christchurch city holdings limited chief financial

The information contained in the Candidate Brief is to assist candidates in their evaluation of the suitability of the advertised role. Decipher Group Limited accepts no liability for information provided, on behalf of the client, in good faith.

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Candidate Brief

Christchurch City Holdings Limited – Chief Financial

Officer

6 April 2021



About the company

Christchurch City Holdings Limited (CCHL) is the wholly owned investment arm of the Christchurch City Council

and currently holds shares in six trading companies. These trading companies own and run some of the key

infrastructure of Christchurch, including electricity and broadband delivery, the port, the airport, facilities and

infrastructure maintenance, water management, waste processing and recycling facilities – all of which are

critical to the regional economy.

It is the role of CCHL to oversee the performance of these trading entities from a governance perspective and

to ensure that these entities are fulfilling the financial, sustainability, people focused and social/cultural

objectives agreed with the Council and in alignment with the strategic framework of CCHL. In turn, this will

allow CCHL to pay dividends to the Council as the shareholder.

With such diversity and complexity of investments, varied debt management, NZX compliance and stakeholder

relationships; CCHL needs a talented and broadly skilled CFO to join the team. Keen for this challenge?

About the opportunity

Reporting to the Chief Executive Officer and leading a small yet highly capable team, the CFO takes a broad

focus than spans investment performance reporting and monitoring together with managing a range of

stakeholder relationships. In doing this, the CFO:

Supports the CEO and the Board on development and execution of the strategy for CCHL including

providing financial insight, advice and research that supports decision making;

Works collaboratively with all members of the CCHL team – no matter what is required; roll your

sleeves up!

Works closely with all subsidiary CFOs to ensure performance measures developed align with the

requirements of Council and that performance itself meets objectives;

Reviews and consolidates all subsidiary reporting for presentation to the CCHL Board and Council in

accordance with regulatory requirements;

Develops and actively manages relationships with all subsidiary CFOs and CEOs together with key

stakeholders within Council to ensure ease of communication and to facilitate conversations on risks,

opportunities and performance;

Manages all NZX reporting and compliance including actively managing the relationships with key

contacts within the NZX;

Works alongside the CEO to determine and manage debt options including on the preparation of bond

issues and in managing the relationships with key funding partners;

Attends meetings and events at Council and with the subsidiaries as required; presents reports and

provides insights and updates.

This role needs a confident, energetic and smart CFO with initiative, a talent for numbers and passion for

leading and supporting business performance which spans a range of metrics including financial, cultural,

sustainability and safety. Sound like you?



About you

To be successful in this role, you will be an experienced and proven CFO or finance leader and you would have

developed your capability across a range of industries and technical disciplines. While corporate finance

experience is not a necessity, exposure to this would be useful, as would an appreciation of local government

in operation. A Chartered Accountant (or similar); you will have a passion for reporting and performance

measurement while balancing this with a commercial approach. A deep interest in broader metrics for

determining performance including a commitment to sustainability; you will enjoy taking a leadership role in

enhancing the reporting approach that will support Council values.

As a leader, people will describe you as collaborative, prepared to get stuck in and deliver and as enjoying

developing strong working relationships. As an executive, you will demonstrate your confidence and capability

in working with a CEO and a Board on matters of strategic significance while providing them with absolute

confidence in the numbers.

In return, you will be rewarded with the opportunity to be a part of this impactful Christchurch organisation

which provides flexibility and a high performing, supportive environment for its people - and to contribute to

the commercial and social success of the region. Interested?

