New Zealand Growth Capital Partners Limited - Director

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 Minister is seeking candidates who can provide 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.
• A depth and breadth of governance experience.
• Ability to assess the strategic financial performance of an organisation at the governance level, including evaluating spending and investment opportunities and decisions.
• Knowledge of capital programmes, asset management and assessing value for money.
• Business, commercial and financial acumen, ideally as Chartered Accountant or prior CFO experience.
• Audit and risk experience, preferably in audit and risk committee Chair roles.

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

Director responsibilities

Role of Directors

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

• comply with the Crown Entities Act, Companies Act, the NZGCP constitution and other relevant legislation
• act with honesty, integrity, in good faith and not at the expense of the entity’s interests
• act with reasonable care, diligence and skill (as a ‘reasonable person’ would in the same circumstances)
• avoid disclosing information obtained in their capacity as a member, unless in specified circumstances
• provide effective leadership to the entity, consistent with the purpose of the entity and Ministers’ expectations
• provide guidance and support to the Chief Executive to ensure the entity is managed effectively. This includes establishing an effective working relationship with the Chief Executive while also taking an independent view to challenge and test management thinking
• manage risk and ensure compliance of the entity
• attend board meetings and ensure appropriate policies and structures are in place to support the entity
• provide guidance and support to other board members to ensure they contribute effectively to the governance of the entity.

Collective and individual duties

The collective duties of directors are to ensure that PFR acts consistently with its objectives, its Statement of Corporate Intent and Statement of Performance Expectations, and that PFR 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 the entity
• fostering a diverse and inclusive environment, and setting the culture and tone of the entity
• 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, directors should 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. Directors are paid a fee of $38,070 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 interests

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