Public Trust profit promise (updated)
Outgoing Public Trust chief executive Tim Sole promised MPs the government owned company would return to profit for the current year.
Wednesday, November 27th 2002, 10:52PM
by Rob Hosking
Sole told MPs at Parliament’s finance and expenditure select committee that the Public Trust – which went through a major restructuring in the past year – made a $200,000 profit for the first quarter of the year.
"For the year to June 2003 we should make a small profit, but that’s taking quite an aggressive approach. We still think making a profit for the year is going to be a big challenge."
Public Trust has made a loss for the past two years and has shown a steady decline in profit from a peak of $19 million in 1993.
Sole – who has been in the job since July 2001 – resigned this week for personal reasons.
He appeared before the select committee as part of the regular annual financial review of the Public Trust. In sharp contrast with last year, the exchanges between Public Trust officials and MPs were extraordinary cordial.
Last year – which was before Sole took over – MPs called the then Public Trustee, David Hutton, back three times because he was unable to answer MPs questions. The committee then issued a damning report which questioned the accuracy of much of the information provided.
Sole was asked whether the Public Trust had revamped its filing processes – which had become an issue during the row between MPs and the Public Trust in 2001.
"I’ve had no experience of any lost files," Sole told the committee.
"Every time I’ve wanted to find a file we have found it."
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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