The Cook Islands Investment Corporation (CIIC) has completed a targeted State-Owned Enterprise (SOE) governance study tour in New Zealand as part of its work to strengthen Crown Enterprise oversight, board performance, commercial discipline and long-term public value.
The study tour brought a Cook Islands delegation together with key New Zealand institutions and publicly owned entities, including Auckland Council, Ports of Auckland, Watercare Services Limited, New Zealand Treasury and the New Zealand Institute of Directors.
The programme examined how New Zealand applies ownership, governance and performance-monitoring frameworks across major public entities and infrastructure businesses, and how relevant lessons could be adapted to the Cook Islands environment.
CIIC Chief Executive Allan Jensen said the opportunity to see how different governance models operated in practice had been particularly valuable.
“The value of this programme has been in understanding not only the formal governance structures, but how ownership actually works in practice – how expectations are set, how boards are held accountable, how performance is monitored and how government can intervene appropriately when an entity is not delivering,” Jensen said.
“The Cook Islands operates at a very different scale to New Zealand, so our focus is not on copying another system. It is about identifying the elements that can strengthen our own governance framework while remaining practical, proportionate and appropriate for our environment.”
A key focus of the study tour was the relationship between government as owner and boards as independent governors. Discussions explored the practical use of governance levers including board appointments, shareholder expectations, performance monitoring, strategic direction, capital discipline and clear accountability between Ministers, monitoring agencies and entity boards.
At Auckland Council, the delegation examined the Council-Controlled Organisation model and the use of shareholder levers to improve performance, including the Ports of Auckland experience and the role stronger governance, clearer commercial expectations and a reset of the shareholder relationship can play in improving organisational performance.
The Ports of Auckland visit also provided an opportunity to consider the governance of nationally significant infrastructure and the balance between commercial returns, strategic asset ownership, infrastructure investment and wider public value.
At Watercare, discussions focused on its public ownership model, increased financial independence and long-term approach to infrastructure stewardship, including asset management, financial sustainability, technology, customer and stakeholder relationships and leadership capability.
The New Zealand Treasury programme examined the Crown’s approach to ownership, governance and performance monitoring, including owner expectations, board appointments, financial performance and the distinction between an active shareholder and the operational management of an entity.
Engagement with the New Zealand Institute of Directors also reinforced the importance of continuing to invest in director capability and governance development across the CIIC Group.
The study tour supports CIIC’s work to modernise its Corporate Governance Framework and strengthen oversight and reporting across the Crown Enterprise portfolio.
CIIC currently provides oversight and support across 20 Crown entities and manages a substantial portfolio of Crown assets, with an increasing focus on governance capability, performance reporting, risk management and long-term value creation.
Jensen said CIIC would now consolidate the lessons from the study tour and identify priority improvements that could be incorporated into its Corporate Governance Framework, Crown Enterprise monitoring arrangements, board development processes and performance-reporting systems.
“This has given us an opportunity to test our thinking, learn from organisations dealing with many of the same governance and ownership issues at a much larger scale, and consider what can realistically be applied here in the Cook Islands,” he said.
“We want our Crown entities to be well governed, accountable and sustainable, and ultimately to deliver the best possible value and services for the Cook Islands public.”
CIIC acknowledged PacificTA, managed by Taituarā, and the New Zealand Ministry of Foreign Affairs and Trade (MFAT) for their support and funding which enabled the study tour to take place.
Jensen also thanked Murray Staite and Gabby Mackintosh, who coordinated the New Zealand programme and helped facilitate the delegation’s engagements with the participating organisations.
“We are extremely grateful for the support that made this programme possible, and particularly to Murray for coordinating such a valuable programme and ensuring we were able to engage directly with organisations and people with considerable experience in public-sector governance,” Jensen said.
“The willingness of everyone we met to openly share their experiences – including what has worked, what has been challenging and what they have learned along the way – was greatly appreciated.”
The study tour forms part of CIIC’s wider programme to strengthen governance capacity, promote knowledge exchange with regional partners and adopt good practice that supports sustainable value creation and public accountability across the Cook Islands Crown Enterprise portfolio.
