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Kiwi Income Property Trust (the Trust) is a unit trust established in Auckland under a Deed of Trust dated 21 August 1992, and is registered under the Unit Trusts Act 1960.
Under the terms of the Trust Deed, Kiwi Income Properties Limited (the Manager) is the Manager of the Trust and New Zealand Permanent Trustees Limited (the Trustee) is the Trustee.
The Board of Directors of the Manager (the Board) assumes responsibility for corporate governance of the Trust. This responsibility includes overseeing the business and the affairs of the Trust, establishing with management the strategies and financial objectives to be implemented by management, and monitoring the performance of management directly and indirectly through subcommittees.
In fulfilling this obligation, the Board acknowledges the need for the highest standards of corporate governance and ethical conduct. The Trust's corporate governance framework primarily comprises the Board and the Audit and Risk Committee, which operate in accordance with the principles set out in their respective charters. However, overlaying this is an additional level of governance and compliance to which the Manager is subject by reason of its ownership by Colonial First State Property Limited and its ultimate parent company, the Commonwealth Bank of Australia. Consequently, in addition to the Board and Audit and Risk Committee charters, the Board is also required to be cognisant of protocols and processes specific to companies within the Commonwealth Bank of Australia Group.
Click here to read our full Corporate governance statement.
Full details of the 'Code of Ethics' and the 'Trust Deed' can be obtained by clicking on the following links: