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
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Provincial Growth Fund Limited - Annual
PGFL annual report for the year ended 30 June 2020.
Pdf, 2.1 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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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
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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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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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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
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: 30 October, 2020 · Updated: 12 October, 2021