The Panel is a people organisation. It is also a relatively new organisation, having received its own funding only since late 2000 to function as the Crown entity administering the provisions of the Code. (Prior to that date the Panel was a policy-making body funded through the Ministry of Economic Development.)

At the time of its metamorphosis into a funded operating body the decision was made to have the Panel serviced both as to professional staff and also physical services such as offices, meeting rooms, computer systems, library and support services, by the Securities Commission.

There is a memorandum of understanding in place between the Panel and the Commission which has guided the relationship between the two entities. It also covers the arrangements for payments by the Panel to the Commission for the cost of the services provided by the Commission.

The Panel has a conventional management structure, with the Chief Executive Officer responsible to the board, the Panel's governing body, for the performance of the executive. The Panel is responsible for the performance management, remuneration and succession planning of its key executive. It carries out these responsibilities through a board sub-committee comprising the Chairman, David Jones, the Deputy Chairman, Colin Giffney, and member Sue Suckling. This committee is expanded on an ad hoc basis from time to time as particular issues arise.

By becoming the employer of its own staff the Panel, through its Chief Executive Officer, has taken responsibility for the recruitment, performance management, remuneration and career planning of its whole executive. The training needs of each staff member are developed by the Chief Executive in discussion with the staff member concerned. Performance is managed by setting milestones in relation to each task undertaken.

The Panel is complying with the State Services Commission's requirement to introduce a code of conduct covering all aspects of the conduct of the Panel's employees, including but not limited to a code of ethics, guidelines on sensitive expenditure, a fraud prevention policy, travel policies for members and employees, a procurement policy and policies for the use of cellphones, office phones and the internet while at work.

The Panel considers that it is in the interests of the Panel for its operations to be physically separated from those of the Commission. This has been recognised in this year's Budget statement where funding of $150,000 has been provided for the capital expenditure involved in relocating. The Panel will continue to purchase services from the Commission, including those of some part-time staff, while it remains physically co-located.

Early in the time horizon of this Statement of Intent the Panel expects to be moving to its own premises and physically separating from the Commission.

Another issue affecting the Panel's ongoing corporate health and capability is that of maintaining an effective membership to enable the Panel to meet its responsibilities and fulfill its role in the market for corporate control.

The Panel has provision for 11 members and all positions are currently filled. Members are appointed by the Governor-General on the recommendation of the Minister of Commerce. One member is appointed because he is a member of the Australian Takeovers Panel.

Panel members must be qualified or experienced in business, law or accounting. The term of office of the Panel's former Deputy Chairman, Alastair Lawrence, expired in September 2008 and he did not seek reappointment to the Panel. Colin Giffney, already a Panel member, was appointed as Deputy Chairman of the Panel on Mr Lawrence's departure. Two new members, Andy Coupe and Murdo Beattie, both merchant bankers, were appointed to the Panel for five-year terms.

The level of remuneration paid to the Chairman and members is set by the Remuneration Authority.

The staff of the Panel comprises the Chief Executive Officer, General Counsel, Senior Solicitor, three solicitors of varying levels of experience and a Personal Assistant to the Chief Executive. The Panel also has a Communications Manager and an accountant who are shared with the Commission.

The Panel uses the Commission's IT systems. Part of those systems includes off-site back up for all computer files and records. The Panel's key documents are recorded and stored off-site as back-up in the event of fire or earthquake affecting the Panel's premises. The Commission has taken precautions to deal with a potential bird-flu pandemic. The Panel recently reviewed its physical filing systems and will ensure it follows protocols for storage and disposal of files that are in accordance with the requirements of the Chief Archivist. The Panel will be implementing these storage arrangements when it moves to its own premises.

The Panel is satisfied that it is effectively managing the Panel's ongoing organisational health and capability.