Generated on: 2025-03-28 14:57:57
CONFIRMED MINUTES
REA BOARD MEETING - FEBRUARY 2025
At the
REA Board Meeting - March 2025 on
27 Mar 2025 these minutes were
confirmed as
presented.
Name:
Real Estate Authority
Date:
Wednesday, 19 February 2025
Time:
12:45 pm to 4:00 pm (NZDT)
Location:
REA Office , REA Office (Teams option)
Board Members: Denese Bates KC (Chair), Vern Walsh, Brooke Loader, Tony Stack, Latham
Lockwood, Liz Nidd, Mele Wendt, Shirley McLeod
Attendees:
Belinda Moffat, Victor Eng, Andrew Tringham, Andrew Bulled, Josh Doherty,
Katie Solomon, Marie Snell, Saara Fourie
Guests/Notes:
1.
Opening Meeting
1.1
Board in Committee
Issues for discussion with the Chief Executive were agreed.
1.2
Board and CE alone time
• Update provided on recent meeting with the Minister.
• Board requested details of complaint involving resolutions (provided in the meeting).
• Noted issues arising with Supervision and online services offered by some agencies.
1.3
Karakia
The Senior Leadership Team (SLT) joined at 1.20pm and the meeting was opened with a Karakia.
1.4
Confirmation of Agenda
The agenda was confirmed.
1.5
Interests Register
Changes in interests were noted for
• Finished with
in February 2025.
• Added
as at February 2025.
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Minutes : REA Board Meeting - February 2025 - 19 Feb 2025
1.6
Confirm Minutes
REA Board Meeting - December 2024 4 Dec 2024, the minutes were confirmed with the
following changes:
Two changes requested:
-
apologies for her late arrival were noted.
- Correction to spelling of
REA Out of Cycle Board Meeting - SEP 24 Jan 2025, the minutes were confirmed as
presented.
1.6.a Minutes from the 4 December 2025 Board Meeting
Two changes were requested:
• Late arrival of
to be noted on the front page under the apologies section.
• Correction of
to
• A suggestion was noted that iwi chairs be moved from the low priority to the medium priority
category in the updated stakeholder prioritisation list.
1.6.b Minutes from the out of cycle Board meeting on 24 January 2025
Approved as written.
1.6.c Resolution confirming approval of CPDAG membership increase for 2025
Approved as written.
1.6.d Resolution confirming approval of the Quarterly Report to the Minister
Approved as written.
1.6.e Strategy meeting minutes from 3 December
Approved as written.
Outcome: Approved as true and correct records, subject to the above amendments to the Board
meeting minutes.
13) Stakeholder Prioritisation List: Iwi Chairs
Consider shifting iwi chairs from the low priority to medium priority category in
the updated stakeholder prioritisation list.
Due Date:
27 Mar 2025
Owner:
2.
Actions from Previous Meetings
2.1
Action Item List
Due Date
Action Title
Owner(s)
4 Dec 2024
2) CIP Update: additional information
Status: Completed on 5 Dec 2024
4 Dec 2024
3) Analysis of translated guides impacts in relation to complaints
Status: Completed on 10 Feb 2025
5 Dec 2024
4) Data Accuracy
Status: Completed on 5 Dec 2024
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Due Date
Action Title
Owner(s)
20 Dec 2024
5) Present updated 2025 dates and workplan in October and
Belinda Moffat
December
Status: Completed on 12 Feb 2025
22 Jan 2025
6) SEP out of cycle paper to the Board in January
Status: Completed on 22 Jan 2025
24 Jan 2025
7) SEP Advisory Support
Status: Completed on 17 Jan 2025
28 Jan 2025
8) Arrange Governance follow-up session for SLT with
Belinda Moffat
Status: Completed on 28 Jan 2025
29 Jan 2025
9) Provide any feedback and/or approval of the draft Quarterly
Report to the Minister by email
Status: Completed on 12 Feb 2025
31 Jan 2025
10) December Dashboard to be uploaded to BoardPro and a link
circulated to the Board.
Status: Completed on 24 Jan 2025
31 Jan 2025
11) Finalise and issue to staff the approved policies
Belinda Moffat
Status: Completed on 28 Jan 2025
31 Jan 2025
12) Update Board Handbook and upload to BoardPro
Belinda Moffat
Status: Completed on 28 Jan 2025
19 Feb 2025
1) EIE to approach certificate 4 providers to analyse volumes of new
licensees.
