New Zealand Growth Capital Partners Limited Board - Chairperson

About New Zealand Growth Capital Partners Limited

New Zealand Growth Capital Partners Limited (NZGCP) was established in 2002 under the Companies Act 1993, to build a vibrant early-stage investment market in New Zealand.

The objective of NZGCP is to stimulate a well-functioning capital market for early-stage technology companies. NZGCP are responsible for two investment vehicles; the Aspire NZ Seed Fund (Aspire Fund) and the Elevate NZ Venture Fund (Elevate Fund), which are designed to stimulate private investment into this space through co-investment and fund of funds models. For more information about the NZGCP Board, see the NZGCP website.

Our people(external link) — NZGCP

NZGCP as a Crown entity company

The NZGCP is a Crown entity company and subject to relevant provisions of the Crown Entities Act 2004, the Companies Act, and the NZGCP Constitution, which provide a framework for the company’s governance and accountability, including responsibilities of board directors, disclosure of interests, and the roles of Ministers.

The Minister of Finance and the Minister for Economic Growth are the shareholding Ministers. Under the Crown Entities Act, Ministers have powers about all entities on matters of strategic direction, targets, funding, performance, reporting and reviews.

Person specification

The Chair must possess a high level of credibility, and the presence required to act as the external face and champion of NZGCP. In addition to this, the Chair should provide a number of the following specialist skills, experience and attributes:

• A genuine interest in developing New Zealand’s early-stage investment market and helping early-stage companies grow.
• Extensive governance experience, including as a chairperson.
• Proven leadership, strategy and stakeholder management skills.
• Strong market connections and networks within the start-up, angel and seed funding community.
• Professional investment governance experience, including private equity and venture capital skills, both domestically and internationally.
• Risk and regulatory management experience.
• An understanding of public accountability.

Applicants must have the legal right to work in New Zealand.

Director responsibilities

Role of the Chairperson

The Public Service Commission’s guidance sets out that a Crown entity Chairperson should:

• Provide effective leadership and direction to the board and entity, consistent with the purpose of the entity and Ministers’ expectations.
• Ensure effective accountability and governance of the entity, consistent with the requirements of relevant legislation, including the Crown Entities Act.
• Develop and maintain sound relationships with Ministers and their advisors including:
  • leading any formal entity discussions with Ministers, particularly on budget and planning cycles, including the Statement of Intent and Letter of Expectations
  • signing off on formal governance documents (Statement of Intent, Annual Report, others), generally in conjunction with the Deputy Chairperson (if appointed)
  • acting as spokesperson for the board to ensure that Ministers and other key stakeholders are aware of the board's views and activities, and that Ministers' views are communicated to the board
  • ensuring that the Ministers are kept informed under the 'no surprises' obligations.
• Act as the leader of the entity, including presenting the entity's objectives and strategies to the public. Represent the entity to government and stakeholders, including attending any select committee appearance by the entity.
• Chair board meetings, including:
  • setting the annual board agenda and ensuring there is sufficient time to cover issues, ensuring the board receives the information it needs and that contributions are made by all board members and assisting discussions towards the emergence of a consensus view and summing up so that everyone understands what has been agreed.
• Ensure appropriate policies and structures are in place to support the board, including processes in accordance with Schedule 5 of the Crown Entities Act.
• Take the lead, often in conjunction with the monitoring department, in providing comprehensive tailored induction for new board members.
• Ensure that the development needs of individual board members are identified and addressed and, where necessary, dealing with underperformance by board members.
• Ensure that an annual performance evaluation is conducted of the board as a whole, as well as of the chairperson and members individually.
• Participate in the recruitment process for new board members. This is likely to include maintaining a view on the desired composition of the board, considering succession planning for members and Chairperson and supporting Ministers and monitoring departments in appointing and reappointing board members.
• Provide guidance and support to the Chief Executive to ensure the entity is managed effectively. This includes establishing and maintaining an effective working relationship with the Chief Executive while also taking an independent view to challenge and test management thinking.
• Oversee the employment of the Chief Executive, including considering succession planning, and organising induction for a new Chief Executive.
• Represent the board in formal assessments of the Chief Executive's performance and in the required discussions with the Public Service Commission with respect to Chief Executive terms and conditions at time of appointment and performance reviews.
• Ensure that appropriate interest registers are in place, in accordance with the Crown Entities Act, and that members' conflicts of interest (including those of the Chairperson) are dealt with appropriately.

Note: where the Chairperson is unavailable, absent or conflicted, the Deputy Chairperson (if appointed) will fulfil the role. A Chairperson may also delegate various roles at times, for example to another board member.

Collective and individual duties of directors

The collective duties of directors are to ensure that Scion acts consistently with its objectives, its Statement of Corporate Intent and Statement of Performance Expectations, and that Scion’s functions are performed efficiently, effectively and in a manner consistent with the spirit of service to the public, and in a financially responsible manner. Directors are responsible for:

• setting and monitoring the strategic direction of Scion
• fostering a diverse and inclusive environment, and setting the culture and tone of Scion
• taking decisions that it has reserved for itself under the delegations policy
• appointing the Chief Executive.

The duties of individual directors are described in the Companies Act and the Crown Entities Act. In addition, candidates should have backgrounds that demonstrate strong personal integrity and ethics that will enable them to meet their obligations as a director.

Directors are expected to adhere to the Public Service Commission code of conduct.

Further information on the relationships between Crown entities, Ministers, and departments can be found on the Te Kawa Mataaho Public Service Commission website.

It Takes Three: Operating Expectations Framework for Statutory Crown Entities(external link) — Te Kawa Mataaho Public Service Commission

Membership of the Board

Directors (including the Chair) are appointed for terms of up to three years and may be reappointed on the expiry of their term. Directors of the Board may resign by written notice to the shareholding Ministers. Directors may be removed from office at any time, and for any reason, by written notice from the shareholding Ministers to the company.

Time commitment and remuneration

Fees for the Board are set by the Treasury Crown Company Fees Methodology. The Chair is paid a fee of $76,140 per annum.

The NZGCP Board meets bimonthly in Auckland at their offices. In addition, the chairperson is expected to spend an estimated two to four days preparing for each meeting and on other board matters. NZGCP directors are expected to attend and participate regularly in meetings consistent with general fiduciary standards and the governance requirements under the Crown Entities Act. Under the NZGCP Constitution, the quorum necessary for the transaction of business at a meeting is a majority of the directors. No business may be transacted at a meeting unless a quorum is present.

Disclosure of interest

Before a person is appointed as a director of a Crown entity, the person must complete a disclosure form informing the shareholding Ministers the nature and extent (including monetary value, if quantifiable) of all interests that the person has at that time, or is likely to have, in matters relating to the Crown entity company.

Additional information

For further enquiries about the position, email: boardappointments@mbie.govt.nz