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 was appointed to provide oversight of investments held by Crown Regional Holdings Limited and complies with guidelines stipulated by the Public Sector Commission. The inaugural Board was appointed in September 2019 and has subsequently been expanded to a Board of six.
Board of directors
From left to right: Rosie Mercer, Rt. Hon. Dame Patsy, John Rae - Chair, Elizabeth Hopkins, Neville Harris, Anne-Marie Broughton
Chair – John Rae (B.Com, LLB)
John is a professional Director and advisor to a number of companies around New Zealand.
He is a Chartered Member of the Institute of Directors and has/had Director or Chairman roles for a number of New Zealand companies involved in the infrastructure, investment, agriculture, horticulture, energy, iwi, waste and economic development sectors.
He was involved in banking in New Zealand and London in various treasury and capital market roles for 10 years before returning to New Zealand in 1991 and undertaking a number of private equity, venture capital and orporate finance transactions in New Zealand and Australia.
For 9 years until early 2010, John was Managing Director of Stevenson Group, one of New Zealand’s largest private companies with more than 600 employees. He was responsible for a major transformation of this almost 100 year old company into a successful, diversified investment group with significant interests in construction materials, quarrying, mining, agriculture, engineering and property.
John’s current roles include Chair of Thos. Corson Holdings Limited, Director of Bremworth Limited, a Panel Member on the Waste Minimisation Fund and Chair of Gisborne Holdings Limited – the Tairawhiti region’s investment CCTO.
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, a trustee of the Christchurch Stadium Trust, and a member of the Racing Integrity Board. Mr Harris was previously a member of the Independent Advisory Panel of the Provincial Growth Fund.
Director – Rt. Hon. Dame Patsy Reddy (GNZM CVO QSO DStJ)
Former Governor-General Dame Patsy Reddy has served on numerous public and private sector boards across the arts, government and business sectors. She has also had significant experience working in investments, mergers and acquisitions. Her current governance roles include being the Chair for New Zealand Rugby and the NZ Symphony Orchestra Foundation; and Trustee of the Aspen Institute New Zealand. Dame Patsy was a founding trustee and advisory board member for NZ Global Women and is a Distinguished Fellow of the NZ Institute of Directors.
Director - Rosie Mercer
Rosie Mercer is a civil engineer and Chartered Member of Engineering New Zealand. She is the Chief Executive Officer at Marsden Maritime Holdings Ltd, and before that was Ports of Auckland’s General Manager of Sustainability. Her career started at engineering services group Beca, delivering airfield and highway projects in New Zealand and overseas. She also served in the New Zealand Defence Force. Rosie was previously Deputy Chair of the Provincial Growth Fund’s Independent Advisory Panel.
Director - Anne-Marie Broughton (Ngā Rauru Kiitahi, Ngā Ruahine, Ngāti Ruanui, Te Atihaunui A Papārangi, Ngāti Rangi, Ngā Puhi)
Anne-Marie is a consultant specialising in Māori Economic Development and a Professional Director. Her directorships include Parininihi Ki Waitōtara Incorporation - a Taranaki Māori agri-business, and Whanganui and Partners Economic Development Agency. Anne-Marie is on the Ministry for Primary Industries Sustainable Food and Fibre Futures Investment Advisory Panel and is a Trustee of Agri-Women's Development Trust. She is active in her rural community and serves as Chair and Trustee of Whenuakura Marae and is on the Whanganui West Catchment Group Committee. Anne-Marie was a member of the Ministerial Advisory Group under former Minister of Māori Economic Development - Te Ururoa Flavell.
Director - Elizabeth Hopkins
Elizabeth Hopkins is the Director of Research and Innovation at the University of Canterbury, and is also a Director of Precision Chroma Ltd. She has a background in science and technology commercialisation and runs a publicly listed biotechnology enterprise. Elizabeth trained as a research biologist at Oxford University where she investigated the role of genetic inheritance in breast cancer. She was a founding Director of NZBio, and has held several other governance roles including being Chair of the Trans-Tasman Intellectual Property Attorney's Board, and a member of MBIE's Science Board.
CRHL objectives
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.
Background documentation
CRHL Statement of Intent 2021–2025 — New Zealand Parliament
CRHL Statement of Performance Expectations 2021–2022 — New Zealand Parliament
Cabinet minutes and papers for CRHL — Ministry of Business, Innovation and Employment
Cabinet minutes and papers establishing PGFL — Ministry of Business, Innovation and Employment
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Crown Regional Holdings Limited - Annual Report
CRHL annual report for the year ended 30 June 2023.
Pdf, 6.4 MB
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Statement of Performance Expectations 2023 -
Presented to the House of Representatives pursuant to section 149L of the Crown Entities Act 2004.
Pdf, 1.7 MB
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Crown Regional Holdings Limited - Annual Report
CRHL annual report for the year ended 30 June 2022.
Pdf, 2.2 MB
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Statement of Performance Expectations 2022 –
Presented to the House of Representatives pursuant to section 149L of the Crown Entities Act 2004.
Pdf, 156 KB
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Crown Regional Holdings Limited - Annual Report
CRHL annual report for the year ended 30 June 2021.
Pdf, 11 MB
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Provincial Growth Fund Limited Letter of Expectations -
Briefing providing a draft Letter of Expectations for the PGFL.
Pdf, 249 KB
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PGFL Subscription Agreement Shareholding Ministers'
Briefing for Shareholding Ministers’ approval of the proposed Subscription Agreement for PGFL.
Pdf, 390 KB
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PGFL Statement of Intent
Presented to the House of Representatives pursuant to section 149 of the Crown Entities Act 2004 on 11 December 2019.
Pdf, 186 KB
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PGFL Statement of Performance Expectations
Presented to the House of Representatives pursuant to section 149L of the Crown Entities Act 2004 on 11 December 2019.
Pdf, 188 KB
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Advice on managing equity shares taken and loans advanced under the PGF -
Briefing on the best options to hold equity, manage loans under the PGF, set up special purpose vehicles (SPVs) for particular projects, and leverage co-investment from the private sector.
Pdf, 3.9 MB
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Equity Ownership Options through the Provincial Growth Fund - Joint
Joint report by MBIE and Treasury on managing equity shares taken through the PGF.
Pdf, 394 KB
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Further information on establishing PGF Ltd - Aide
Aide memoire with additional information on the establishment of PGF Ltd.
Pdf, 446 KB
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Draft Cabinet paper for authorising the Orders in Council for PGFL -
Briefing seeking the Cabinet authorisation of Orders in Council to add PGFL to Schedule 4A of the Public Finance Act 1989.
Pdf, 1.2 MB
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Provincial Growth Fund Limited Appointment Process for the Board -
Briefing seeking agreement to the appointment process for the board of the PGFL.
Pdf, 487 KB
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Provincial Growth Fund Limited - Documentation for Board Appointments -
Briefing to finalise the appointment process for the Board of the PGFL.
Pdf, 483 KB
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Further matters requiring Ministerial approval to establish PGFL -
Briefing on final operational matters required to establish PGFL.
Pdf, 1.6 MB
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Establishment of Provincial Growth Fund Ltd - Joint
Joint report by the Provincial Development Unit and Treasury proposing the establishment of the Provincial Growth Fund Ltd.
Pdf, 905 KB
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).