Provincial Growth Fund Limited (PGFL)

Provincial Growth Fund Limited is an asset holding company for investments made through the Provincial Growth Fund (PGF).

The Government established PGFL, a Schedule 4A company, under the Public Finance Act 1989. The Minister of Finance and Minister for Regional Economic Development, on behalf of the Crown, each hold 50% of the issued ordinary shares in the company ("Shareholding Ministers").

The board of directors appointed to provide oversight of the investments held within PGFL are: 

  • Rodger Finlay, as Chair of the Board,
  • Neville Harris QSO, and 
  • Graeme Mitchell.

PGFL objectives

PGFL's key objectives are to:

  • act as the nominated legal entity for taking novation of PGF 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 PGF investments to Shareholding Ministers, as agents of the Crown, unless otherwise agreed between PGFL, MBIE and shareholding ministers.

PGFL will have no operational role in the day-to-day management and administration of PGF investments. These functions have been outsourced to the Provincial Development Unit through a management agreement. Decision making responsibilities on PGF investments will remain unchanged.

PGFL was incorporated with the Companies Office on 3 September 2019.

Cabinet minutes and papers establishing PGFL — Ministry of Business, Innovation and Employment

Background documentation

Do you have a complaint or problem?

We aim to provide you with the highest quality service and support. If you do have a complaint or encounter a problem, please let us know as soon as possible. Our complaints process outlined below aims to address your concerns.

Please note that all Provincial Growth Fund Limited (PGFL) investments are managed on a day-to-day basis by the Provincial Development Unit (PDU). Any complaint will be handled by the PDU on behalf of the PGFL in the first instance.

For more information, see our Complaints Procedure or complete our feedback form.

Published: Jul 9, 2020