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NATIONAL MAORI ACCOUNTANTS HUI
THE ROLE OF MAORI ACCOUNTANTS IN MAORI ECONOMIC DEVELOPMENT
August 5th & 6th 2005 HAMILTON
Fred Cookson Don Jefferies Sharp & Cookson Ltd KCSM Accounting Solutions
Chartered Accountants Peach Grove Road OPOTIKI
HAMILTON
MAORI ECONOMIC DEVELOPMENT?
Identify the economic wealth base or resource that requires
development.
DEVELOPMENT OF TRADITONAL RESOURCES
Land, lakes, rivers, waterways, harbours and the sea.
Significant areas of productive land and access rights to these resources is under Maori control.
OTHER
Development of intellectual, technological,
manufacturing and other resources. Tourism/Cultural resources.
TRADITIONAL RESOURCES - 3 F F F’S FARMING Sheep
Beef Dairy
FORESTRY Plantation Forestry Native Logging
FISHERIES ACE Trading Aquaculture catch & process Domestic & Export Fish Farming
AND MORE
HORTICULTURE/ VITICULTURE
Kiwifruit Avocado Macadamia Tamarillo/Passionfruit Grapes
CROPPING Maize/Green feed Squash
BLENDING RESOURCES FOR OPTIMUM RESULTS
Aquaculture/Educational/Tourism
Whakatohea - Opotiki Mussel farm proposal Te Arawa/Tuhoe - Koura Farming/Eels
Coastal Iwi - Paua/Kina??
Human capital and robust capital financing structures are required.
Pioneer industry is costly so reduce risk by getting the science right??
TRADITIONAL STRUCTURES
1. STRUCTURE: Maori Land Trust/Incorporation mandated Iwi Authority. 2. TAX STATUS: Maori Authority. 3. GOVERNANCE: Trustees/Committee of Management. 4. LEGISLATION: TTWM Maori Land Act 1993 Trust Deed/Constitution Trustees
Act/Maori Fisheries Bill. 5. ELECTION OF TRUSTEES: Life Term?? 6. ELECTION OF COMMITTEE: Rotational – 2 years. 7. CRITERIA FOR ELECTION: No specific criteria. Some Trusts by Whakapapa. 8. SIGNIFICANT RELIANCE ON EXTERNAL ADVISOR: The
Accountant/Lawyer/Farm Supervisor etc.
STRENGTHS WEAKNESSES 1. Asset Rich Cash Poor?? 2. Risk Averse Under utilised
Under performing assets
3. Good borrowing potential
Lack of capacity at governance level
4. Generally good group of external advisors
Reaction time to business opportunities
5. M.A tax regime
Management/Governance separation
6. Analysis and interpretation of financialinformation to base sound businessdecisions.
7. Advisors can be relied on too much.Who’s making the decisions?
8. Documentation inefficiencies causingtime delays
9. Governance/Outdated Governingdocument
STRENGTHS WEAKNESSES
ROLE OF THE MAORI ACCOUNTANT
“BUILD THE HUMAN CAPITAL”
1. CA qualification is important and eventually essential for you and the client.
2. Understand the business. Do you know what the business
is?? 3. Have empathy for Culture/Tikanga and know the
people/Trustees you are working with. Understand their capabilities.
4. Develop wealth strategies that will work. “Keep to the
Knitting”. Must be underpinned by sound/effective management.
5. Retain advice from experts on matters you know little about.
Build your own capacity. 6. Network information to cross check data. 7. Don’t be scared to give your honest opinion but be prepared to
back it with verifiable evidence. 8. Attend to the paperwork and ensure a high level of accuracy in
financial management issues.
ROLE OF THE MAORI ACCOUNTANT
“BUILD THE HUMAN CAPITAL”
ROLE OF THE MAORI ACCOUNTANT
“BUILD THE HUMAN CAPITAL”
9. Get authority – Minute keeping is very important. Present
information to shareholders to get their buy in. Build trust and don’t abuse it.
10. Don’t be side-tracked by whanau/political issues that may
hinder progress. 11. Don’t be side-tracked by “opportunities” deals that are outside
of the core business unless you know who you are dealing with. 12. Build relationships and build your own reference base –
network. Use industry information.