Forum Archive Index - December 2000

["hugh webber" <hugh.webber@clear.net.nz>]

brilliant stuff Rachel, what are the auditors doing in not publishing
the deficits you were talking about, sitting on their hands no doubt.

----------
> From: Baskerville, Rachel <r.baskerville@auckland.ac.nz>
> To: 'sharechat@sharechat.co.nz'
> Subject: [sharechat] super schemes
> Date: Tuesday, 12 December 2000 10:16
> 
> 
> Earlier this year I examined the reports of 160 defined benefit
> superannuation schemes which file at the Companies Office. Of these 29
are
> associated with 21 listed companies. Further to two unsuccessful efforts
to
> get this research published, my concern remains that companies in New
> Zealand should be encouraged by their shareholders to make full
disclosures
> of the details of defined benefit schemes which they sponsor. Why?
Because a
> defined benefit scheme often controls assets which are directly or
> indirectly utilised by the company. Companies can often (and many do)
take a
> contribution holiday or get a reversion of assets from the scheme back to
> the company. Taking a contribution holiday reduces the superannuation
> expense for the company.
> 
> On the other hand, there are also a few schemes in deficit. Schemes in
> deficit are likely to represent a liability to the sponsoring company. It
is
> notable that none of the New Zealand listed companies whose schemes are
in
> deficit refer to the superannuation scheme in the annual report to
> shareholders.
> 
> This information is in the public domain. But it does not appear in
enough
> detail in any Company reports, except for Fletcher Challenge which
follows
> the USA standard for reporting defined benefit schemes.  This information
is
> relevant to shareholders. There appears to be a lack of interest by
> regulators or companies in making disclosures of this information. If you
> would like a copy of a working paper concerning the research on this
topic,
> please email me: r.baskerville@auckland.ac.nz
> <mailto:r.baskerville@auckland.ac.nz>
> 
> I do not have any interest in any of these entities. The reports filed at
> the Companies Office as at January 2000 included
> Schemes with accrued benefits (liabilities) more than assets
>               Wrightson Retirement Plan
>               Richina Pacific Superannuation Plan
>               Brierley Investments Limited Superannuation Fund
>               Ceramco Superannuation Plan
>               Ports of Auckland Superannuation Plan
>               Sanford Limited Staff Pension Plan
>               Dominion Breweries (1986) Employee Benefits Scheme
> Schemes with a small surplus
>               Air New Zealand Limited Senior Executive Superannuation
> Scheme
>               R Hannah & Co Ltd Staff Superannuation Scheme (part of
> Hellaby Holdings Ltd)
>               Mainzeal Property and Construction Superannuation Plan (part
> of Richina Pacific Ltd)
> Schemes with a surplus over $1 mill
>               Ernest Adams Ltd Pension Plan (1979) (part of Goodman
> Fielder Ltd)
>               Steel & Tube Industries Ltd Superannuation Scheme
>               Natural Gas Corporation Retirement Plan
>               Affco Staff Superannuation Plan
>               Steel & Tube Group Pension Scheme
> Schemes with a surplus over $5 mill.
>               EMCO Group Limited Superannuation Fund (part of Steel & Tube
> Holdings Limited)
>               Hellaby Superannuation Fund
>               Gordon and Gotch (NZ) Limited Superannuation Fund (part of
> Independent Newspapers Ltd)
>               Williams and Kettle Limited Staff Pension Fund
>               DB Group Employee Benefits Scheme
>               Fisher & Paykel Industries Limited Staff Superannuation Plan
>               Carter Holt Harvey Retirement Plan
>               Lion Nathan Employee Benefit Plan
>               AMP New Zealand Staff Superannuation Plan 
>               Westpactrust New Zealand Staff Superannuation Scheme
> 
> 
> 
>
----------------------------------------------------------------------------

> http://www.sharechat.co.nz/          New Zealand's home for market
investors
> http://www.netbroker.co.nz/        Trade on Credit, Low Brokerage. Join
now.
>
----------------------------------------------------------------------------

> To remove yourself from this list, please use the form at
> http://www.sharechat.co.nz/forum.shtml.


----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
http://www.netbroker.co.nz/        Trade on Credit, Low Brokerage. Join now.
----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/forum.shtml.