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2009 Annual Report

EFFECTIVENESS AND CAPABILITY

Capability and risk

The Commission has a risk management framework that identifies key areas of capability and associated risks. We have developed the following responses to main risks.

Recruiting and retaining staff

As at 30 June the Commission had 51 staff positions (49 in 2007/08) and 40.8 fulltime equivalent employees (42 in 2007/08). The risk of being unable to recruit suitably qualified staff was countered by graduate and overseas recruitment, and by effectively targeting New Zealand recruitment campaigns.

We minimise the risks of losing staff by committing the organisation to being a good employer. We participated in the small-employer category (up to 50 staff) of the Unlimited/JRA Best Places to Work in New Zealand Survey in 2008. The Commission continues its values-based culture, maintains high professional standards and responds to staff feedback.

Physical event/disaster

The Commission's offices are code-compliant under section 95 of the Building Act 2004. Our earthquake and disaster plan includes emergency food, water and first aid supplies, staff trained in first aid, and document and IT recovery systems. Key staff have access to our computer network, allowing them to work from home.

Reputation and integrity

Since we promote high ethical standards in securities markets, it is essential people have confidence in our organisation. The Commission's integrity, work quality and maintenance of confidentially are managed though our Values and Code of Ethics.

Confidentiality of information

New Members and staff sign a confidentiality agreement when they join the Commission, and induction reinforces this. IT system and file security is robust and effective, and the Commission's office is physically secure.

Accessible knowledge

The Commission's document management and records systems make institutional knowledge available. Our virtual teamwork structure encourages effective knowledge sharing.

Future capability

The Ministry of Economic Development is proposing reforms that would significantly expand Commission responsibilities. We continue to advise the Ministry on the proposed reforms' future resource and funding implications.

Organisational health and capability building

The Commission continues to work with the following agencies on organisational capability and health initiatives:

the State Services Commissioner - Development Goals for the State Services
the Equal Employment Opportunities Unit (EEO Unit) of the Human Rights Commission - Good Employer Guidance under the National Equal Opportunities Network.

The Commission's good employer programme reflects our commitment to EEO, according to which staff are recruited and rewarded on the basis of merit and affordability. "This organisation is an equal opportunities employer" was ranked second out of 60 statements in the Unlimited/JRA Best Places to Work Survey 2008.

Financial objectives

We achieved our main financial objective for 2008/09 by carrying out our strategic plan on time and within budget and resources. The Commission delivers the outputs listed in the Statement of Service Performance and detailed in our Output Agreement with the Minister of Commerce, within the funding appropriated by Parliament for the purpose.

We applied our policies for expenditure, financial delegations and acquisitions. The Commission follows the Auditor-General's detailed planning and management procedures for significant acquisitions, including planning and managing litigation costs.

Working with others

The Commission has a wide range of stakeholders and our stakeholder policy is published on our website.

We worked, according to our statutory functions and powers, with the Minister of Commerce and the Ministry of Economic Development on policy, regulatory matters, law reform and appropriations. We reported to the Minister under the Crown Entities Act.

As required by the Securities Markets Act 1988, we performed our co-regulatory role with the NZX, covering markets operated by the exchange.

The Commission is grateful for the good working relationship we have with the Parliamentary Counsel Office. We also worked with other government agencies, including the Commerce Commission, New Zealand Police, Registrar of Companies, Reserve Bank of New Zealand, Retirement Commission, Serious Fraud Office, State Services Commission and Takeovers Panel, as appropriate and according to our statutory functions and powers. We worked with overseas securities regulators and agencies, in line with the IOSCO MMOU, bilateral MOUs and applicable law, as well as with a range of industry organisations and professional bodies.

Takeovers Panel

The Commission provides the Takeovers Panel with administrative and support services, in accordance with the Securities Act and under the terms of an MOU. Our financial statements record income from the Panel along with the costs of providing it with these services. The Panel is expected to relocate to separate premises in September 2009.

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