He Tirohanga Arotake - Te Ohu Kai Moana Group Four-Year Audit 2024

Background

The Māori Fisheries Act 2004 (the Act) provides that Te Ohu Kaimoana, Aotearoa Fisheries Limited (trading as Moana New Zealand), Te Wai Māori and Te Pūtea Whakatupu (operating as Tapuwae Roa) must be subject to a performance audit every four years following the passage of the Act. This involves an independent non-financial audit of each entity’s performance against its respective statutory purposes. For Moana New Zealand, this also includes a review of and report on its commercial performance.  

The audit was undertaken by independent auditors Dr Mark Hickford and Anaru Mill and commenced in July 2024. Since that time the entities have received their respective performance audit reports, and per the legislation, have prepared entity response plans which are presented as part of the attached full report.  

This is the first four-year audit since 2012, after Mandated Iwi Organisations passed resolutions in 2016 and 2020 respectively, exempting each of the entities from the performance audit. The period for this audit is 1 October 2020 to 30 September 2024.

An overview of He Tirohanga Arotake - Te Ohu Kai Moana Group (the Kāhui) Four Year Audit 2024

The in-depth report is made up of several key components which have been outlined and summarised below.

Executive summary

The executive summary provides information on the scope and process of the audit as well as the definitions used; final comments and reflections from the auditors, recommendations and observations from the auditors for each fisheries settlement entity and the kāhui as a whole.

Independent audit reports on fisheries settlement entities and entity responses to recommendations

Each audit report assesses the strategic goals and objectives set by each entity, and discloses key findings, including achievements, challenges, opportunities and overall performance against those objectives in the context of each entity’s functions and duties in accordance with the Act. Finally, the auditors advise of their recommendations for each entity.  

Following the reports for each entity, you will find responses from Te Ohu Kaimoana, Te Wai Māori, Tapuwae Roa and Moana New Zealand with commentary and proposed actions addressing each recommendation made the auditors.

Important note: Independent commercial performance review of Moana New Zealand and Sealord Group Limited and Auditor’s Report on Moana New Zealand

In addition to the audit report on Moana New Zealand, an independent commercial performance review of Moana New Zealand and Sealord Group Limited, comparing their commercial performance against other participants in the fishing industry has also been commissioned.

This section, noted on the contents page (pages 74 – 105), has been removed from the report due its commercially sensitive nature, however representatives from Mandated and Recognised Iwi Organisations, and Asset Holding Companies may request a copy of this section by contacting Justin Ensor (Partner, Deal Advisory KPMG) via email: jmensor@kpmg.co.nz

Commentary and visuals corresponding to the independent commercial performance review (sections 48-49 of the Auditor’s Report on Moana New Zealand) have also been redacted. These details can be requested by emailing: bede.dwyer@teohukaimoana.nz

Te Kāhui o Te Ohu Kai Moana | Te Ohu Kai Moana Group audit observations, opportunities and collective response

In the executive summary section of the report, the auditors made some observations and identified possible opportunities for the kāhui. Following the entity specific audit reports and responses, we have included a collective kāhui response to these points identified.

Appendices

The appendices to the report include the terms of reference, self-assessment reports from each entity, written comment from Te Rūnanga o Ngāi Tahu and relevant examples of case law as determined by the auditors.