 |
Annual Report for the year ended 30 June 2008
STATEMENT OF SERVICE PERFORMANCE
For the year ended 30 June 2008
OUTPUT 5: PUBLIC UNDERSTANDING
To promote public understanding of the law and practice relating to takeovers.
Impact:
The improvement in public understanding of takeovers law over time, in particular, the
improvement in the public's knowledge of the provisions of the Code. Improving public
understanding and knowledge of the Code will enhance the public's confidence in the transparency
of the takeovers process and in the public's confidence in the integrity of the market.
Activities and actions to include:
- publishing the Panel's occasional newsletter, Code Word to explain changes to the Code and the Act and key Panel enforcement and exemption decisions;
- publishing practice notes and guidance notes to inform the market about the Panel's decisions and policies, to assist market participants to relate to the Panel and to explain how the Panel interprets various rules of the Code;
- improving the market's understanding of takeover matters and Panel activities through public speeches about the Code at relevant conferences and other meetings;
- receiving feedback from market participants about the Panel's performance through meetings with market participants to both gauge the effectiveness of the Panel in dealing with its stakeholders and to explain issues which have arisen;
- visiting the most active legal and advisory firms to obtain direct feedback;
- holding group meetings with other interested market participants;
- maintaining a website that is kept up-to-date with all Panel decisions, news releases, speeches, discussion papers, practice notes;
- communicating with affected shareholders through telephone and correspondence explaining the application of the Code in particular circumstances;
- assisting the media with background information to ensure that the public receives accurate reports on issues of public interest.
PLANNED AND ACTUAL PERFORMANCE STANDARDS AND PERFORMANCE MEASURES FOR 2007/2008
| PERFORMANCE
MEASURES
TAKEOVERS CODE |
PERFORMANCE STANDARDS |
FORECAST
2007/08 |
ACTUAL
2007/08 |
| Quantity, Quality and Timeliness |
|
|
|
Publish a publication designed to provide information about
the Takeovers Code and relevant
law.
|
3 times a year, with publication within one month of significant
changes to the law affecting takeovers.
|
3 times, each time within one month of significant changes. |
|
Issue policy statements, guidance notes and commentaries
on current issues.
|
3 times a year.
|
6 times a year. |
|
Interface with the market through public and private meetings.
|
16 meetings a year.
|
6 meetings. |
|
Provide news media with relevant information about the
Panel and the Takeovers Code.
|
Continuous.
|
Continuous. |
| Maintain a website with relevant information about the Takeovers
Code and Takeovers Act 1993 and activities of the Panel. |
All relevant material posted promptly to the website, within
5 working days of the event or decision. |
100% of events or decisions. |
| Receive miscellaneous enquiries from members of the public
and professional firms. |
Receive 200 enquiries. Respond to enquiries within 3 working
days. |
199 enquiries received. Responded within 3 days in 99.5%
of cases. |
| Revenue |
|
|
| Revenue from public understanding. |
Nil |
Nil |
| Cost |
|
|
| Expenditure allocated to public understanding. |
$212,300 |
$198,418 |
OUTPUT 6: INTERNATIONAL LIAISON
To enhance and improve co-operation and liaison with overseas takeovers regulators on matters of
mutual interest.
Impact:
The improvement in the level of co-operation, liaison and understanding between the Panel and
other international takeovers regulators. Such improvements enhance international investors' and
overseas takeovers regulators' confidence in the New Zealand market and enhance the Panel's
administration of the Code's provisions.
Activities and actions to include:
- continuing the high level of contact with the Australian Takeovers Panel through the Panel Chairman's membership on the Australian Panel and membership of the New Zealand Panel by a member of the Australian Panel;
- continuing to maintain the good working relationships with the relevant staff of the Australian Panel and of the Australian Securities and Investments Commission by members of the Panel and executive;
- continuing to support the Australian Panel's promotion of the informal group of international takeovers regulators by attending the group's conferences;
- co-operating, on request, with overseas takeovers regulators on various regulatory matters within the Panel's powers.
PLANNED AND ACTUAL PERFORMANCE STANDARDS AND PERFORMANCE MEASURES FOR 2007/2008
| PERFORMANCE
MEASURES
TAKEOVERS CODE |
PERFORMANCE STANDARDS |
FORECAST
2007/08 |
ACTUAL
2007/08 |
| Quantity, Quality |
|
|
|
Liaise with comparable overseas bodies, particularly in
Australia, to improve the administration and enforcement
of takeovers law, and to promote international understanding
of New Zealand’s laws.
|
Respond to enquiries from overseas bodies within five working
days.
|
None received. |
|
Maintain reciprocal membership between Australian and New
Zealand Takeovers Panels.
|
Maintain one Australian Panel member on New Zealand Panel
and one New Zealand Panel member on Australian Panel.
|
New Australian member
appointed 23/6/08. |
| Timeliness |
|
|
Panel representatives to meet regularly with
overseas bodies. |
1 time per year. |
1 (international
conference). |
| Revenue |
|
|
| Revenue from international liaison work. |
Nil |
Nil |
| Cost |
|
|
| Expenditure allocated to international liaison work. |
$2,000 |
$27,013 |
|
|
