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2004 Annual Report

ACHIEVEMENTS

SERVICES TO THE TAKEOVERS PANEL

Responsibilities

• provide support services to the Takeovers Panel

Achievements this year

• staff provided executive, administrative and support services to the Panel

12% of expenditure

The Takeovers Code has been in force for its third full year. Four Commission staff worked full-time, and three others worked part-time, to provide support to the Panel during the year. Kerry Morrell is Senior Executive Officer of the Panel. Pressure on staff has been very heavy, at times for significant periods, with complex and controversial takeovers and other Code transactions. These included the takeover offers of Toll Holdings Limited for Tranz Rail Holdings Limited, Rubicon Limited for Tenon Limited, Rural Portfolio Investments Limited for Wrightson Limited, and SEA Holdings NZ Limited for Trans Tasman Properties Limited. The high workload of the Commission meant that it was not always able to completely satisfy the resources sought by the Panel during the year. Services to the Panel are provided under a Memorandum of Understanding. The Commission maintains a good working relationship with the Panel.

OTHER GOVERNMENT AGENCIES

The Commission values its relationships with other government agencies including the Ministry of Economic Development, the Registrar of Companies, the Reserve Bank of New Zealand, the Serious Fraud Office, the Commerce Commission, and the State Services Commission.

ADMINISTRATION AND STAFFING

2003 - 2004 was a time of growth. Eight additional staff were appointed to help with the workload from increased work in enforcement and public understanding and new responsibilities given to the Commission following enactment of the Securities Markets and Institutions Bill in December 2002. We equipped staff to handle the increased workloads by increasing appropriate training opportunities available to them. Most staff attended professional development courses during the year. Continued increase in staff numbers over the last two years led to the Commission moving to larger premises at Unisys House, 56 The Terrace, in Wellington. This move was managed with no impacts on business continuity.

The Commission is grateful to staff for the work they have done this year and particularly for their efforts in dealing with inquiries, handling urgent issues, and effectively managing the changing and growing workloads and infrastructure.

At 30 June 2004 there were 31 full-time and two part-time staff.