Crown Regional Holdings Limited (CRHL) is a Schedule 4A asset holding company for loan, equity and asset investments managed by Kānoa – Regional Economic Development & Investment Unit (Kānoa – RDU).
The government established CRHL, a Schedule 4A company, under the Public Finance Act 1989. The Minister of Finance and Minister for Economic and Regional Development, on behalf of the Crown, each hold 50% of the issued ordinary shares in the company ('Shareholding Ministers').
Governance in the Public Sector is about achieving desired results and achieving them in the right way. The Board of Directors appointed to provide oversight of investments held by Crown Regional Holdings Limited complies with guidelines stipulated by the Public Sector Commission. The current Board of Directors was appointed in August 2019 for a three year term.
Board of directors
Chair – Rodger Finlay
Rodger Finlay is the Chair of the Crown Regional Holdings Limited Board, appointed on 3 September 2019. He is a Fellow of Chartered Accountants Australia & New Zealand and a Chartered Fellow of the Institute of Directors. For the past 11 years, Mr Finlay has been solely engaged in governance. Mr Finlay has recently been appointed to the new Reserve Bank of New Zealand (RBNZ) Governance Board from 1 July 2022 and will also sit on the interim transition board for RBNZ as it prepares the new governance arrangements under the new RBNZ Act 2021. He is currently Chair of PGG Wrightson Limited and New Zealand Post Limited; Deputy Chair of Rural Equities Limited; and is a director of various entities including Ngāi Tahu Holdings Corporation Limited and Moeraki Limited. Mr Finlay was previously Chair of the Independent Advisory Panel of the Provincial Growth Fund.
Director – Neville Harris QSO
Neville Harris QSO was appointed to the CRHL Board on 3 September 2019. He worked for most of his career in the Public Sector in New Zealand with prominent roles in the management and supervision of the regulatory framework for corporations, securities, insolvency, intellectual property rights and Crown mineral estate. He was a Deputy Secretary at the Ministry of Economic Development until 2013. He is an independent director of Kiwifruit New Zealand and a trustee of the Christchurch Stadium Trust. Mr Harris was previously a member of the Independent Advisory Panel of the Provincial Growth Fund.
Director – Graeme Mitchell
Graeme Mitchell was appointed to the CRHL Board on 3 September 2019. He is a former Audit and Assurance Partner at Deloitte and the former Chair of the External Reporting Board. He is currently Chair of the Human Rights Commission Audit and Risk Committee; a director of Retirement Income Group Limited (trading as Lifetime Retirement Income); and a member of the Kāinga Ora Audit and Risk Committee, as well as various other audit and risk committees. Mr Mitchell is also the Honorary Consul General for Norway.
CRHL's key objectives are to:
- act as the nominated legal entity for taking novation of Kānoa – RDU investments,
- act at all times in accordance with its constitution and its management agreement with the Ministry of Business, Innovation and Employment (MBIE) in relation to any matter relating to those investments,
- supervise and monitor the performance of MBIE's obligations under the management agreement, and
- subject to compliance with the Companies Act 1993, distribute the receipts or proceeds of any Kānoa – RDU investments to Shareholding Ministers, as agents of the Crown, unless otherwise agreed between CRHL, MBIE and shareholding ministers.
CRHL does not have a decision-making mandate to originate the investments that it holds. Once investments are novated (transferred), CRHL does not have an operational role in the day-to-day management and administration of CRHL investments.
These functions are outsourced to Kānoa – Regional Economic Development & Investment Unit, part of the Ministry for Business Innovation and Employment (MBIE) through a management agreement which authorises it to act on the Company’s behalf.
CRHL was first incorporated with the Companies Office on 3 September 2019 as Provincial Growth Fund Limited. On 24 June 2021, the company became Crown Regional Holdings Limited upon receiving Cabinet approval.
Provincial Growth Fund Limited - Annual
Provincial Growth Fund Limited Letter of Expectations -
PGFL Subscription Agreement Shareholding Ministers'
PGFL Statement of Intent
PGFL Statement of Performance Expectations
Advice on managing equity shares taken and loans advanced under the PGF -
Equity Ownership Options through the Provincial Growth Fund - Joint
Further information on establishing PGF Ltd - Aide
Draft Cabinet paper for authorising the Orders in Council for PGFL -
Establishment of Provincial Growth Fund Ltd - Joint
Further matters requiring Ministerial approval to establish PGFL -
Provincial Growth Fund Limited - Documentation for Board Appointments -
Provincial Growth Fund Limited Appointment Process for the Board -
Do you have a complaint or problem?
We aim to provide you with the highest quality service and support. But if you do have a complaint or encounter a problem, please let us know as soon as possible.
CRHL investments are managed on a day to day basis by the Kānoa – RDU. Any complaint will also be handled by Kānoa – RDU on behalf of CRHL in the first instance.
Step 1 – Let's sort it out
It may be that you have some feedback, or are seeking information or an explanation. In this case, discuss the issue with the person you’ve been dealing with, or the Investment Director involved, at Kānoa – RDU.
Step 2 – Review
If your issue is not resolved through Step 1, or you would like to make a complaint:
Alternatively, if you would rather speak to someone, you can contact us by calling the main MBIE helpline:
04 472 0030
If you are contacting us on behalf of someone else, you need to attach evidence that you have the authority to act on their behalf. We will also contact them to confirm we have this permission.
We will acknowledge your complaint within five business days. We will then investigate your complaint and let you know when you should expect a full response. In any event, your complaint should be responded to within 28 days.
Still not satisfied?
Crown Regional Holdings Limited is a Participant of the Insurance & Financial Services Ombudsman Scheme Inc., so if you’re still not satisfied after going through the above process, you can take your complaint to the Insurance & Financial Services Ombudsman Scheme Inc. (IFSO Scheme).