Tag Archives: Acccounting

Local body elections: who will explain DCC’s books . . .

Received from Hype O’Thermia
Monday, 22 April 2013 3:37 a.m.

“In the boardroom, [Ngai Tahu chairman Mark] Solomon favours plain speaking. He tells a story about trying to get his head around the accounting terms used in Ngai Tahu’s financial statements, terms like EVA (economic value added) and WACC (weighted average cost of capital).

To improve understanding of such terms he asked for an explanatory document to be created and issued that with the report to iwi. It worked. Recently at one meeting an 84-year-old woman stood and challenged Solomon, arguing Ngai Tahu’s WACC was 1 per cent too low.”

Mark Solomon (stuff.co.nz)### stuff.co.nz Last updated 05:00 21/04/2013
Business
The wisdom of Solomon
By Rob O’Neill – Sunday Star Times
After 15 years on the board, the chairman of Te Runanga o Ngai Tahu, Sir Mark Solomon, is willing to retire, but he will stay on for the long haul if he can’t find the right successor to lead the tribal council. Solomon, knighted in the 2013 New Year’s honours list for services to Maori and business, said, as with any organisation, there were people who put their own interests first and people who put the collective interest first. In Ngai Tahu terms he calls these “I Tahu” and “We Tahu”. “I’ve always stood in the middle of the ‘we’ camp,” he told an Institute of Directors conference in Auckland last week. “It always seems to me that politics is about ‘I’ versus ‘we’.” Whoever takes on his job will have to also be a “we” person, he said. Read more

Wouldn’t it be great if “Greater Dunedin’s” pre-election commitment to transparency had resulted in something like this, to bust asunder some of the tools used in official obfuscation!

Imagine if such an explanatory document had been distributed to ratepayers instead of Rodney’s puff-mag, and not only given to councillors but read aloud, attendance compulsory, security staff present to monitor for sleepiness and texty-wexing lovey-dove or playing angry birds under the table.

[ends]

Posted by Elizabeth Kerr

Image: Mark Solomon via stuff.co.nz

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