Status: In Progress
19 Feb 2025
14) Apartments and high-density living
Status: Completed on 10 Feb 2025
19 Feb 2025
15) Talk to ATPs about current levels of enrolments and look into
enrolment capping
Status: Completed on 10 Feb 2025
19 Feb 2025
16) Prepare a paper on key improvements to our Act that would
,
improve the REA regulatory system
Belinda Moffat,
Status: Completed on 10 Feb 2025
19 Feb 2025
17) Complaints Options Paper
Status: Completed on 11 Feb 2025
19 Feb 2025
18) Provide updated SPE measures to the Board in February 2025.
Belinda Moffat
Status: Completed on 10 Feb 2025
19 Feb 2025
19) Add a question to the Complaints Survey re: complainants using
the translated complaint guide
Status: Completed on 10 Feb 2025
19 Feb 2025
21) Conduct cost/benefit analysis of engaging resources to assist
with writing CAC decisions
Status: Completed on 12 Feb 2025
Belinda Moffat
19 Feb 2025
22) Provide insights into low-level complaint themes in February
Status: Completed on 11 Feb 2025
19 Feb 2025
2) Finalise Stakeholder Prioritiation List
Status: Completed on 19 Mar 2025
19 Feb 2025
24) Invite MoJ to a 2025 Board meeting
Status: Completed on 10 Feb 2025
Belinda Moffat
19 Feb 2025
25) Health & Safety Policy review
Status: Completed on 10 Feb 2025
28 Feb 2025
3) REA to provide a case update to the sector on the Cho decision
on compensation referrals
Status: Completed on 19 Mar 2025
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Due Date
Action Title
Owner(s)
28 Feb 2025
29) Update annual review responses and submit to the Select
Belinda Moffat
Committee
Status: Completed on 12 Feb 2025
27 Mar 2025
30) Clarification of Māori home ownership data
Status: Completed on 10 Feb 2025
27 Mar 2025
5) Home ownership models and data on acquisition pathways
Status: Completed on 19 Mar 2025
27 Mar 2025
6) Information on consumer issues relating to developers selling
directly to consumers
Status: On Hold
27 Mar 2025
7) Comms and Engagement Approach
Status: Completed on 19 Mar 2025
27 Mar 2025
8) Industry Pānui Content Review
Status: Completed on 19 Mar 2025
27 Mar 2025
9) Consider Māori engagement/cultural capability growth
Belinda Moffat
opportunities for Board
Status: In Progress
27 Mar 2025
10) Present the proposed Regulatory Positions changes to the Board
in March 2025
Status: Completed on 19 Mar 2025
27 Mar 2025
11) Business case (cost/benefit analysis) for evolving CWREA
events into a multi-stop roadshow event
Status: Completed on 19 Mar 2025
27 Mar 2025
12) Complaint completion SPE Targets
Belinda Moffat,
Status: Completed on 19 Mar 2025
31 Mar 2025
18) Engagement with Māori Housing entity
Belinda Moffat
Status: In Progress
31 Mar 2025
19) Consider inviting a housing specialist
to
Belinda Moffat
speak to the Board.
Status: Completed on 19 Mar 2025
31 Mar 2025
20) Licensee and Consumer Messaging around Complaints
Belinda Moffat,
Status: Completed on 19 Mar 2025
31 Mar 2025
21) List of potential annual engagement opportunities at real
estate/property management conferences
Status: Completed on 19 Mar 2025
31 Mar 2025
22) Invite the Minister to a 2025 stakeholder event
Belinda Moffat
Status: In Progress
31 Mar 2025
23) RST team to provide pre-CAC resolutions data to the Board
Status: Completed on 19 Mar 2025
30 Apr 2025
24) Māori Engagement Framework - Board Marae Visit
Belinda Moffat
Status: In Progress
30 Apr 2025
25) Arrange a meeting with Ministers on AML and Housing
Belinda Moffat
Status: In Progress
30 Apr 2025
26) Review CPD Complaints topic/consider facilitated pack on
management of low-level complaints
Status: In Progress
30 Apr 2025
27) Code of Conduct one-page summary
Status: In Progress
21 May 2025
28)
Status: Not Started
31 May 2025
29) Review of Offshore Regulatory Settings
Status: On Hold
31 May 2025
30) Review NZ Information Security Manual to ensure ICT
Acceptable Use Policy compliance
Status: In Progress
The actions were taken as read and the following actions were discussed:
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Minutes : REA Board Meeting - February 2025 - 19 Feb 2025
• Updated stakeholder prioritisation list: note iwi chairs are to move to medium priority
stakeholders.
• Action 26 Māori Engagement and Marae Visit:
provided an update on a meeting
with
, who have offered to host
the REA Board. This opportunity will be explored further by
and the CE.
14)
and Belinda to further discuss
as a potential Board
engagement opportunity.
Due Date:
27 Mar 2025
Owners:
Belinda Moffat,
3.
Guest Speakers
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Minutes : REA Board Meeting - February 2025 - 19 Feb 2025
4.
