08 - Our Financials

Whaka­haerenga rangatopu
Corporate governance
I of III

Financial highlights

This year’s Financial Statements can be downloaded as a separate PDF below.
Prior year Integrated Annual Reports can be downloaded on our website.

Sales by species

$7.0 million

$15.7 million

Pāua Kahurangi
$2.4 million

Pāua Tūwā & Kai Ora
$22.6 million

$80.0 million

Dividend paid

Total Revenue

Profit Contribution from Sealord

Profit for the Year

Operating Cash Flow

Bank Debt (Net of Cash)



Board of Directors — Te Ohu Tumu

Hinerangi Raumati

Hinerangi Raumati - Tu’ua

Ngāti Mutunga, Waikato

Alan Gourdie

Alan Gourdie

See full bio
Glenn Hawkins

Glenn Hawkins

Ngāti Whakaue, Ngāti Maniapoto

See full bio
Greg Summerton

Greg Summerton

Rākaihautū, Ngāi Tahu, Waitaha, Ngāti Māmoe

See full bio
Jason Witehira

Jason Witehira

Ngā Puhi

Liz Ward

Liz Ward

Ngāti Porou

See full bio
Mavis Mullins

Mavis Mullins

Rangitane, Atihau Nui a Pāpārangi, Ngāti Ranginui, Ngāti Hainamana

See full bio
Tony Hannon

Tony Hannon

Ngāi Tahu

See full bio

Executive Team — Ngā āpiha whakahaere

Steve Tarrant

Steve Tarrant

Chief Executive Officer


See full bio
David Cossey

David Cossey

Group Portfolio Manager, Projects and ICT

Kaiwhakahaere Haumitanga, Hangarau, Hinonga

See full bio
Dean Pennell

Dean Pennell

General Manager Sales & Innovation

Tumu Atamai, Whakatairanga, Hokonga o te Kāhui
Ngāi te Rangi and Ngāti Kahu o Tauranga

See full bio
Fiona Wikaira

Fiona Wikaira

General Manager Aquaculture

Kaiwhakahaere Mahinga Mātaitai, Mahinga Kai

See full bio
Grant Shuker

Grant Shuker

Chief Finance Officer

Tumu Pūtea Whakakapi

See full bio
Karen Funnell

Karen Funnell

Group Safety and Wellbeing Manager

Kaiwhakahaere Hauora, Haumarutanga o te Kāhui

See full bio
Katrina Thomson

Katrina Thomson

Group People and Culture Manager

Kaiwhakahaere Take Tangata o te Kāhui
Te Aitanga-a-Hauiti and Te Aitanga-a-Māhaki

See full bio
Mark Ngata

Mark Ngata

General Manager - Inshore

Kaiwhakahaere Matua Ō-Uta
Ngāti Porou

See full bio
Michelle Cherrington

Michelle Cherrington

Group Communications and Sustainability Manager

Kaiwhakahaere Whakapānga, Toitū-Oranga o te Kāhui
Ngāti Awa, Te Whānau-ā-Apanui

See full bio

Corporate Governance

Board Composition and Performance

Te Ohu Kai Moana Trustee Limited is the controlling shareholder of Moana New Zealand and is responsible for appointments to the Board. The Board has statutory responsibility for the affairs and activities of Moana New Zealand. Directors are required to monitor, direct, and control the activities of Moana New Zealand and to ensure a high standard of corporate governance is exercised in the interests of the Company and shareholders.

The Board considers the annual business plan prior to the begining of the financial year in order to determine the annual targets. The Board also sets the direction of Moana New Zealand by agreeing objectives and approving strategies. It is the role of the Chief Executive Officer and senior management to develop the strategy and manage the day-today operations.

Code of Corporate Governance

As required by our constitution the Board has implemented a Code of Corporate Governance (incorporating a Code of Ethics). This code reflects accepted best practice among companies listed on the New Zealand Stock Exchange.

The guiding principles upon which the Company Governance Code is based, includes integrity and accountability. A clear understanding of moral and ethical responsibilities and strict observance of these obligations will assist Moana New Zealand in gaining support from Iwi and other stakeholders for the Company’s strategies.