How to apply

To discover more about CCHL, visit www.cchl.co.nz

For a confidential discussion about the role; contact Leanne Crozier, Director by email to

[email protected]

Applications close: Friday 30th April 2021

http://www.cchl.co.nz/

mailto:[email protected]

CFO Position Description 2021

https://deciphergroup.sharepoint.com/Documents/CCHL/Recruitment/CFO 2021/CCHL CFO position description March 2021.doc

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CHIEF FINANCIAL OFFICER POSITION DESCRIPTION March 2021

Title: Chief Financial Officer (CFO)

Reporting to: Chief Executive Officer (CEO)

Direct Reports: Financial Analyst

Treasurer

PURPOSE OF POSITION

The Chief Financial Officer is a senior member of Christchurch City Holdings Limited (CCHL) and is a

key advisor to the Chief Executive Officer and the Board of directors. The objective of the role of

Chief Financial Officer is to lead the finance function of CCHL, provide strategic review and support

to its subsidiaries and associated companies together with providing valuable advice and strategic

support to the Chief Executive Officer and the Board. In doing this, the CFO:

• Supports the CEO and the Board on development and execution of the strategy for CCHL

including providing financial insight, advice and research that supports decision making;

• Works closely with all subsidiary CFOs to ensure performance measures developed align

with the requirements of Council and that performance itself meets objectives;

• Reviews and consolidates all subsidiary reporting for presentation to the CCHL Board and

Council in accordance with regulatory requirements;

• Develops and actively manages relationships with all subsidiary CFOs and CEOs together

with key stakeholders within Council to ensure ease of communication and to facilitate

conversations on risks, opportunities and performance;

• Manages all NZX reporting and compliance including actively managing the relationships

with key contacts within the NZX;

• Works alongside the CEO to determine and manage debt options including on the

preparation of bond issues and in managing the relationships with key funding partners;

• Attends meetings and events at Council and with the subsidiaries as required; presents

reports and provides insights and updates.

POSITION VALUES

This is a significant position within the organisation with responsibilities to the Chief Executive

Officer and the Board. It is expected that the Chief Financial Officer maintains a high level of

professionalism and integrity, displays a positive attitude and a team focus and be enquiring and

articulate.



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THE POSITION DESCRIPTION

This position description establishes the objectives, responsibilities and performance measures of

the role of the Chief Financial Officer. The Chief Financial Officer will undertake any other tasks or

responsibilities as reasonably requested by the Chief Executive Officer.

KEY RELATIONSHIPS – INTERNAL AND EXTERNAL

• Chief Executive Officer

• Other CCHL employees

• CCHL Board of Directors, in particular the Chair of the Audit & Risk Management Committee

(ARMC)

• Christchurch City Council

• Subsidiary and Associated Companies, in particular the CFOs of the CCHL subsidiaries.

• Professional consultants/advisers (including without limitation legal advisers, tax advisers,

corporate finance/valuation advisers, technical accounting advisers etc.)

• External Auditors

• Regulatory bodies and professional associations

• Suppliers (including without limitation NZX, major trading banks, etc)

ACCOUNTABILITIES RESPONSIBILITIES AND PERFORMANCE MEASURE

Planning and implementation –

Strategy and Operations

Supports the CEO in the

development of annual and long

term plans together with the

Statement of Intent as required by

the shareholder.

Provides advice and makes

recommendations to the CEO and

the Board on matters of strategic

financial importance.

• Supports the CEO to ensure all strategic and

operational plans, business plans and budgets

together with the annual Statement of Intent are

complete, align with the objectives of the

organisation, adhere to regulatory requirements

and are delivered on time.

• Reviews Statements of Intent prepared by

Subsidiary Companies; highlighting areas of concern

to CEO and the Board.

• Supports the CEO in the establishment and

implementation of performance measures to

ensure delivery of plans can be measured.

• Supports the implementation of all plans as agreed

and meets performance measures.

• Where required by the CEO, leads projects agreed

and delivers project outcomes according to

timeframes and performance measures.

• Actively seeks relevant information from local and

global sources on plans and activities undertaken by

similar organisations. Makes recommendations to

the CEO and Board on the basis of this information.

• Provides advice to the CEO and Board on relevant



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statutory and legal compliance issues and assures

the CEO Board annually of compliance.

• Supports the CEO in reporting periodically as agreed

to the Board providing details of performance on

matters of importance including achievement of

objectives.

Reporting

Supports the CEO in reporting to

the Board of Directors, the

Shareholder and the NZX as

directed and required by

regulation, policy or other

requirements.

• Assists the CEO with preparation of all Board, Board

Committee and Shareholder reports as directed;

ensuring appropriate information is shared, aligned

with the objectives of the organisation and meets

any regulatory or policy requirements.

