Chatham Island Enterprise Trust Strategic Plan 2009

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Chatham Islands Enterprise Trust Strategic Plan 2009

  Chatham Islands Enterprise  Trust 

Strategic Plan  August 2009

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Chatham Islands Enterprise Trust Strategic Plan 2009

Contents Page

Introduction

3

Trust vision

4

Trust values

5

Current organisation structure

6

Stakeholders

7

Strategic position

8

Objectives of the Trust Deed

9

Strategic Plan Summary

11

Strengths, Weaknesses, Opportunities, Threats

12

Trust strategic activity

13

A. Organisational

13

B. Economic development

17

Trading Company Business Plans

19

Chatham Island Airport Ltd

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Chatham Island Electricity Ltd

20

Chatham Island Ports Limited

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Chatham Island Forestry Limited

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Chatham Island Quota Limited

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Chatham Island Management

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Chatham Islands Enterprise Trust Strategic Plan 2009

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Introduction 

This strategic plan presents the five year strategic intent of the Chatham Islands Enterprise Trust (“the Trust”) and its group of trading companies. The structure of this document is a strategic vision and program summary followed by a brief strategic program for each trading company. Detailed company strategic plans and business plans are in the process of being developed A standard strategic plan would consider an in depth analysis of the history of the Trust, a Political, Economic, Social and Technology analysis (“PEST”). This strategic plan does not attempt to undertake a current positional analysis but refers readers to various expert reports that have analysed the Island situation and also the position of the Trust on the Island: • Taylor Baines Chatham Islands Economic Review dated October 2002 • Taylor Baines Chatham Islands Economic Review (update) dated November 2008 The guiding document that governs the Trust is the Trust Deed. The Deed is the founding constitution and single reference point for the organisation and the trading companies that defines the organisation and why it exists.

The Deed describes the core areas of business interest, the way the Trust will support the island community and industry sectors. The document also sets out the governance processes to be followed. The strategic plan is structured to have little commentary but list intended strategic actions to be adopted by the Trustees. The planning process to date has involved the following steps: 1. Attendance by Trustees, Directors and Staff at corporate governance training 2. Initial drafting of planning document 3. Strategic planning workshop (weekend in March 2009) 4. Companies develop strategic plans based on overall framework and develop 2010 business plans Next steps to finalise this strategic plan include: 1. Publication of document for Chatham Island resident comment 2. Community workshop to receive feedback regarding strategic proposals 3. Community feedback and company strategic plans considered by Trustees and the 2009 / 2010 plan finalised 4. Business plan finalised for 2009 / 2010 (to be reviewed quarterly at Trust meetings) and actual performance assessed against business plan

Chatham Islands Enterprise Trust Strategic Plan 2009

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Trust Vision 

To provide the Chatham’s community with key infrastructure facilities and services, promote economic and social development, in a cost effective and sustainable manner in accordance with the Trust Deed.

Chatham Islands Enterprise Trust Strategic Plan 2009

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Trust Values 

Values are the set of guiding principles or set of belief characteristics that the organisation will use when interacting with customers, our stakeholders and within the organisation. Values tend to be at the heart of an organisations culture that reflects how things are done and the way business is conducted. The guiding values that underpin the way the Trust undertakes business, treats customers and stakeholders are captured as follows: • • • • • • • •

Transparency (Where practical be transparent regarding Trust decisions subject to commercial confidentiality) Honesty (Undertake all affairs in an honest and open manner) Respect (Respect views of all stakeholders promoting an inclusive environment that values the capabilities and contributions of all) Integrity (Undertake all interactions with stakeholders with integrity) Loyalty ( Unswerving allegiance to the trust values and philosophy and the Chatham Island community) Leadership (A commitment to the success of the Trust for the benefit of the Chatham Islands). Extra Mile (to undertake the extra effort and dedication to ensure the success of the Trust and the Island) Responsibility (Take responsibility for community issues within the scope of the Trust Deed. We recognise that decisions the Trust make are investments in a sustainable future)

As part of its accountability and performance assessment, it is the intention of the Trust to measure Trustee, director and staff performance in light of these values.