Changes to Strategic Environment
4.1
Changes to Strategic Environment
Not discussed at this meeting, given the morning strategy session.
5.
Board Papers for Approval or Discussion
5.1
Systems Enhancement Project (SEP) Update
This paper was taken as read and the Head of Corporate Services highlighted the following:
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Recommendations
It was recommended that the Board:
a. Note the contents of this paper.
Outcome: Noted.
5.2
Select Committee Annual Review Response: Part 2
This paper was taken as read and the Board acknowledged the work required to prepare the
responses.
The Board provided the following feedback:
• Pg.61 Q88: change to “It should be noted…”
• Pg. 61 Q89: the Board suggested removing this response, however it was agreed that SEP
was due for completion last year and had been pushed into out years, so this should
remain.
• Pg. 65 Q105: it was noted the 2023/24 figure had doubled in the last 5 years (observation
only).
• Pg. 65 Q106: check costs of settled.govt.nz and rea.govt.nz as both are noted as an
annual cost of $22,909. This was confirmed as correct.
• Pg 66 Q111: delete extra 'a' at the end of the response.
• Correct formatting.
Recommendations
It was recommended that the Board:
a. Approve and/or provide feedback on the response to the second set of Select Committee
Annual Review questions.
Outcome: Approved subject to requested changes.
4) Submit the final response to the second set of Select Committee Annual Review
questions
Submit the final response to the second set of Select Committee Annual Review
questions.
Due Date:
28 Feb 2025
Owner:
Belinda Moffat
5.3
Policy Review
The paper was taken as read and the Board discussed the following:
Health and Safety Policy (updated from December)
• Board was invited to consider paragraph 7 and whether this satisfies the due diligence
obligations of the officers (the Board). The Board confirmed that they considered that the
due diligence undertaken is appropriate.
• No changes requested. Approved as written.
Internal Complaints Policy (updated from December)
• A typographical error was raised in paragraph 9 on pg 122 “…or their delegate to oversee
manage”. Agreed to remove “oversee” and retain “manage”. The policy was approved
subject to that amendment.
Employee Assistance Programme Policy
• One amendment to paragraph 7 of the policy statement to add a comma and remove ‘and’.
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• The Board discussed the reference to people leaders and the Head of People & Capability
confirmed this terminology is being updated in all policies as they come up for review.
Family Violence Policy
• Pg 135 paragraph 14 was raised for discussion around whether REA ‘can’ put them in
touch for help’ should be changed to ‘will…’. The Board agreed to change to ‘REA will
provide the details of agencies that can assist.’
CPD Advisory Group Terms of Reference
• Approved as written.
All updated policies approved, subject to the requested amendments
All policies were approved, subject to the above amendments to the Internal
Complaints, Employee Assistance Programme and Family Violence Policies.
Decision Date:
19 Feb 2025
Outcome:
Approved
15) Finalise and issue the approved February policies to staff.
Finalise and issue the approved February policies to staff.
Due Date:
27 Mar 2025
Owner:
Belinda Moffat
5.4
Financial Forecast to 30 June 2025
This paper was taken as read and management highlighted the following:
• We are tracking better than the forecast deficit with the key driver being higher revenue
than expected.
• The Board will be presented with the updated SPE budget forecast in March, noting that
the costs will be spread across two financial years.
• The number of new licensees are similar to those that are leaving, indicative of a flat
market.
• Headroom above Target Working Capital has reduced but remains well above the $5M
mark.
• Head of Corporate Services to add the cost of additional resources to support complaints
work to the 2026 SPE budget to be presented in March.
• Lower attrition than anticipated is an impact on the higher than anticipated personnel cost
line.
Recommendations
It was recommended that the Board:
a. Note the financial forecast for the year ending 2024/25 and the projected cash position.
Outcome: Noted.
6.
Standing Reports, Operational Reports for noting and discussion
by exception
6.1
Chief Executive's Report
The report was taken as read and the following matters were discussed:
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•
•
• Health and safety: the Board noted the staff wellbeing risk and whether the health and
safety legislation covers this, in the context of risk of mental health impacts and potential
staff burnout from high workloads. The Head of People & Capability confirmed the Act
would cover this as an instance of a serious incident. This risk is mitigated by close
monitoring of staff by people leaders, leave, EAP and wellbeing/risk updates at all
fortnightly SLT Meetings and SLT priorities meetings.
• The Board queried whether people leaders are equipped to spot the signs of burnout. The
CE advised that most people leaders are attuned to their staff’s levels of wellbeing and
support their staff to maintain balance of productivity and wellbeing. Where issues arise,
these are attended to swiftly.
• Consideration of introduction of a buddy system approach as part of coaching for leaders
was discussed.
