John Spencer appointed director of Raukawa Iwi Development

John Spencer appointed director of Raukawa Iwi Development Ltd.

Wellington company director John Spencer has been appointed to the board of Raukawa Iwi Development LTD (RIDL), the commercial arm of South Waikato based iwi Raukawa.

John Spencer is Chairman of Kiwirail Limited and WEL Networks Ltd. He is Chairman of Tainui Group Holdings ltd, a role he steps down from in June. He is a director of Tower Limited, Dairy NZ Ltd and Dispute Resolution Services Ltd. He is also the Audit Committee Chairman of Tower and Dairy NZ.

RIDL chairwoman Vanessa Eparaima said Raukawa is honoured to have a businessman with Mr Spencer’s impressive commercial experience to assist in growing the wealth and protecting the assets of the iwi.

“John has shared his experience and advice to RIDL as we have moved through the formation stage to the incorporation of our company. We are honoured he accepted our invitation to join the board”

RIDL was incorporated in June 2010 and started operating on 30 September 2010. The company manages an asset base of almost $50 million which will increase significantly with the conclusion of the Raukawa comprehensive Treaty of Waitangi claims settlement. Raukawa will sign its comprehensive treaty claims Deed of Settlement this Saturday June 2nd.

The company is empowered with growing the collective wealth and managing the commercial assets of Raukawa. The company generates profits, of which a share is distributed to the iwi for social and cultural initiatives.

Ms Eparaima said the priority for the company was to implement the very best in management and governance structures and practises to ensure the company was meeting the high expectations of iwi members. A key part of this was ensuring an experienced and informed commercial board to drive the direction of the company.

“John has very strong experience not only in the national commercial governance and management sphere, but also, and very importantly, in understanding and managing the complexities of iwi commercial governance.

“Tainui Group Holdings Ltd experienced a phenomenal turn-around in performance under John’s leadership. He is passionate about assisting the success of iwi and Maori, and is someone who brings a range of skills and access that Raukawa may not have immediately been able to tap-into in our initial stage of development.”

Ms Eparaima, who will stand down as RIDL chairperson later this year, following her election as chair the Raukawa Settlement Trust, the parent of RIDL, said the appointment of Mr Spencer was another step for Raukawa in ensuring the tribe returned as a major economic force within its tribal boundaries, and in New Zealand.

“We are an iwi that understands we have exciting and dynamic future. We will work with and alongside those who share in our vision to ensure Raukawa returns as a major economic force, and achieves the very best commercial results for our more than 20,000 tribal members.”

Mr Spencer said he was excited by the opportunity to continue to work with iwi in commercial development and governance.

“Raukawa is an iwi with incredible potential. I am privileged to come on-board to assist the iwi to meet this potential at the beginning of its commercial development. Iwi business is a key priority to improve the economic growth and success of our national economy. I am grateful to able to assist in helping to drive the commercial success of Raukawa.”

RIDL currently has a board of four commercial directors, Ms Eparaima, Chris McKenzie, John Edmonds, and Andrew Paul. Mr Spencer joins the board on August 1.

John Spencer

John Spencer has gained significant financial and commercial expertise over many years from senior management positions with a number of major companies in New Zealand and overseas.

Mr Spencer was the Chief Executive of New Zealand Dairy Group prior to the formation of Fonterra; a Fellow of the Institute of Chartered Accountants and for nine years a member of the Accounting Standards Review Board.

He is currently the Chairman of Tainui Group Holdings Limited (TGHL), Kiwi rail Limited, WEL Networks Ltd and is a director of Dispute Resolutions Services Ltd. He has a dual role as not only as a director of Tower Limited and Dairy NZ Ltd but is also the Chairman of Audit and Compliance Committee for these two groups.

Mr Spencer has almost 10 years’ experience chairing one of the country’s most successful iwi commercial businesses, TGHL. When he first took over as chairman of TGH in 2003 the company had been struggling for several years after making a series of poor business decisions.

The year before Mr Spencer took over as chairman Tainui Group Holdings had recorded a modest return of $448,000 on an asset base of $166 million, which was an improvement on a $2.8 million loss in 2001 and $42 million debt write-off in 2000.

The company has since grown its asset base to more than $650 million and last year it posted a $23.1 million profit.

It has become one of the largest landowners in Hamilton and is the developer of The Base shopping mall. Last year TGHL opened the new Novotel Auckland Airport hotel in Auckland.

About Raukawa Iwi Development Ltd

Raukawa Iwi Development LTD (RIDL), the commercial arm of South Waikato based iwi Raukawa.

RIDL was incorporated in June 2010 and started operating on 30 September 2010. The company manages an asset base of almost $50 million which will increase significantly with the conclusion of the Raukawa comprehensive Treaty of Waitangi claims settlement. Raukawa will sign its comprehensive treaty claims Deed of Settlement on Saturday June 2nd.

The company is empowered with growing the collective wealth and managing the commercial assets of Raukawa. The company generates profits, of which a share is distributed to the iwi for social and cultural initiatives.
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