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Chatham Islands Enterprise Trust Strategic Plan 2009

Current Organisation Structure 

The organisation and company structure features the Enterprise Trust acting as the overall governance body with six independent trading companies operating the facilities. The organisation’s structure is complex due to the Trust and trading company arrangement and hinges around a small team of people undertaking a range of responsibilities and specialist tasks. Complexity arises due to the need to have separate identity for each trading operation to manage risk given that each asset has different operating parameters. The Trust intends to retain but monitor the effectiveness of the current operating structure. Chatham Islands Enterprise Trust 5 Trustees

C I Airport Ltd 3 Directors

C I Ports Ltd 3 Directors

Infrastructure

CI Electricity Ltd 3 Directors

CI Management Ltd 5 Directors

C I Quota Ltd 3 Directors

C I Forest Ltd 2 Directors

Commercial Trading

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Chatham Islands Enterprise Trust Strategic Plan 2009

Stakeholders 

Stakeholders that form the Enterprise Trust landscape in the course of undertaking business are varied. The stakeholders are both island and New Zealand based and the analysis below shows the wide range of stakeholders that have a relationship with the organisation. These relationships range from customer through to regulator and demand that the Trust as an organisation has a wide scope of skills across the entire team from the governance through to managing the various entities.

Specific Central Project IWI

The Community

Government

Expertise Users of Trust Facilities

C I Enterprise Trust

Industry & Service Groups NZ Based

Central

Local Business

Local Government

Government

Business Agencies

Service Providers

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Chatham Islands Enterprise Trust Strategic Plan 2009

Strategic Position 

The Trust Deed sets out the objectives and roles of the Trust in the community. This strategic plan is structured to address each of the objectives of the Trust. The Trust has insufficient financial resources to deal with its current infrastructure obligations. Strategically the Trust will utilise available financial resources to rebuild and develop its infrastructure assets for the benefit of current and future inhabitants of the island. Strategically the Trust wishes to establish strong long term relationships with Central Government in order to secure funding and to solve current infrastructure issues. The Trust will, as a key strategy, retain all quota it holds (granted and purchased over time) and exhaust all other avenues of funding and available financial resources for use against infrastructure assets. To sell quota will undermine any economic or social future for the Chatham Islands.

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Chatham Islands Enterprise Trust Strategic Plan 2009

Objectives of the Trust Deed 

a

b

c

d

e

To promote fishing and the fishing industry in the Chatham Islands in the interests of the community of the present and future inhabitants of the Chatham Islands.

f

To promote farming and the farming industry in the Chatham Islands in the interests of the community of the present and future inhabitants of the Chatham Islands.

g

To hold, manage and administer investments forming part of the Trust Fund for the benefit of the community of the present and future inhabitants of the Chatham Islands.

To promote the economic development and well-being of the Chatham Islands in the interests of the community of the present and future inhabitants of the Chatham Islands. To promote the provision of services in the interests of the community of the present and future inhabitants of the Chatham Islands. To promote the development of industry in the Chatham Islands for and in the interests of the community of the present and future inhabitants of the Chatham Islands. To encourage and oversee the provision of transport services and facilities to and from the Chatham Islands in the interests of the community of the present and future inhabitants of the Chatham Islands.

h Such other charitable purposes for the benefit of the community of the present and future inhabitants of the Chatham Islands as the Trustees consider desirable in the furtherance of the general objects of the Trust.

Comment [s1]: Where and if do we include feedback from workshop regarding inclusion of Tourism as a core objective of the deed. Would mean a change in Trust Deed – expensive so perhaps add on the following page ?

Chatham Islands Enterprise Trust Strategic Plan 2009

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Of particular note in the Trust objectives is the consistent use of the term for the “benefit of the present and future inhabitants of the Chatham Islands”. This means decisions made must consider not only current residents but also the future residents such that there is no transfer of wealth for the benefit of current residents at the expense of future islanders. Items a – h of the Trust Deed are inextricably linked. For the purposes of the strategic plan three categories of assets / Trust objects are identified in order to provide structure for planning purposes. 1

Economic development

2

Charitable Purposes

3

Infrastructure assets

The challenge for the governors of the Trust is to balance the commercial reality of maintaining high cost infrastructure facilities, against the social demands that the Deed and the community require from the organisation for economic development.

Chatham Islands Enterprise Trust Strategic Plan 2009

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Strategic Plan Summary The following summarises the strategic direction of the Trust: Given the declining financial resources held by the Trust and the increasing demands placed on resources by infrastructure assets the Trust wishes to move its strategic focus from one of long term financial resource protection to addressing current infrastructure issues. The slow decline of the Trust over time does not meet the Trust Deed adequately in protecting the future inhabitants of the Island. By planning ahead and dealing with issues proactively the Trust strives to meet its obligations under the Deed. The core strategies for the next five years are: 1

Orientate Trust strategic focus towards securing funding sources in a structured manner from central Government and agencies for infrastructure development, and other economic and social development initiatives. This will be in conjunction with other Island organisations.