• Participates fully in all meetings with the CEO,

Board, Board Committees and the Shareholder as

appropriate, contributing ideas and reporting as

required.

• Actively supports the subsidiaries in the preparation

and submission of their individual reports, including

the Statements of Intent to the Board and the

Shareholder; ensuring appropriateness of

information, including meeting the shareholder

letter of expectation requirements, and complying

with all legal requirements, relevant policies and

regulations.

• Actively manages the CCHL NZX reporting

requirements ensuring compliance with all periodic

reporting and continuous disclosure obligations.

Subsidiary Reporting and

consolidations.

Supports the subsidiary companies

in the preparation of strategic

performance updates, quarterly

dashboards, six monthly and

annual reporting.

Consolidates all subsidiary

reporting and forecasts into Group

reporting.

• Manages the relationships with all CCHL subsidiary

company CFOs.

• Reviews all reporting prepared by CCHL subsidiary

companies; identifying variations to forecasting or

expectations. Discusses and resolves variations with

subsidiaries.

• Reviews all forecasts prepared by the subsidiaries;

identifies issues and inconsistencies with

Statements of Intent. Discusses and resolves issues

and inconsistencies with subsidiaries.

• Where requested, provides subsidiary companies

with reporting and forecasting support and

guidance.

• Consolidates all reports and forecasts from



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subsidiary companies to present to the CEO, Board

and Shareholder as required.

Leadership of Finance Function

Leads and manages a highly

effective team that is focused on

achieving excellence and meeting

or exceeding individual and

organisation performance targets.

• Ensures that the Finance Function is fully and

effectively staffed through robust recruitment and

retention processes.

• Establishes and implements Key Performance

Indicators (KPI’s) for all direct reports individually

and the organisation.

• Monitors and manages staff performance in

accordance with established processes and policies.

• Ensures individuals within the Finance Function are

regularly and appropriately communicated with so

that they understand the direction and

performance of the functions and business and kept

informed of all relevant matters and events.

• Reviews staff performance in accordance with KPI’s

providing coaching, performance management and

leadership as necessary to ensure the organisation

and the individuals are meeting objectives and

KPI’s.

• In consultation with the CEO and Chair of the

ARMC, manages the ARMC annual work

programme.

Financial Management

Provides Financial Leadership to

the CCHL by ensuring the provision

of relevant, accurate and timely

financial reporting. Manages

cashflow and treasury matters in

accordance with policy.

• Establishes and regularly reviews financial and

management reporting models and templates to

ensure reporting is relevant and concisely

presented.

• Ensures all monthly management and financial

reports are prepared in an accurate and timely

manner in accordance with agreed timeframes and

are accompanied by appropriate commentary or

notes.

• All ad hoc reporting requested by the CEO is

completed within agreed timeframes.

• Accounting standards are adhered to within the

preparation of all reports.

• Is the liaison with the external accounting and

taxation advisors and auditors in respect of the

preparation and audit of all financial reporting.

• All external audits completed meet expectations of

compliance and issues agreed with the CEO. All



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issues arising from an external audit are remedied

without unreasonable delay.

• Recommends for Board Approval key parameters of

Group cashflow management (including any

treasury policies) and ensures cashflow managed in

accordance with agreed parameters.

• Ensures cashflow forecasts are kept current and

reports to the CEO monthly and as requested.

• Actively oversees and takes responsibility for the

management of all treasury functions in accordance

with the treasury policies.

• Actively oversees the management of the portfolio

of CCHL debt funding (including without limitation

borrowing from Council, LGFA, domestic bond

holders, wholesale Commercial Paper (CP),

wholesale Floating Rate Notes (FRNs) etc)

• Actively manages the day to day relationship with

CCHL banks, financial institutions and other funders.

• Actively manages compliance with CCHL banking

covenants and related debt funding requirements

linked to the CCHL banking facilities, bond

programmes, wholesale borrowing etc.

• Regularly reviews all banking and financial services

facilities to ensure interest and fees are reasonable

and that the facilities provide the level of service

and cover required by CCHL at any time.