The following is a summary of the sections from the Moana New Zealand Corporate Governance Code:

Board Composition and Performance

The Board represents a balance of independence, skills, knowledge, experience, and perspectives ensuring Moana New Zealand works effectively.

During the course of the year the Board has guided the direction of Moana New Zealand and provided oversight to management at a strategic level.

Ethical Standards

Directors have demonstrated and fostered ethical standards as required by the Code and acted honestly and in good faith.

Relationships with Iwi

Directors have ensured that Moana New Zealand uses its best endeavours to work co-operatively with Iwi, consistent with the requirement of the Māori Fisheries Act to manage Moana New Zealand assets in a commercial manner.

Stakeholder Interests

The Board respects the interests of all stakeholders within the context of Moana New Zealand’s special type of ownership and its fundamental purpose.

Reporting and Disclosure

Accountability is a principal incentive for good corporate governance and the Board demands integrity both in financial reporting and in the timeliness and level of disclosure.


The Board ensures the integrity, objectivity and independence of the external audit process.

Risk Management

The Board annually reviews that Moana New Zealand has appropriate policies and processes that identify and manage all potential and relevant risks.


Remuneration of executives is transparent, fair, and reasonable.

Board Committees

The Board uses committees in key areas where this enhances Moana New Zealand’s overall effectiveness while retaining full Board responsibility for all governance decisions.

Three Committees to assist and enhance the Board’s stewardship in three key areas – financial integrity and business risk, Health and Safety and executive remuneration.

The Committees make recommendations to the full Board on all matters requiring a decision.

Health and Safety Committee

The Health and Safety Committee has written terms of reference, and its activities are reviewed by the full Board.

The Health and Safety Committee assists the Board in health and safety policy and planning, delivering an effective system, and monitoring and reviewing the performance.

The Health and Safety Committee met on five occasions during the year. The members were: Alan Gourdie (Chair), Greg Summerton, Mavis Mullins, Liz Ward.

Audit and Risk Committee

Written terms of reference guide the activities of the Audit and Risk Committee and these activities are reported to and reviewed by the full Board. Directors who are not members of the Audit and Risk Committee receive all Committee papers and may attend meetings.

The Audit and Risk Committee assists the Board in financial reporting compliance and meeting its responsibilities under the Financial Reporting Act 2013 and the Companies Act 1993. The Audit and Risk Committee also reviews the work and findings of the external auditor, Deloitte Limited.

The Auditor has direct access, via the Chair, to the Committee and Deloitte Limited attend the Audit and Risk Committee meetings. Prior written approval of the Board is required before the external auditor is able to perform any non-external audit work.

This decision is based on a review of the appropriateness of engaging the external auditor for the specified non-audit work as opposed to Moana New Zealand carrying out the work in-house or through other external parties.

The Auditor did not carry out any non-audit work during the year. The Audit and Risk Committee reviews the adequacy of internal controls and insurance policies. Moana New Zealand has an ongoing internal audit programme to assist in ensuring performance is robust.

A good cross section of commercial, accounting and finance experience is provided by Directors of the Audit and Risk Committee, who met on four occasions during the year.

The members were: Tony Hannon (Chair), Jason Witehira, Hinerangi Raumati-Tu’ua, Glenn Hawkins.

Executive Remuneration Committee

The Executive Remuneration Committee has written terms of reference and its activities are reviewed by the full Board.

The Executive Remuneration Committee is responsible for setting and reviewing the remuneration of the CEO and executive management as well as overseeing remuneration policies and practices at all levels of management.

The Executive Remuneration Committee met three times during the year. The members were:
Hinerangi Raumati-Tu'ua (Chair), Tony Hannon, Mavis Mullins, Liz Ward.

Table of Meeting Attendance for Directors

Attendance records of Board and Committee meetings for the year ended 30 September 2021.

