The John Tamihere-led Te Whānau O Waipareira Trust Group’s 2023/24 financial report reveals net assets soaring to $103.8m—more than double their value four years ago.
The trust achieved a record net surplus of $20.6m, amounting to 24% of its revenue, which Kiwiblog’s David Farrar describes as “astonishing” for a taxpayer-funded charity.
“Only seven of the top 100 companies in NZ have a higher profit as a share of revenue,” Farrar observes.
The trust’s management remuneration also raised eyebrows, with salaries for more than 13 full-time equivalent staff increasing by 55% in 2023. The total payout of $6.8m averages $511,000 per staff member—exceeding the New Zealand prime minister’s salary.
Farrar remarked that comparable charities lack anything remotely similar in terms of profit margins and executive pay, calling the figures unprecedented.
With over $75m in cash and cash equivalents, the Waipareira Trust’s financial position surpasses that of many private companies, fuelling questions about oversight and the proportionality of executive compensation.
Editor’s note: The profit margin, lavish salaries and accumulated surpluses raise the same issue. Is the charity overfunded relative to its actual needs and taking advantage of the government? Also, how is the government ensuring value for money?
John Tamihere is also president of Te Pāti Māori and deeply involved in many related businesses and charities along with a close knit network of family and associates. Read about investigations into some of Tamihere’s networks here and here.
Centrist Ltd.