Media Release

07/08/07

Delegated Authorities to streamline application process

Increasing the delegated authority levels of the CEO of the West Coast Development Trust will enhance efficiency in the application process.

The CEO retains delegated authority for approving business related applications up to $100, 000 but his authority has been extended to allow approval of applications over $100,000 and up to $1 million on the recommendation of the Advisory Body.

Previously applications between $100k and $1 million were reviewed by the CEO, sent to the Advisory Body for recommendation and then required full Trust approval.

“Currently the process can take up to two months dependent on when the application is received and when the Trust receives the recommendations from the Advisory Body,” said chairman Frank Dooley. “By cutting out one of these steps and extending the CEO’s authority, we plan to speed up the process and deliver outcomes between two weeks and a month.”

The Board of Trustees will now be responsible only for applications over $1million. “This will streamline the Trust meetings and focus Trustees on the large scale activities, governance and strategic matters,” said Mr Dooley.

The trust is constantly looking for ways to make the operations of the trust more efficient and the changes to the delegated authority is another step towards a better client interface.

Delegated Authorities:

Chief Executive Officer – may approve applications up to $100k independently.

Chief Executive officer – may approve applications up to $1million on recommendation of the Advisory Body.

All applications over $1million will go to a full Trust meeting on the recommendation of the Advisory Body.

ENDS

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