2

Whilst infrastructure assets are controlled by the Trust, the Trust will prioritise the future proofing of infrastructure services for the next 5 years over other economic and social development initiatives. As identified by Taylor Baines (2008) the solving of current infrastructure issues on the Chatham Islands will be a significant step towards improving economic and social development. - Long term sustainable and stable electricity prices through natural renewable resources to reduce reliance on diesel generation and promote island industry - Effective and efficient port and airport services that future proof transport access to the island

3

Facilitate effective and cost efficient shipping or own a shipping service on behalf of the island.

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Chatham Islands Enterprise Trust Strategic Plan 2009

Strengths, Weaknesses, Opportunities, Threats 

The following is a summary of the analysis by Trustees of the state of the organisation as at April 2009. Strengths

Weaknesses

Loyal staff Self sufficiency – survival No external debt Open to change

Deteriorating financial position Poor maintenance of assets due lack of funds Variable external relationships No asset maintenance plans for infrastructure Funding sources too narrow a spread – need other funding sources Lack of on island human resource with technical capability to deliver objectives No framework to balance equitably social demands versus long term economic future of CIET Geographical isolation

Opportunities

Threats

Enhance governance processes of Trust Identifying new opportunities for revenue & funding sources Partnering with other local key entities Evolving Trustee team Improved decision making & implementation of decisions Environmental awareness Better utilisation of funds

Rapid decline of funding base Infrastructure assets collapse due to lack of funds Departure of staff Slow to move - reactive to business / infrastructure needs Reliance on key personnel Health & safety compliance

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Chatham Islands Enterprise Trust Strategic Plan 2009

Trust Strategic Activity 

2

Implementation of Return on Investment Criteria for all operations within Trust

Actions

It is recognised that some infrastructure assets may be operated on breakeven basis (after depreciation and interest) whilst other trading operations are able to generate a financial return on assets (market value or cost). •

The following are strategic actions to be investigated by the Trust. It is structured with brief comments followed by a list of action points. A. Organisational 1 Consider existence of Trust and appropriateness of Trust structure for the Chatham Islands going forward Actions

•

Work with Government to establish an economic base to fulfil the Trust’s long term social and economic objectives

•

Appoint representatives for the Trust and Chatham Island Council to consider appropriateness of combining all or part there-of of infrastructure and commercial operations -

•

Commission report

Decide best method to progress recommendations

Implement return on investment criteria for the three areas of Trust activities - Implement Return on Investment Criteria framework against existing commercial investments and agree timetable for achieving this return with Directors

The Trust will endeavour to operate companies to achieve a commercial return while balancing the social realities of the island community. The Trustees recognise that in some instances the rate of return on companies maybe lower of that expected in New Zealand. The Trustees consider that the difference represents the “social balance” for the island reflecting the tougher economic environment experienced on the Chatham Islands and any true commercial rate of return can not be obtained without undermining economic viability of current Island businesses. It is anticipated that on average the return across all investments and companies will be sufficient to exceed annual inflation on the average.

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Chatham Islands Enterprise Trust Strategic Plan 2009

3

Review Operational Management of Companies to reduce compliance time and cost.

c

It currently costs the Trust in excess of $600,000 per annum (including special projects and consultancy) to run the Trust and all its activities. Wages and salaries comprise $300,000 per annum.

d

It becomes obvious that the annual cash surpluses from commercial operations are not covering the cost of running the Trust. There is no return to provide for future replacement of assets or to promote economic or social development without eroding Trust capital. Quota is deemed to be a strategic asset and not able to be sold. Therefore the only assets able to be realised for cash to be utilised for infrastructure or economic development initiatives is approximately $7,200,000. To do this will mean the Trust will run out of funds to run day to day operations.

