Source: MIL-OSI Submissions
Source: The New Zealand Treasury
The second round of Investor Confidence Rating (ICR) assessments for six investment-intensive government agencies is now complete, following assessment of the Accident Compensation Corporation (ACC), Department of Corrections, Inland Revenue, Ministry of Education, Ministry of Justice and New Zealand Police.
The ICR is an incentive mechanism for investment-intensive government agencies that rewards good investment management performance and proactively addresses performance gaps. It uses a rating scale from A to E, with an ‘A’ rating signalling a high level of performance and an ‘E’ rating indicating significant assistance may be required for the agencies investments to deliver results. A ‘C’ rating means that the status quo investment management system arrangements remain in place.
Corrections, Police and Education lifted their ratings from their first assessments in 2016, each improving from a ‘C’ to a ‘B’ rating. Inland Revenue (‘A’ rating), ACC (‘B’ rating) and Justice (‘B’ rating) retained their earlier ratings.
Having an improved ICR or retaining the same result are both positive outcomes, given that improvements to the assessment process between rounds have made it more rigorous.
All six agencies assessed have activities underway to improve their investment maturity and performance, and have acted upon previous improvement recommendations from the first round of assessment.