Recommendations
It was recommended that the Board:
• Note the contents of this report.
• Discuss the health and Safety update and provide feedback on any issues arising.
• Note the verbal update following the Minister’s meeting (paragraph 21).
• Note the verbal update regarding standard clauses for commercial agency agreements
(paragraph 30).
Outcome: Noted and matters were discussed as highlighted above.
6.2
Performance Dashboard
Noted and no aspect were raised for discussion.
6.3
PMO Report
Paper was noted and the following aspects were discussed:
• The last PMO report was presented to the Board in October.
• The complaints improvement initiatives (including the recruitment approach and
programme of actions) and Act amendments (RSAB) will move up from the initiatives table
to projects to ensure a robust project structure will be in place for each of these.
• The RSAB passed its first reading yesterday and has been referred to the Select
Committee. REA may be required to make a submission if the Select Committee seeks
this.
• Ringa Hora Qualifications Review: The Head of EIE provided an update on the recent
Ringa Hora hui in Auckland and work underway for REA to contribute to this
review. Members noted that generally people think the qualification is ok.
Recommendations
It was recommended that the Board:
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Minutes : REA Board Meeting - February 2025 - 19 Feb 2025
• Note the contents of this paper and the attached PMO report.
Outcome: noted
16) Provide an update to the Board on the Ringa Hora Qualifications Review at the
next meeting.
Provide an update to the Board on the Ringa Hora Qualifications Review at the
next meeting.
Due Date:
27 Mar 2025
Owner:
6.4
Legal Case Statistics and Cases of Note
Privileged and Confidential
This paper was noted and the following aspects were discussed:
•
Recommendations
It was recommended that the Board:
• Note that this paper is confidential and subject to legal professional privilege.
• Note the contents of this paper and provide feedback on any matters raised.
Outcome: noted.
and
left the meeting at 3.38pm.
17) Provide the Board with JR scenarios including proposed steps to be taken for
each
Provide the Board with JR scenarios including proposed steps to be taken for
each
Due Date:
27 Mar 2025
Owners:
Belinda Moffat
6.5
Litigation Overview (1 January - 31 December 2024)
Noted and the following aspects were discussed:
•
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Recommendations
It was recommended that the Board:
• Note that this paper is confidential and subject to legal professional privilege.
• Note the contents of this paper and provide feedback on any matters raised.
Outcome: Noted
31) Publish short 2024 litigation overview of cases of regulatory importance in Q4
Publish short 2024 litigation overview of cases of regulatory importance in Q4.
Due Date:
30 Jun 2025
Owner:
6.6
Quarterly People Report for Q2 (October -
December 2024)
This report was noted and the following aspects were discussed:
• The Board noted and supported the yoga offering to staff and benefit for wellbeing.
• Exit interview development area summary was noted and confirmed as useful.
• The pay gap is increasing again and the Board queried the cause. The Head of People &
Capability noted pay gaps are volatile with a small number of staff and it continues to
fluctuate with turnover and recruitment.
• Unplanned turnover reporting was also useful and the Board was pleased to see it is
tracking low at present.
Recommendations
It was recommended that the Board:
• Note the contents of this paper and provide feedback on any matters raised.
Outcome: Noted and discussed aspects above.
7.
Other Business
7.1
General Business
The following matters were discussed:
• Comparative analysis with other regulators: the previous CE attended a Regulators Forum
in Canada. Consider opportunities to reach out to other regulators in other jurisdictions. EIE
is reaching out to other jurisdictions around education models. The Head of EIE also met
with Singaporean regulators recently. It was noted that there is an open Board action to
look at regulatory settings overseas.
• The Board Chair acknowledged the longstanding and valuable service of two departing
Board members,
The Board, CE, and Senior Leaders
acknowledged their exemplary contribution to the REA Board and the organisation over
many years.
thanked the Board and management for their support
and acknowledged the considerable progress made by REA to strengthen its role and to
improve the real estate sector over the last 9 years.
7.2
Closing Karakia
The meeting was closed with a Karakia at 4.00pm.
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8.
Close Meeting
8.1
Close the meeting
Next meeting: REA Board Meeting - March 2025 - 27 Mar 2025, 9:00 am
Unuhia, unuhia Draw on, draw on,
Unuhia ki te uru tapu nui Draw on the supreme sacredness
Kia wātea, kia māmā, te ngākau, To clear, to free the heart,
te tinana, te wairua t e ara takatā the body and the spirit of mankind
Koia rā e Rongo, whakairia ake ki runga Rongo, suspended high above us (i.e. in ‘heaven’)
Kia tina! TINA! Hui e! TĀIKI E! Draw together! Affirm!
Signature:
Date: 27 March 2025
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