AFL provides interim and annual reports detailing its financial activities to Te Ohu Kaimoana and its iwi shareholders. Te Ohu Kaimoana is accountable to its iwi stakeholders who in turn are accountable to their members – essentially the wider Māori population.
Each year Te Ohu Kaimoana provides to its iwi shareholders, Māori representative organisations, commercial companies and other stakeholder groups an annual plan and annual report, which provide detailed financial reporting. These reports can be downloaded from our website here. Te Ohu Kaimoana is also required to hold an annual general meeting (hui-a-tau) before the end of March each year reporting on the previous financial year ending 30 September.
The board of Te Ohu Kaimoana consists of seven directors appointed by iwi organisations. It is iwi who select the board to represent their interests. The country’s major iwi organisations in terms of population, land (rohe) and wealth are represented on the board.
In addition to these processes of regular scrutiny, the Māori Fisheries Act requires Te Ohu Kaimoana and the three entities (AFL, Te Pūtea Whakatupu Trust and Te Wai Māori Trust) to undergo four-yearly audits of performance to ensure each entity is successfully discharging its responsibilities. Two audits have taken place -in 2008 and 2012. A review of the effectiveness, after the first 10 years of operation, of the governance systems for the four central agencies in the Settlement was undertaken in 2015 and has led to recommended changes to the Māori Fisheries Act, which are still to be implemented.