Actions

•

Assess existing structure but have common directors and meetings for infrastructure companies - Combine selected company meetings - 1 Trustee as a director for each company (who is in addition to one other local director) to facilitate better communication between companies and Trustees

4

Priority of projects, resourcing and funding

a

b

The Trust has limited resources within which to deliver the proposed strategic objectives – both financial and human resource

Actions

Current realisable assets at market value are:

•

Asset Description

Quota Forestry Investments – Bonds and cash NZ Equities

Estimated Market Value Today

Average Annual Cash Surplus (loss) *

$16,500,000 $2,300,000

$500,000 $(100,000)

3.0% (4.3%)

$3,000,000 $1,900,000

$100,000 -

3.33% 0%

23,700,000

500,000

* Before management fees # Estimated forestry value if held to maturity in 2024

Cash Return %

The Trust needs to orientate its activities as follows Establish a structured plan framework for pursuing Government funding for economic and infrastructure development -

Develop a funding strategy and research process

-

Investigate funding sources

-

Match funding sources to economic development strategy

-

Establish relationships with Government funding providers to secure long term funding for the Trust and the Island

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Chatham Islands Enterprise Trust Strategic Plan 2009

-

-

-

-

Adopt greater responsibility for regional economic development

•

Shippings service on behalf of the island. 5 Physical relocation of Trust Office versus current site Actions

•

Housing –invest in on Island housing to promote economic development and achieve on island commercial 6-7% Return. Provide assistance for developing island economic business case for increasing residential accommodation provided on island.

The Trust is already focusing on housing by having land available for sale, are members of the Chatham Islands Housing Trust and participating in the “Warm Homes Project”. -

- Facilitate effective and cost efficient shipping or own a

Develop relationships with advisors and central Government to assist in funding applications, reporting and accountability frameworks

Focus on on-island partnerships to deliver outcomes for the island

The Trust will prioritise infrastructure improvements over other economic and social development initiatives. Solving of current infrastructure issues on the Chatham Islands will be a significant step towards improving economic and social development. The core focus will be: - Long term sustainable and stable electricity prices through natural renewable resources to reduce reliance on diesel generation and promote island industry - Effective and efficient port and airport services that future proof transport access to the island

Trust office will remain in current site and the office maintained on as needed basis. -

Assess options for office site at a time when Chatham Island Council is evaluating its office circumstances.

6 Governance Actions

•

Attendance at governance training to understand roles and responsibilities of Directors / Trustees versus management. Implement annual governance training initiatives.

Comment [s2]: A suggestion came from Owen Picklesto Simon that the economic return for housingon island could be between 6.0 % and 7.0%. It needs to be looked at whether such return levels can be achieved

•

Implementation of quarterly reporting against strategic and business plan (beyond financial).

Do trustees wish to include a focus on housing in this strategic plan ?

•

Continue to review strategic planning and explore opportunities for regional economic development initiatives.

•

Have one Trustee as a director on each company to improve communication and reduce duplication of effort by Trustees and directors.

7 Human Resources Actions

•

Assess skill competency level and match to current and future requirements – identify skill gap for training or decision to outsource tasks

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Chatham Islands Enterprise Trust Strategic Plan 2009

If appropriate develop a structured training plan for staff to assist in ability to -

Gather information to acquire central Government funding

-

Report on economic development initiatives

•

8 Environmental and Sustainability Focus Actions

•

Include environmental considerations as part of strategic focus of all operations of the Trust - All decisions consider environmental implications as part of decision making process - Strategic target is for all operations of the Trust to be 100% self sustaining and favour environmental focussed industry development - Reduce reliance on diesel for electricity generation such that in 10 years time the majority of electricity generation is from natural renewable energy.

9 Transparency of operations Actions

•

Prepare policy on levels of disclosure in Chatham Islander

Monthly emails of Trust updates and activities to all stakeholders (suppliers, Government officials, Chatham Islanders).

-

Continue publication in Chatham Islander

•

Hold bi-annual workshops with community to provide and receive feedback on strategic progress

•

Prepare website to make Trust information freely available

•

Work towards reporting in annual report progress against strategic targets

Other initiatives as agreed to by the Trust

Develop a succession plan for the General Manager

-

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Chatham Islands Enterprise Trust Strategic Plan 2009

B. Economic development

-The Trust strategy is to facilitate opportunities to secure Government funding. The Trust has provided initial seed funding to employ a local tourism co-ordinator.

10 Promote development of industry on Chatham Islands

a

b

Reduce average unit power prices to less than twice that of New Zealand - See Electricity company plan Secure availability of fuel for all consumers on the island and a secure shipping service

- Pending results and other requirements the Trust strategically remains open to funding projects that facilitate tourism growth •

Sell surplus land and Trust property. Forestry sections are available for sale.