  Board (9) Health and Safety
Committee (5)
Audit and Risk
Committee (4)
Committee (3)
    Alan (C) Greg Hinerangi Jason Mavis Tony
  Mavis Liz Tony (C) Glenn Hinerangi (C) Liz
Directors Attended Required Attended Required Attended Required Attended Required
Hinerangi Raumati-Tu’ua
Appointed 15/01/12
9 9 4 - 4 4 3 3
Alan Gourdie
Appointed 01/11/13
8 9 5 5 - - - -
Tony Hannon
Appointed 01/11/13
8 9 3 - 4 4 3 3
Liz Ward
Appointed 01/11/13
9 9 5 5 - - 3 3
Jason Witehira
Appointed 01/12/18
7 9 - - 4 4 - -
Greg Summerton
Apointed 01/05/19
9 9 4 5 - - - -
Mavis Mullins
Appointed 01/08/20
8 9 5 5 - - 2 3
Glenn Hawkins
Appointed 01/10/20
8 9 2 - 4 4 - -

Quota management system terminology

Quota Management System (QMS)

The QMS was introduced in 1986 to manage and conserve New Zealand’s commercial fisheries. It is based on the concept of creating property rights in Individual Transferable Quota (ITQ) and ensuring sustainability by setting an annual limit on total commercial catches from each fish stock.

Individual Transferable Quota (ITQ)

ITQ was allocated for all main inshore and deepwater fisheries, and today 98 species, or groups of species, are managed as 642 separate fish stocks under the QMS. The quota allocated for each fish stock is in perpetuity, and is measured in a fixed number of quota shares. Quota owners are able to buy, sell and lease their quota or catch rights, and to choose the method and the time of year they harvest their catches within these limits.

Annual Catch Entitlement (ACE)

At the beginning of each fishing year, quota owners are entitled to ACE generated from their quota shares. The ACE gives a right to harvest a specified quantity of a fish stock in an area for one year. ACE varies from year to year depending on the Total Allowable Commercial Catch (TACC) level set by the Minister of Primary Industries.

Total Allowable Catch (TAC)

The TAC is the total regulated catch from a fish stock in a given time period, usually a year, and is allocated to commercial, customary and recreational fishers. This catch limit is set by the Minister of Primary Industries after consultation with fishers, and is generally set at the maximum sustainable yield.

Total Allowable Commercial Catch (TACC)

The proportion of the TAC allocated to commercial fishers is known as the TACC.

Maximum Sustainable Yield (MSY)

MSY is the largest average catch or yield that can continuously be taken from a fish stock each year without depleting that stock.

Deemed Values

Deemed values are civil payments made to the Crown as a defence for landing catch of QMS species for which the individual fisher holds no ACE. They are designed to act as an incentive for fishers to obtain ACE which matches their catch for each fishing year.


Corporate directory

Tari Rēhita

Registered Office
1-3 Bell Avenue
Mt Wellington
Auckland 1060

Tau Pōti

Postal Address
PO Box 445
Auckland 1140
Tel: +64 9 302 1520

Kaitātari Kaute

Deloitte Limited

Hunga Whare Mon

Westpac New Zealand Limited


Maika Te Amo – Tapuika

Pāua Kahurangi

Blue Abalone
Station Road East
Ruakaka 0116
Tel: +64 9 433 0220

Pāua Tūwā

Wild Abalone
15 Makomako Road
Palmerston North 4414
Tel: +64 6 357 1009


Fin Fish
1-3 Bell Avenue
Mt Wellington
Auckland 1060
Tel: +64 9 302 1520

269 South Highway
Whitianga 3591
Tel: +64 7 866 0547

17-21 Lorne Street
Wellington 6011
Tel: +64 4 801 0514

Wharf Road
Chatham Islands
Tel: +64 3 305 0076


266 Roscommon Road
Auckand 2104
Tel: +64 9 268 4637

1600 Long Bay Road
Coromandel 3506
Tel: +64 7 866 8564

139 Glen Road
Nelson 7071
Tel: +64 3 545 0127


Sealord Group Limited
149 Vickerman Street
Nelson 7010
Tel: +64 3 548 3069

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Moana New Zealand logo