Provincial Growth Fund Limited (PGFL)

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

The Government established PGFL, a Schedule 4A company, under the Public Finance Act 1989. PGFL has been established to act as an asset holding company to hold loan and equity investments made through the Provincial Growth Fund (PGF).

The board of directors appointed to provide oversight and expertise over the investments held with PGFL are:

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

PGFL objectives

PGFL's key objectives are to:

  • act solely as the nominated legal entity for taking assignment of PGF debt and equity 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; 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 will be 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. 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 capital of the company.

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

Background documentation

Published: Dec 17, 2019