•

Provide a facilitation role to other embryonic economic development projects to the point that islanders can commercialise

Actions

•

Trustees have resolved to take an active part in ensuring that the Island is serviced with a viable and sustainable shipping service - Develop a business plan proposal into partial or full ownership of a shipping service – the Trust is prepared to invest in developing an effective shipping service to the island if required. - Develop a business plan for stevedoring operations

•

Investigate options to reduce reliance by the island on fuel.

•

Consider options around an on Island abattoir for processing meat. This option will remain on hold until such time as the cost of electricity is reduced in accordance with Electricity company’s mission statement

•

Assist in the establishment of a Regional Tourism Organisation functions for Chatham’s Tourism Industry. - Strategic direction for development of tourism by the Trust is a facilitation role only:

11 Promote provision of services

•

Provision of community wide broadband

Communication with the rest of the world is increasingly important as a business and marketing tool and improves quality of life for residents. Satellite broadband provides a service to the community but is limited due to high costs. Action

-

Maintain a watching brief on Government broad band funding initiatives and ability to secure funding for the Chatham Islands.

12 Encourage and oversee transport services

•

Refer also to Ports and Airport company plans

•

Refer to shipping plans under Economic Development

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Chatham Islands Enterprise Trust Strategic Plan 2009

13 Promote Fishing and the fishing industry

•

•

Support and promote enterprising developments

Refer to Quota company Actions

14 To promote farming and the farming industry

There are a number of inter related issues and drivers •

See Ports plan and plans for Port redevelopment / breakwater concept

•

See shipping plan under Economic Development -

•

Upgrading to an all weather port will make shipping operations more economically efficient.

Facilitate improvement of on Island farming practices

Actions

•

Assist with projects such as sustainable farming on a reactive and supportive basis.

15 To hold, manage and administer the investments

•

Continue to manage the liquid and investment portfolio to maximise economic return whilst maintaining conservative risk profile

•

Remain within the investment constraints per the investment policy

•

Liquidate investments as required to satisfy other program requirements for economic development

16 Other charitable purposes

•

Support and promote education

•

Support and promote community social and cultural initiatives

•

Continue current program and concentrate efforts on bigger challenges facing the Trust and Island

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Chatham Islands Enterprise Trust Strategic Plan 2009

Trading Company Business Plans   

Each trading company has its own dedicated Board of Directors that underpins the self governance philosophy the Trust promotes through its trading companies. Chatham Island Airport Ltd

The airport facility is Chatham and Pitt Islands’ gateway to the world. It is important to have a facility that creates a favorable first impression given the majority of visitors and travelers pass through the terminal. The facility has a functional requirement to serve as a receiving station for fishers and freight depot for inbound freight arriving by plane.

•

Develop a facility improvement plan allowing for future runway extensions if required.

•

Consider ownership structure.

•

Consider options of Government involvement or ownership in airport.

•

Seek independent Director appointment with airport experience.

•

Long term focus is to upgrade presentation of facility to make more presentable to visitors. Currently such plans are low priority.

•

Implement target for company as break even and focus on provision of service.

Mission

Have an Airport facility that is sustainable, meets the needs of all Chatham Islanders and facility users, and is operationally safe at reasonable cost to all stakeholders. Actions

•

Continued compliance with Civil Aviation Authority sections 171 and 139.

•

Develop a 20 year Asset Maintenance Plan for the Airport facility.

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Chatham Islands Enterprise Trust Strategic Plan 2009

Chatham Island Electricity Ltd

•

-

Only essential maintenance will be undertaken while the Trust is facing declining funds

-

Assess all proposed projects and capital expenditure against ROI criteria and the mission statement

Continue ongoing improvements in day to day activities to achieve best practice. -

The Electricity Company is an essential service and provides significant opportunity to facilitate economic development through delivering lower power prices. The Company has three business units: •

Power generation

•

Reticulation

•

Chargeable

•

Establish a 20 year asset maintenance plan for all electricity assets.

•

Incorporate sustainability criteria and initiatives within decision making frameworks.

•

Expand the network and customer base in line with return on investment criteria, sustainability focus and mission statement:

Mission

To lower per unit power price to be less than twice that of NZ retail Prices and reticulation charges need to be such that future line and generation replacement is funded out of cash flow whilst achieving the target economic rate of return for the company in a sustainable manner Actions

•

Implement a return on investment (ROI) or required rate of return on net assets (equity) employed of 5%. -

Balance economic and social considerations

Bench mark operational policies against NZ companies and best practice (tailored for the Chatham Islands)

-

Fish processing companies

-

Reticulation line extensions

•

Investigate and implement alternative generation options that reduces reliance on diesel power generation in line with mission statement.

