Waimea Water_AR_V14_LR

WAIMEA WATER LIMITED | ANNUAL REPORT 2019
ANNUAL REPORT
Annual Report
Other Information
FOR YEAR ENDED 30 JUNE 2019
The Board of Directors is responsible for the other information. The other information comprises the information
included on pages 4 to 27, 29-34, 39-40, and 55, but does not include the financial statements and the performance
information, and our auditor’s report thereon.
Our opinion on the financial statements and the performance information 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 financial statements and the performance information, our responsibility is to read
the other information. In doing so, we consider whether the other information is materially inconsistent with the
financial statements and the performance information or our knowledge obtained in the audit, or otherwise appears to
be materially misstated. If, based on our work, 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.
Independence
We are independent of the company in accordance with the independence requirements of the AuditorGeneral’s
Auditing Standards, which incorporate the independence requirements of Professional and Ethical Standard 1(Revised):
Code of Ethics for Assurance Practitioners issued by the NewZealand Auditing and Assurance Standards Board.
Other than the audit, we have no relationship with, or interests in, the company.
The Directors have pleasure in presenting to the shareholders the Annual Report and audited financial statements of
WWL for the year ended 30 June 2019.
Nature of Business
Manage construction, operation and maintenance of the Waimea Community Dam.
Our Commitment
WWL is committed to building and operating a safe, reliable and efficient dam for the benefit of the region.
Board attendance
Director Position Tenure Meetings Attended Of a possible Directors Fees Director Services*
K Jordan Chair Dec ‘18 - Jun ‘19 12 12 $37k $83k
B Simpson Deputy Chair Dec ‘18 - Jun ‘19 12 12 $18k -
D Hattersley Director Dec ‘18 - Jun ‘19 11 12 $18k $64k
J Raine Director Dec ‘18 - Jun ‘19 10 12 $18k -
K Smales Director Dec ‘18 - Jun ‘19 11 12 $18k $177k
A Spittal Director Feb ‘19 - Jun ‘19 5 6 $13k -
D Wright Director Mar ‘19 - Jun ‘19 3 5 $12k -
$134k $324k
John Mackey
Audit NewZealand
On behalf of the AuditorGeneral
Christchurch, NewZealand
Employee remuneration
No employees or former employees received remuneration and other benefits of $100,000 or more for the seven
months ended 30 June 2019
* Prior to other key management personnel being recruited Directors performed interim executive level services in a normal supplier relationship on
terms and condition no more or less favourable than those that it is reasonable to expect the entity would have adopted in dealing with the party at arm’s
length in the same circumstances.
Amount paid to the Auditor
Audit New Zealand will be paid approximately $47,000 to complete an audit of WWL’s account. No audit expenses were
paid in the financial year ended 30 June 2019.
Donations
The value of donations for the period 30 June 2019 was $0.
For and on Behalf of the Board
Karen Jordan
Chair
Bruno Simpson
Deputy Chair
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