A partnership of equals
Transwaste is an innovative public-private partnership. The partners each hold 50% of the 20 million shares, making it a truly equal partnership. The shareholders together own Transwaste Canterbury Ltd, which in turn owns the land used for the landfill, along with plantation forest, Tiromoana Bush and land leased for farming. Transwaste has contracted WM New Zealand Ltd to operate the Kate Valley Landfill and transport waste from the partner Council transfer stations.
Agreements
Transwaste’s activities are based on four primary agreements:
- Memorandum of Understanding (MOU) signed by the founding parties;
- Shareholders’ Agreement developed as a consequence of the MOU;
- Landfill Management and Operation Agreement between Transwaste and WM New Zealand Ltd; and
- Annual Statement of Intent.
As a council-controlled trading organisation, the Statement of Intent is negotiated annually with shareholders. The Transwaste Board’s responsibilities include managing the Kate Valley Landfill and the obligations arising from the agreements, managing risk, including health and safety, monitoring performance, and managing its financial affairs, including setting charges annually. An Audit Committee, comprising three Board members, reviews and makes recommendations to the full Board on accounting, audit and related management issues.
Directors
There are seven directors on the Transwaste Board. Three are representatives of the Council partners and are appointed by the Council’s Canterbury Regional Landfill Joint Committee. WM New Zealand Ltd appoints three directors. The Independent Chair, who is a non-voting director, is then appointed by an ordinary resolution of all the shareholders.