36
The Board of Directors have pleasure in presenting
the Annual Report including the Audited Financial
Statements of TGH (the Company) and its subsidiaries
(the Group) for the year ended 31 March 2013.
Principal business activity
TGH’s principal business activity is to manage the
commercial interests of the Shareholder,
which includes
assets returned by the Crown through theWaikato
Raupatu Claims Settlement Act 1995.
There have been no significant changes in the nature of
these activities during the year.
Results
The results for the year are reported in the statements
of comprehensive income on
. The Group has
recorded a net profit of $45 million (2012
:
$39 million).
The Group’s total equity as at 31 March 2013 was $477
million (2012
:
$374million). Further information on
the movements in equity is provided in notes 9 and 10
on
.
The Directors are satisfied with the results for the year.
Directors
The following persons were appointed, resigned or held
office as Directors of the Company as at 31 March 2013
:
Director
Appointed
Resigned
Sir H W van der Heyden
(Chairman)
1 July 2012
-
M N Allen
1 June 2009
-
M Cockram
25 March 2011
-
R S Papa
3 November 2010
30 April 2012
P Rawiri
30 April 2012
-
H W Rau
30 April 2012
-
R T M Schaafhausen
1 June 2009
30 April 2012
J L Spencer
30 January 2003
30 June 2012
Hon. K T Wetere
9 April 2002
30 June 2012
Board advisor
J Perry
1 April 2012
-
The Director’s profiles are reported on
The Company has twelve (2012
:
twelve) subsidiaries
as listed in note 3 of the financial statements on
. MPohio and T Potaka are the Directors of nine of
the subsidiaries. MPohio and NYork are Directors
of two subsidiaries and one subsidiary is a limited
partnership. MPohio, T Potaka and NYork do not
receive any remuneration or other benefits as Directors
of subsidiaries within the Group.
Directors remuneration
The remuneration received by Directors during the
year is as follows
:
Consolidated & Parent
2013 2012
$’000 $’000
Sir H W van der Heyden (Chairman)
60
-
M N Allen
55
40
M Cockram
40
40
R S Papa
(resigned 30 April 2012)
3
40
H W Rau
(appointed 30 April 2012)
37
-
P Rawiri
(appointed 30 April 2012)
37
-
R T M Schaafhausen
(resigned 30 April 2012)
3
40
J L Spencer
(resigned 30 June 2012)
20
80
Hon. K T Wetere
(resigned 30 June 2012)
10
40
J Perry – Board advisor
(appointed 1 April 2012)
40
-
305 280
Use of company information by Directors
There were no notices fromDirectors of the
Company requesting to use company information
received in their capacity as Directors which would
not otherwise be available to them.
Auditors
PricewaterhouseCoopers has indicated their
willingness to continue in office. Audit fees paid to
PricewaterhouseCoopers are outlined in note 5 of the
financial statements on
.
Shareholder resolution
The Shareholder of the Company has exercised its
right under section 211(3) of the Companies Act 1993
and unanimously agreed that this Annual Report
need not comply with paragraphs (e), (g) and (h) of
section 211(1) of the Act.
Signed for and on behalf of the Directors of the
Company on the 18th of June 2013.
Directors‘
Report
Mike Allen
Director
Sir Henry van der Heyden
Chairman
TAINUI GROUP HOLDINGS limited (TGH)
