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Transaction value year ended

30 June

Balance outstanding year

ended 30 June

Related Party and Transaction

2015

$000s

2014

$000s

2015

$000s

2014

$000s

J Thorburn (Director): Intercity Group Limited — Provision

of tourism related services to TNZ.

6

50

-

-

J Spice (Director): Touch of Spice Ltd — Provision of tourism

related services to TNZ.

25

4

-

-

C Parkin (Director): Museum Hotel — Provision of tourism

related services to TNZ.

29

7

-

-

N Thompson (Director): Auckland Tourism, Events &

Economic Development — Provision of tourism related

services to TNZ.

10

11

-

-

K Bowler (Director): Pacific Asia Travel Association

— Provision of membership fees.

3

10

-

-

Key management personnel compensation

Parent

Key management personnel includes all board members, the Chief Executive and 10 (2014:10)

members of the Executive Team.

2015

$000s

2014

$000s

Remuneration of the Board of Directors:

Salaries and other short-term benefits

209

190

Remuneration of the Executive Team:

Salaries and other short-term benefits

2,617

2,487

Total key management personnel compensation

2,826

2,677

Note 29

Financial instrument risks

Tourism New Zealand’s activities expose it to a variety of financial instrument risks, including market risk, credit risk and liquidity risk.

Tourism New Zealand has a series of policies to manage the risks associated with financial instruments and seeks to minimise exposure

from financial instruments. These policies do not allow any transactions that are speculative in nature.

Market Risk

Interest rate risk

— Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in interest rates.

Tourism New Zealand is exposed to interest rate risk on its cash balances. Refer to note 9 for cash balances exposed to interest rate risk.

Interest rate risk sensitivity analysis

— As at 30 June 2015, if interest rates on cash balances had increased/decreased by 0.5%

(50 basis points) with all other variables held constant, the deficit/surplus and equity would have changed as follows:

Surplus/(deficit) higher/(lower)

Equity higher/(lower)

2015

$000s

2014

$000s

2015

$000s

2014

$000s

Group

+ 0.5% (50 basis points)

3

2

3

2

- 0.5% (50 basis points)

(3)

(2)

(3)

(2)

Parent

+ 0.5% (50 basis points)

2

1

2

1

- 0.5% (50 basis points)

(2)

(1)

(2)

(1)

Note 28 continued

67