auditors without prior RAAC approval.B9