Governance

Board of Directors

Board Responsibilities

The Board’s core responsibility is approving and monitoring adherence to the investment objectives, risk management, strategies, policies and philosophies of Punakaiki Fund, and to ensure Punakaiki Fund meets its statutory obligations. These are reviewed on a regular basis, with policies being added and extended as Punakaiki Fund grows.

Part of these core responsibilities include monitoring LWCM’s and Punakaiki Fund’s performance. This involves monitoring and valuing Punakaiki Fund’s investment portfolio, and ensuring that expenditure by Punakaiki Fund is made on a prudent and appropriate basis.

The Board is responsible for communications with Shareholders and other stakeholders. This includes approving the quarterly and annual reports, and conducting the annual meeting of Shareholders.

The Board also has the responsibility to consider any recommendations made by LWCM that are outside of the normal scope of transactions. These include proposed investments with related parties, investments that would result in more than 20% of Punakaiki Fund’s value placed into one company, investments outside of New Zealand, potential conflicts of interest, and all divestments.


Photo of Mike Bennetts

Mike Bennetts
Chair

Mike is the CEO of Z Energy, one of New Zealand’s largest retail and wholesale fuel businesses and is a director of New Zealand Refining Company Limited. He previously worked for 25 years with BP in a variety of downstream roles in New Zealand, China, South Africa, the UK and Singapore. Mike has a BBS and Postgraduate Diploma in Corporate Management; and is a member of the Institute of Directors in New Zealand.

Mike Bennetts has a less than 5% shareholding and is an independent director.

Photo of John Berry

John Berry
Director

John is the co-founder and Executive Director of Pathfinder Asset Management, which has over $100 million in funds under management. John has over 24 years market experience, with previous roles at law firms and investment banks, including as Head of Execution at Deutsche Bank Structured Capital Markets Europe.

John has a BCom/LLB (Hons) and is on the board of the Men’s Health Trust NZ.

John Berry has a less than 5% shareholding and is an independent director.

mandy-simpson-photo

Mandy Simpson
Director

Mandy is a director and consultant with more than 20 years experience in financial services and technology. She has previously held senior executive roles with security company Cyber Toa, NZX Limited, technology services provider Frond and the State Services Commission.

Mandy Simpson has a less than 5% shareholding and is an independent director.

Photo of Bryan Hutchins

Bryan Hutchins
Director

Bryan Hutchins is a director and shareholder of Real Journeys.  He is also a trustee of The Leslie Hutchins Conservation Foundation.

Bryan Hutchins is a non-executive director, as he indirectly holds more than 5% of the Shares in Punakaiki Fund.

 

Photo of Lance Wiggs

Lance Wiggs
Director of Punakaiki Fund, Director of LWCM

Lance is the co-founder of Punakaiki Fund and a principal with LWCM, and a director of Boardingware, Melon Health, RedSeed, EverEdgeIP, Influx, Weirdly, Onceit, Mindfull, Coherent Solutions, Conqa and NZ Artesian Water – all Punakaiki Fund investments.

Lance worked with over 100 companies with NZTE’s Investment group (formerly called Better by Capital). He is currently Chair of the ICT Return on Science Committee and a member of the Physical Sciences Return on Science Committee.

He previously co-founded or personally invested in over 15 companies, and brings experience from McKinsey & Co., Trade Me and many early-stage companies. He has a Yale MBA and a B Tech in Product Development.

Lance is Punakaiki Fund’s second largest shareholder, holding 63,500 ordinary shares or 4.53% of Punakaiki Fund’s issued ordinary shares. Lance is not considered to be independent.

 


Governance Documents

Annual and Financial reports:
2017 Annual Report
September 2016 interim financial statements for FY2017.
2016 Annual Report along with FY2016 financial accounts (Full IFRS)
2015 Annual Report Punakaiki Fund was formed in April 2013 but was not active before the end of the financial year end March 31 2014.

Public Offer Documents

November 2017 Product Disclosure Statement
March 2017 Product Disclosure Statement
November 2016 Product Disclosure Statement

Our current public offer will open on 8 December 2017.

The Punakaiki Fund Limited Public Offer Disclose Register holds documents that were disclosed as part of the Product Disclosure Statements.

Founding Documents

The Constitution is the overarching document which sets out the rights, powers, duties and obligations conferred on Punakaiki Fund, its Board of Directors and its shareholders. The fundamental relationship between Punakaiki Fund and LWCM, as Manager, is determined by the Management Agreement.

Governance Documents

Punakaiki Fund Limited is committed to the highest standards of corporate governance, and uses the Punakaiki Fund Board Charter to guide the Board’s behaviour. The Delegated Authority Policy has more on the powers granted to the Board and the Manager.

Investment Policy Documents

Punakaiki Fund’s approach to investments is summarised in the Statement of Investment Policies and Objectives. The Investment Guidance document has more perspective on how we go about investing. The Investment Valuation Policy shows the approach used to value our assets.

 



Companies Office Records of Our Investments

Punakaiki Fund’s holdings are easily seen on the Companies Office website. We recommend using coys.co.nz to navigate, starting with this list of our shareholdings. There is usually a short period between any changes in shareholder registers, officially held at each company’s premises, and uploading of that information to the Companies Office website.

Punakaiki Fund Limited

Vibe Communications Limited**
Raygun Limited
InfluxHQ Limited*
Timely Limited
Melon Health Limited*
Weirdly Limited*
Boardingware Limited*
RedSeed Limited*
Onceit Limited*
TD Limited
EverEdgeIP Global Limited*
Vend Limited
Mobi2Go Limited
Mindfull Limited*
Linewize Services LimitedLinewize Limited
Hayload Limited**
Populate Limited
New Zealand Artesian Water Limited*
QA Tech Limited (Conqa) *
Coherent Solutions 

*Lance Wiggs Directorship
** Chris Humphreys Directorship