CFH was formed as a Crown-owned company under the Companies Act 1993. It is listed in Schedule 4 of the Public Finance Act 1989. CFH’s operational mandate is provided by the statutory framework that applies to it, including (but not limited to) the Public Finance Act 1989, the Crown Entities Act 2004, and the Companies Act 1993.
CFH’s shareholding is 100% vested in the Crown with the shareholding Ministers. In addition to certain Crown Entities Act sections applying, the nature and scope of CFH’s day-to-day operations are primarily governed by the Companies Act regime.
Under CFH’s constitution, its role and operations are divided into two broad phases:
- First, to operate the partner selection process to determine the Crown’s investment partner(s) in one or more Local Fibre Companies (LFC(s)), and to manage the Crown’s investment in LFC(s);
- Second, to operate as a successful, profit driven business after a special resolution of shareholders is passed. This phase is anticipated to commence after 2019 when all shares in LFCs convert to ordinary shares as contemplated in the Invitation to Participate (ITP).
CFH’s constitution defines its purpose as:
- To implement the Government’s UFB Objective in relation to the availability of, and access to, Ultra-Fast Broadband by co-investing with private sector participants to deploy telecommunications network infrastructure.
CFH’s specific goal is to achieve the UFB Objective by 2019, in conjunction with other arms of Government including the Ministry of Economic Development, the Ministry of Education and the Ministry of Health.
CFH has a highly skilled Board with extensive telecommunications and investment experience. An Audit & Risk Board sub-committee has been formed to oversee and monitor CFH’s operations and risk management. To ensure CFH operations operate with the highest standards of ethics and probity, a dedicated probity adviser has been appointed by the CFH Board.
Under the Public Audit Act 2001, the Controller and Auditor-General is the auditor of CFH.
CFH is also subject to the Official Information Act 1982 and the Ombudsmen Act 1975.
You can find corporate governance documents here.