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Venture Capital Fund Act 2019

Accountability

41: Annual report

You could also call this:

"What's in the Venture Capital Fund's yearly report"

Illustration for Venture Capital Fund Act 2019

You need to know what is in the annual report of the Guardians. The report must include the financial statements of the Venture Capital Fund for that year. It also includes a statement of responsibility signed by important people. You will see a statement about the investment policies for the Venture Capital Fund. The report includes an analysis of how well the Venture Capital Fund did that year. It also includes information about the investment managers and custodians used. The Minister can ask for other information to be included in the report. If the Guardians have expectations about the Venture Capital Fund's performance, the report must compare the actual performance with those expectations. The Minister must think about the purpose of the Venture Capital Fund before asking for extra information, which is set out in Part 4 of the Crown Entities Act 2004 and section 39, section 155 of the Crown Entities Act 2004, section 27, and section 9.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS210828.

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40: Auditor-General is auditor of VCF, or

"The Auditor-General checks the Venture Capital Fund's money records."

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42: Reporting by Guardians on VCF, or

"Guardians must report to the Minister about the Venture Capital Fund when asked"

41Annual report

  1. The annual report of the Guardians prepared each financial year under Part 4 of the Crown Entities Act 2004 must include (in addition to any other requirements, such as the entity’s own financial statements)—

  2. the financial statements of the VCF for that financial year prepared under section 39; and
    1. a statement of responsibility for the financial statements of the VCF, signed by the chairperson of the board and the chief executive of the Guardians (if any), and comprising the same statements that are required by section 155 of the Crown Entities Act 2004 as if the VCF were a Crown entity; and
      1. the audit report on the financial statements; and
        1. an analysis and explanation of the performance of the VCF over that financial year; and
          1. a statement of the investment policies, standards, and procedures for the VCF established by the Guardians under section 27; and
            1. a statement signed by the chairperson of the board and the chief executive of the Guardians (if any) certifying whether or not the investment policies, standards, and procedures for the VCF have been complied with throughout that financial year; and
              1. a schedule of the investment managers and custodians used by the Guardians in relation to the VCF during that financial year and the classes of investments for which each was responsible; and
                1. any other information that the Minister directs the Guardians to include.

                  1. If the Guardians’ statement of performance expectations relating to the financial year sets out the Guardians’ expectations about the performance of the VCF, the information under subsection (1)(d) must include a comparison of the performance of the VCF with those expectations.

                  2. Before giving a direction under subsection (1)(h), the Minister must have regard to the purpose of the VCF set out in section 9.

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