New Zealand Post Chairman Jim Bolger announced today that he is pleased the Auditor General has found no problems with New Zealand Post loaning money to its Chief Executive as part of a remuneration package.
"The loan was approved by the Board of the time in 1993 following Mr Toime's appointment as Chief Executive. Until 1993 he had rented a home after a move from Australia, said Mr Bolger.
New Zealand Post Chairman Rt Hon Jim Bolger announced today that Chief Executive Elmar Toime would be leaving New Zealand Post to take up the role of Executive Deputy Chairman of Royal Mail in the United Kingdom.
Mr Bolger said that although it is a great loss for New Zealand Post he appreciated the significance of the appointment and had every confidence that Mr Toime would perform with distinction in his new position.
The small coastal community of Mangonui in the Far North is to be the first place in New Zealand to benefit from a special project launched by New Zealand Post and Kiwibank to expand services.
"New Zealand Post and Kiwibank are delighted to announce that a new PostShop, including full banking facilities, will be opened in Mangonui early in the New Year". said Mr Elmar Toime, New Zealand Post Chief Executive.
I would like to confirm that I welcome the findings of the Officer of the Controller and Auditor-General's (OAG) report into Transend Worldwide Limited.
I accept that there was 'excessive and wasteful' expenditure by a small number of staff within Transend.
Once irregular activities became apparent, well before the Auditor-General's report was undertaken, I led a re-examination into the governance of and the reporting by our subsidiaries. In September 2001, I also implemented a re-structure of Transend.