New Plymouth PIF Guardians Ltd
NPDC created the Perpetual Investment Fund (PIF) and Taranaki Investment Management Limited (TIML) in 2004 with the $259.4 million proceeds from the sale of its shareholding in Powerco.
TIML was a Council –Controlled Organisation, and changed its name to New Plymouth PIF Guardians Limited (NPG) in 2017 when NPDC resolved to change the organisational structure for the management of the Perpetual Investment Fund (PIF) and move to a full outsourced model. The board of NPG appointed Mercer New Zealand (Mercer) to manage the PIF.
In the 2018/2019 financial year, overall rates were subsidized by $8.6 million from the PIF fund, through dividend payments.
As of 30 June 2019, the fund sat at $293.3 million, a 5.8% rise for the financial year.
The Tasmanian Land Company Ltd investments form part of NPDC’s Perpetual Investment Fund and is subject to the policies and objectives for that fund.
NPDC is a 100 per cent shareholder in Tasmanian Land Company Limited (TLC). TLC owned 100 per cent of Tasman Farms Limited (TFL) and its subsidiary The Van Diemen’s Land Company (VDL). In March 2016 the Company entered a sales and purchase agreement for the Tasmanian dairy business with Moonlake Investments Pty Ltd.
Forestry Joint Ventures
NPDC has two joint venture forestry developments that have varying levels of NPDC ownership (55 to 57 per cent) and are therefore deemed to be Council-Controlled Organisations (CCOs).
In the agreements, the landowner provides land and property related inputs and NPDC provide management and tending programmes for the crop. Both parties share the returns from the forest harvest on an agreed ratio of respective inputs.
The joint ventures are:
- McKay Family joint venture (56.5 per cent) 83.5ha.
- Duthie joint venture (54.82 per cent) 22.7ha.
- Tarata Ngatimaru Pukehou joint venture (60 per cent) 6.8ha ceased 31 October 2018.
Papa Rererangi I Puketapu (Airport Operations)
New Plymouth Airport was a 50:50 joint venture between the Crown and NPDC, until NPDC became the sole owner in 2017.
The same year, NPDC established a company, Papa Rererangi i Puketapu Ltd. (PRIP), to manage the airport as a commercial enterprise under a governance team of four independent directors. NPDC is the sole shareholder.
NPDC holds the aerodrome operator’s certificate, which includes the provision, maintenance and operation of the land and facilities, including the runways and the terminal buildings, but excludes the control tower and navigational aids, which are provided, maintained and operated by the Airways Corporation of New Zealand
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