Reference: 20260348

10 June 2026

John Luke
[FYI request #34717 email]

Dear John

Thank you for your Official Information Act (OIA) request, received on 16 May 2026.
You requested the fol owing:
I noted you have recently cal ed for appointment for the fol owing:

Kiwi Group Capital Limited

May I ask how you cal ed for public nomination and on what platform you have
cal  for public nominations e.g. govt.jobs website. A copy of your ad and pay rate
as wel . Also, how many applications you have received for each of the role from
the public and how many you have received from other nominating agencies
such as TPK or Ministry of women etc for your role. How many you have
shortlisted and how many you have interviewed. Also, can I request to view the
appointment letter if there is one sent to the previous appointee. I am happy for
you to remove any relevant personal information. How many vacancy for each
board your are looking to fill for this round.

Information being released
Please find enclosed the fol owing document:
Item  Date
Document Description
Decision
1.    April 2026
KGC Board Position Specification April 2026
Release in ful
2.    May 2025
KGC letter of Appointment – Catherine Savage
Release in part

I have decided to release the documents listed above, subject to information being
withheld under section 9(2)(a) of the Official Information Act, as applicable – to protect
the privacy of natural persons, including that of deceased natural persons.
Response to your request
Please find attached a copy of the public advertisement (item 1) which cal ed for
applications from specifically skil ed directors for the single vacancy on the Kiwi Group
Capital Board. A total of 19 applications were received from the public.

1 The Terrace
PO Box 3724
Wellington 6140
New Zealand
tel.  +64-4-472-2733

https://treasury.govt.nz

Public nominations were invited through Treasury’s board appointments website,
letters were sent to Caucus and coalition party col eagues, and the opportunities
circulated to other government nominating agencies, Treasury’s candidate database,
LinkedIn, the Super Diversity Institute, and Community Governance NZ.

As the appointments processes is still underway for the KGC board, we cannot advise
how many have been shortlisted and will proceed to interview. Accordingly, this part of
your request is refused under section 18(e) of the Official Information Act – the
document al eged to contain the information requested does not exist or cannot be
found.

Additionally, an appointment letter does not yet exist. Therefore, I have refused this
part of your request under section 18(e) of the Official Information Act – the document
alleged to contain the information requested does not exist or cannot be found.
However, I attach a copy of a previous appointment letter to Catherine Savage for her
appointment to the Kiwi Group Capital Board (item 2) as an example of a typical
Schedule 4A company board appointment letter. Anyone appointed to a Schedule 4A
company Board wil  receive a similar letter.

Please  note  that  this  letter  (with  your  personal  details  removed)  and  enclosed
documents may be published on the Treasury website.
This reply addresses the information you requested. You have the right to ask the
Ombudsman to investigate and review my decision.

Yours sincerely

Stella Kotrotsos
Unit Manager, Governance Appointments and Systems

2

link to page 4 link to page 6 Table of Contents
1.
KGC Board Position Specification April 2026
1
2.
KGC letter of Appointment – Catherine Savage
3

20260348 TOIA Binder
Item 1
Page 1 of 7

Position Specification

Kiwi Group Capital Ltd
On  behalf  of  the  shareholding  Ministers,  we  are  inviting  applications  from  people  with
governance capability who can bring a fresh perspective to the Board of Kiwi Group Capital
Ltd.

Applicants must have the necessary capabilities that enable them to meet the requirements
of a director in terms of the Companies Act 1993 and other relevant legislation. They must be
able to demonstrate the knowledge, skil s, attributes, behaviours and personal qualities critical
for organisational stewardship and required for particular roles on the Board.
For a ful  list of capabilities applicable to Crown companies and SOE boards go to: What we
look for - Board Appointments
Capabilities Sought
Ideal candidates will be able to demonstrate:
•
governance experience in a large complex entity
•
senior banking service sector experience
•
financial markets experience – equity / debt / M&A
•
significant capital raising experience
•
demonstrated leadership and accountability to drive effective operations and entity
performance
•
strong IT/ cyber / digital understanding
•
investment and commercial acumen, risk oversight/ management
•
stakeholder management – preferably with Crown entities.

Commitment
The Board typical y meets six times per year by way of either physical meetings in Wel ington
or video conferencing. Some matters are considered by the Board via circulation, as required.
Remuneration
Directors’ fees for the KGC Board are based on a rate of $75,070 per annum with the Chair
receiving twice this rate.
Closing Date
Nominations with contact details should be forwarded to [email address]
in my Office by Monday 4 May 2026.  It would be appreciated if current CVs are provided
for any candidates put forward.

20260348 TOIA Binder
Item 1
Page 2 of 7

Current Board Composition
Board Member
Appointment Date
Term end Date
Region
David McLean (Chair)
22 November 2022
31 October 2026
Auckland
Susan Peterson
1 December 2025
31 October 2028
Auckland
Scott Pickering
1 October 2025
30 September 2028
Bay of Plenty
Mike Pohio
13 April 2023
31 March 2028
Christchurch
Catherine Savage
20 May 2025
19 May 2028
Wel ington
Rukumoana Schaafhausen  13 April 2023
31 March 2026
Auckland

Entity’s Business and Structure
Kiwi Group Capital Limited is a Schedule 4A limited liability company incorporated to hold the
Crown’s (indirect) 100% interest in Kiwibank Limited (Kiwibank) and The New Zealand Home
Loan Company Limited (NZHL).
As a holding company its principal objective is to operate, indirectly through its subsidiaries,
as a successful business and:
i.
to maximise its long-term value and achieve the maximum financial return to KGC’s
shareholders;
i .
to be as profitable and efficient as comparable businesses that are not owned by the
Crown; and
iii.
to be an organisation that exhibits a sense of social responsibility by having regard to
the interests of society and the environment and by endeavouring to accommodate or
encourage these when able to do so.
While  the  Crown  currently  owns  100%  of  KGC, the  Schedule  4A  structure  recognises that
growing banks need significant capital investment over time, and the Crown might not always
be the sole source of that capital in the future.

Business Drivers Short to Medium Term
As KGC undertakes its operations and plans for the future, it is expected to:
•
Maintain a clear focus on core business objectives.
•
Recognise capital as a scare resource and maintain an efficient balance sheet.
•
Have performance measures that demonstrate the extent to which it is achieving these
goals.
•
Support the development of advice for Ministers on future capital raising options.

KGC’s strategic priorities are:
•
Delivery of Kiwibank’s transformation programme; and
•
Maintain prudent capital levels and have suitable levers, balances and controls to
ensure Kiwibank meets its regulatory requirements.
•
Retain earnings to fund its growth programme in order to strengthen its position as a
significant competitor in the market.