Budget Management

Is responsible for management of

the CCHL budget. Reports on

performance against budget

accordingly.

• Establishes and regularly reviews budgeting and

forecasting models and templates to ensure

relevant and required information is reported on

and is clearly presented.

• Manages the budgeting process ensuring key time

milestones are met. Presents draft budget to the

CEO and Board for consideration.

• Reports monthly on variances to budget providing

commentary and making recommendations to

mitigate performance issues as appropriate.

• Ensure all relevant finance function policies are

complied with and all expenditure is approved as

required, in accordance with relevant policy.



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Investment and Divestment

Analyses and makes

recommendations to the CEO on

investment and divestment

opportunities.

• In accordance with the objectives and plans of the

organisation, analyses the financial aspects of

potential investment and divestment opportunities

identified by the CEO / Board and makes

recommendations to the CEO on the financial

aspects of these opportunities.

• Supports the CEO in the management of any

investment or divestment process as a

representative of the organisation; ensuring

regulatory and statutory compliance and alignment

with organisation objectives.

Corporate Structures and

Investment

Provides advice and support to the

CEO and the Board on company

structures, equity and investment

matters to support achievement of

the Group’s strategic objectives.

Undertakes all regulatory

requirements to ensure all

structure, equity and investment

matters are compliant.

• Provides support and advice to the CEO and the

Board on matters of corporate structure, ownership

and investment to ensure objectives can be

achieved.

• Executes all actions required by the Board of

Directors in reference to ownership, company

structure and investment.

• Undertakes all company administration including

filing of returns and provision of financial and

company information required to ensure company

is compliant with legislation and regulatory

requirements.

• Reports to the CEO as appropriate around actions

and risks.

Risk Management

Understands and actively manages

the financial, commercial and

investment risk of CCHL in

accordance with policy.

• Ensures the risk registers (corporate risk and

investment risk) and risk management policy of the

organisation are relevant and regularly reviewed.

• Ensures a comprehensive understanding and record

of risks to the organisation in accordance with the

risk management policy.

• Ensures the organisation has an effective disaster

recovery programme.

• Reports to the CEO and the Board/Board

Committee on financial, commercial and

investment risks in accordance with the policy.

Commercial Analysis

Critically examines the business

through analysis and reports to the

CEO on areas requiring attention.

Provides ad hoc reporting as

• Establishes and regularly review analysis models

and templates for relevancy and ease of use.

• Anticipates the need for and is proactive in pursuing

financial and commercial analysis to support the

objectives of the business.



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required.

• Undertakes financial and commercial analysis as

requested by the CEO

Statutory compliance

Is responsible for ensuring Group

compliance with all statutory

company administration, financial

and taxation requirements.

• Ensures all statutory or regulatory returns, reports

and disclosures are completed and filed within

required time frames.

• Ensures all payments resulting from the above are

made on time and in full unless directed by the

Board.

• Subject to any penalties arising from a Board

directive, ensures that CCHL is not required to pay

or undergo any penalty due to non-compliance with

any legislative requirements.

Company Administration

Ensures all general company

administration tasks are

undertaken.

• Actively manages the CCHL insurance programme

and ensures all insurances are up to date and that

premiums are paid so that CCHL is appropriately

protected as approved by the Board.

• Ensures all CCHL owned/leased assets are properly

registered, maintained and insured and that all

warrants of fitness and required industry

certifications are obtained so that no relevant

penalties or fines are received by CCHL.

• Ensures all property and equipment leases are

reviewed and complied with so that CCHL is

adequately provisioned and does not face any

liabilities for non-compliance.

• Ensures all statutory and regulatory obligations

relevant to CCHL property are complied with.

• Ensures all other company administrative tasks and

obligations are undertaken and discharged.

Process and System Improvement

Takes a continuous process

improvement focus when

reviewing processes and

procedures.

• Ensures that there are documented standard

processes and procedures and appropriate controls

in place for all activities that are undertaken within

the Finance Function.

• Regularly reviews all Finance Function procedures

and processes to ensure the Finance Function is

operating effectively and optimally.

