2016 Annual Report Highlights

People. Directors

The board has a responsibility to keep the interests of shareholders and management aligned over the long-run.

The Shareholders-Board-Management relationship works when shareholders are kept informed about their company and support its strategy and approach; and where management operate within their mandate.

Directors seek to maintain a balance between short and long term objectives which can be especially challenging when there is uncertainty or a diversity of views about value or risk.

Infratil has an unusual governance-management structure because Infratil is managed by H.R.L. Morrison & Co which is contracted and remunerated to perform specified management services. Almost all companies have contracts that define management functions, rights and remuneration, but most are with individuals rather than with another entity that employs individuals to undertake the required tasks.

Practically, the directors set Infratil’s goals and risk appetite and are responsible for ensuring compliance with environmental, social, health and safety and financial obligations. These are the hands-on aspects of maintaining shareholder-management alignment. Directors are initially selected and appointed by the board nomination committee and then confirmed in the role by the vote of shareholders. 

Directors

(From left)

Duncan Saville

Director.
Appointed 1994

Paul Gough

Director. Independent.
Appointed 2012

Humphry Rolleston

Director. Independent.
Appointed 2006

Mark Tume

Chairman. Independent.
Appointed 2007

Marko Bogoievski

Director. Chief Executive.
Appointed 2009

Alison Gerry

Director. Independent.
Appointed 2014

Anthony Muh

Alternate Director for Duncan Saville. Appointed 2007

People. Management

Infratil's management comprises people employed by Infratil's manager, H.R.L Morrison & Co, and those employed by Infratil's subsidiaries and investee companies.

H.R.L. Morrison & Co is an investment manager with a specialist focus on the infrastructure sector. 

In addition to managing Infratil it also manages public-private infrastructure funds in New Zealand and Australia and investments for Australasian superannuation funds. Infratil benefits from the expertise of a larger more expert group of individuals than a company of its scale could normally hope to exclusively retain. It also gets access to opportunities and market developments through H.R.L. Morrison & Co’s contacts and relationships. 

From left to right

Marko Bogoievski
Director. Chief Executive.

Phillippa Harford
Chief Financial Officer.

Kevin Baker
Chair of NZ Bus and director of Metlifecare.

Jason Boyes
Head of Legal responsible for legal compliance, transaction structuring and execution. Director of Wellington Airport.

Tim Brown
Capital markets, and economic regulation. Chair of Wellington Airport and director of NZ Bus.

Fiona Cameron
Group Treasurer responsible for Infratil group treasury operations; funding, FX and interest rate management.

Peter Coman
Property, public-private funding. Director of Infratil Infrastructure Property and Wellington Airport. 

Roger Crawford
Australian energy sector activities. Director of Perth Energy.

Rachel Drew 
Business efficiency and coordination of technology initiatives.

Robert Farron
CFO of Trustpower and the designated CEO of “NewCo”.

Steven Fitzgerald
Chair of RetireAustralia and director of Wellington Airport and Perth Energy.

Mark Flesher
Capital markets and investor relations. Liaison with investors. 

 

Zane Fulljames
CEO NZ Bus.

Bruce Harker
Intended chair of “NewCo” the possible derivative of Trustpower which will be responsible for its wind and Australian generation.

Vince Hawksworth
CEO Trustpower.

Andrew Lamb
Development Director Infratil Infrastructure Property.

Paul Newfield
Responsible for strategy, sector analysis and transaction execution.

Alison Quinn
CEO RetireAustralia. President of the Australian Retirement Living Council.

Paul Ridley-Smith
Chair of Trustpower and responsible for its separation from the “NewCo” activities.

Matthew Ross 
Group Performance Manager.

Steve Sanderson
CEO Wellington Airport.

William Smales
Responsible for private-markets investment activity. Director of Metlifecare and RetireAustralia.

Miki Szikszai
CEO Snapper.

Liam Tohill
Group Financial Controller.

Vimal Vallabh
Investment activity in the energy sector. 

People. Customers & Community

"The purpose of a company is to create a customer" is a famous management quote which describes the primacy of the customer to most businesses. For an infrastructure business the customer is often the whole community.

If you enjoy catching one of our buses to work, you are not the only beneficiary of the good service. Your car-driving neighbour experiences less road congestion and pollution.

The 17,000 people who flew in or out of Wellington Airport today are not the only winners from its convenience and the good airline services it facilitates. Wellington’s businesses, universities and wider community also benefit.

A good infrastructure company creates a customer out of its community. Getting this right matters for shareholders. A consumer can change their brand of soap, but if a community feels let down by their provider of electricity, care and accommodation for the elderly, public transport, or airport, they can change the rules via regulatory intervention.

Onerous regulation is a form of procurement. In effect a government agency steps into the shoes of consumers. In practice both service supplier and actual consumers lose as officials have limited ability to really understand consumer preferences or provider motives.

Infratil seeks to have its businesses provide the services and facilities sought by customers and to do so for the benefit of the wider community.

This can be challenging when a lot is changing. In 2016 Wellington Airport will host 1,000 more passengers each day than it did in 2014. For a business that prides itself on being lean and efficient, that increase places pressure on facilities and standards, yet the community is, quite reasonably, impatient of poor service.

Each of Infratil’s businesses is providing something extra for its customers. Trustpower with its innovative multi-utility offer, RetireAustralia with its development of “in home” care, Wellington Airport’s new land-transport centre, Snapper’s advent of mobile phone payment of bus fares and NZ Bus’s shift to electric vehicles.

In each case the objective is to create and retain the customer with better value services, for the benefit of the entire community. 

2016 Annual Report
2016 Annual Report
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