Governance
Our governance structure
Our board has overall responsibility for governing Infratil. They have delegated the day-to-day management to a third party, Morrison. This arrangement gives us access to Morrison’s extensive management expertise and influence.
The other part of the management team is the managers of the individual businesses, who actually manage, administer, and do the work within the operational businesses.
Our corporate governance practices have been prepared with reference to:
- the requirements of the NZX Listing Rules
- the recommendations of the NZX Corporate Governance Code (NZX Code)
- the Financial Markets Authority's Corporate Governance Handbook.
Overview
Infratil is a high conviction investor with significant platforms established across Digital, Renewables, Healthcare and Airports.
Established
1994
Listed on
NZX / ASX
Managed by
Morrison
Group Assets
$19.0b
FY25 Proportionate capital expenditure
$2,389m
FY25 Proportionate operational EBITDAF
$986.4m
Track record
31.5 years
After tax return
18.4% p.a.
Shares on issue
980m
- Management Agreement with Morrison, 2023 (PDF, 487.43KB)
- Management Agreement with Morrison (Redline 2023) (PDF, 560.79KB)
- Summary memorandum of incentive fee changes (PDF, 160.87KB)
- Infratil Management and Incentive Fees – September 2024 (PDF, 132.44KB)
- Infratil Approach to Independent Valuations - December 2024 (PDF, 157.24KB)
- Infratil Approach to Managing Portfolio Companies - December 2024 (PDF, 119.50KB)
- Disclosure and Communications Policy, 2024 (PDF, 614.64KB)
- Diversity Policy, 2024 (PDF, 210.09KB)
- Ethics Policy and Code of Conduct, 2025 (PDF, 209.21KB)
- Financial Product Trading Policy, 2025 (PDF, 196.83KB)
- Privacy Policy, 2021 (PDF, 146.37KB)
- Remuneration Policy, 2024 (PDF, 269.50KB)
- Risk Management Policy, 2025 (PDF, 180.97KB)
- Supplier Code of Conduct (PDF, 205.88KB)
- Modern slavery report 2025 financial year (PDF, 478.57KB)
- Modern slavery position statement, 2025 (PDF, 98.92KB)
- Climate statement 2023 (PDF, 203.19KB)
- Corporate governance statement, 2025 (PDF, 305.36KB)
- Fidato Review of Management Fee Structure November 2020 (PDF, 137.49KB)
- 2002 Infratil Notice of Meeting (PDF, 6.93MB)
- Dividend Reinvestment Plan Offer Document (PDF, 270.74KB)