• In consultation with the CEO, leads reviews of the

effectiveness of CCHL operational systems and

processes to ensure a coordinated approach to all

systems and process enhancements.



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• In consultation with affected parties, considers and

implements changes to processes and procedures

that enhance efficiencies.

• Ensures all implemented changes are properly

documented and provides all affected parties with

sufficient and timely training.

• Where the cost of making changes to systems,

processes and procedures exceeds an agreed level,

presents a business case to the CEO for

consideration proposing the change.

Professional Development

Ensures that professional and

personal capability is continually

developed so that the Chief

Financial Officer can competently

undertake all responsibilities of the

role and add value to CCHL.

• Develops and keeps current a professional and

personal development plan that aligns with the

strategic and operational objectives of CCHL for

review and approval of the CEO.

• Attends agreed training, coaching and mentoring as

planned

Senior Executive

Works with the CEO on matters of

strategic importance to the

business.

• Ensures that the CEO is kept informed of all

pertinent developments and information within

functions managed by Chief Financial Officer.

• Participates fully in all meetings with the CEO,

Board and Board Committees as appropriate,

contributing ideas and reporting as required.

• Undertakes any other duties reasonably requested.

COMPETENCIES – ATTRIBUTES AND BEHAVIOURS

In order to be effective in the position, the Chief Financial Officer shall have and be able to

consistently demonstrate the attributes and behaviours described below.

• Actively demonstrates professionalism throughout the organisation and the industry and is a

credible and trustworthy person who holds the respect and loyalty of all stakeholders.

• Strongly leads by example, provides clear expectations and direction. Causes people to

believe what they do makes a difference and uses different leadership styles to achieve

objectives.

• Is proactive, energetic, enthusiastic and positive in all dealings with colleagues and customers.

• Has tenacity in pursuing goals, showing focus in the face of opposition and ensures personal

goals are aligned with the company objectives.



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• Demonstrates a strong understanding and commitment to the goals and objectives of the

organisation, regularly contributes to formulating goals. Actively works to support the goals

and objectives of others in the executive team and the wider business.

• Strategically plans direction for areas of responsibility. Captures the strategic intent of key

stakeholders or influencers to identify future directions and plans the changes necessary.

• Makes the insightful, timely decisions in difficult, high complex situations that have broad

impact across the company.

• Champions the ‘quality cause’, sets directions, defines standards and values and embeds

continuous improvement inside and outside areas of responsibility.

• Displays strong commercial acumen. Analyses key drivers, opportunities and competitive

advantages to develop strategies to benefit the business.

• Strives to keep a constant “eye” on the market through building rapport with key contacts,

networking and keeping up to date with market information through research in various

media.

• Regularly updates knowledge and skill through effective training and education.

• Understands and models behaviours consistent with the organisation’s wider environmental,

social, cultural and ethical responsibilities; encouraging good standards of environmental

performance and social responsibility on part of the subsidiaries.

• Is transparent in the approach to public reporting and reflects excellent standards of

environmental performance and ethical behaviour in this reporting.

• Is capable of championing commercial standards in a quasi-political environment.



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COMPETENCIES – SKILLS AND EXPERIENCE

In order to be effective in the position the Chief Financial Officer shall have and be able to

demonstrate the following skills and experience:

• Supporting strategic planning and implementation experience in a commercial organisation.

• Extensive experience from company secretarial, governance and regulatory perspective.

• Experience advising senior executives and the Board of Directors on commercial, financing and

business structures.

• Experience managing and reviewing the performance of investments; ideally in the nature of

commercial enterprises.

• Experience and capability to build trusted and respectful relationships across teams, partners

and stakeholder groups.

• Exposure to regulatory and compliance requirements around reporting within the Public Sector,

and reporting/disclosure requirements of the NZX (for listed issuers).

• Extensive experience providing critical business advice to a Board of Directors and/or CEO.

• Is a Chartered Accountant with the Chartered Accountants of Australia and New Zealand (or

similar).

Delegated Authority

• Act as CEO in his/her absence, with all CEO powers;

• Incur operational expenditure within budget up to $20,000 for any one item, subject to the

proviso that expense claims are approved by the CEO.