•

Work with central Government agencies to secure long term funding for electricity infrastructure assets.

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Chatham Islands Enterprise Trust Strategic Plan 2009

Chatham Island Ports Limited

•

Establish a relationship with a consulting firm to assist Trust initiatives such as project development, project maintenance and peer review.

•

Consider ownership structure. -

Develop a strategic asset development plan that works toward future proofing the port facilities of the island - Urgent repair to existing wharves - Feasibility of port relocation - Breakwater concepts - Upgrade of existing facilities / Roll on Roll off concepts

The Port is the life line of the island with nearly all essential goods and services coming through this gateway. Mission

Have Port facilities that is sustainable, meets the needs of all Chatham Islanders and facility users that is safe and able to have all weather access for shipping operators Actions

•

Continue ongoing improvements in day to day activities to achieve best practice. -

•

Bench mark operational policies against NZ companies (tailored for the Chatham Islands)

Establish a 20 year asset maintenance plan for all port assets.

•

Work with central Government agencies to secure long term funding for port infrastructure assets.

•

Implement target for company as break even and focus on provision of service.

•

Consider business case for stevedoring operation at Waitangi Port

Comment [s3]: Allows for Pitt Island

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Chatham Islands Enterprise Trust Strategic Plan 2009

Chatham Island Forestry Limited

•

Consider sale of all surplus land as is – if someone wishes to acquire

The Forest Company has two areas of interest. The first being property at Mahia close to Gisborne and the second being forest development on Chatham’s. Both of these business interests historically have been considered long term investments for the Trust.

•

On the Chatham Islands no further expansion of forestry is planned:

The Mahia block has approximately 15 years until it achieves logging maturity. The Chatham’s blocks consist of macrocarpa blocks which will take between 17 and 27 years to harvest. The intent was to provide wood for the island for specialty woods and perhaps export. Current costings indicate that transport costs and logging costs to get wood off the island are prohibitive. At the Mahia forest all the pruning and thinning has been completed and now the trees are in the maturing phase. This means forest maintenance and management costs will decrease until the trees are mature enough to harvest. Mission

To meet a 5% per annum cumulative return on investment. Actions

•

•

. Current thinking is that the Mahia forest may not be held to maturity. It is contemplated either of the following options will be investigated within the next 2 – 3 years -

Partial sell down to another party

-

Total sale of forest

Monitor the management of the Mahia Forest in the interim on a maintenance basis only.

- The existing forest will be maintained, pruned and thinned until maturity -

Exit from non performing forestry investments

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Chatham Islands Enterprise Trust Strategic Plan 2009

Chatham Island Quota Limited

This is the largest commercial asset of the Trust with a market value of approximately $16.5 million comprising CRA6 and wet fish quota. Quota is considered a core asset of the Trust and the retention of the current level of quota is considered fundamental for the future economic and social survival of the island. Mission

To hold, Chatham’s area quota shares and sell the ACE to Chatham’s based fishers at a fair and reasonable price whilst achieving an acceptable market rate of return for the company. Actions

•

Obtain a commercial rate of return on market values of assets.

•

Investigate commercialization and development of other allocated species -

•

once established as commercially feasible then company will undertake a facilitation role for commercial fishery development

Maintain current level of investment in quota -

-

•

Purchasing parcels of quota on the basis that they are able to be financed from within the Quota Company. No further investment from the Trust is contemplated. Consider larger parcel purchases with objective of splitting and onselling to island fishermen.

Development of joint quota processing and Chatham brand for sale of fish

-

•

Open to initiatives if approached but not a priority for Trust until infrastructure issues solved

Allocated quota from government cannot be used as security for purchasing further quota.

Chatham Islands Enterprise Trust Strategic plan 2009

Chatham Island Management

Mission

To provide timely, efficient, management, accounting and administration services to the Trust and its companies. To act as the economic development agency for the Island. To hold commercial assets and operations until they reach a point where a separate company is required to manage the assets effectively. Actions

•

Facilitate the many projects / actions detailed in this plan

•

Sell coolstore / freezer or refurbish for long term income -

•

Business case detailed and provided to Trustees

Pending outcome of shipping activities and bulk fuel situation -

lease out the Chatham fuels building

-

Manage importation and distribution of bulk fuel

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