Management and Governance
Director Profiles | Management Fee | Corporate Governance Manual
PFI has been managed since 1999 by AMP Capital Investors (New Zealand) Ltd.
The manager is responsible for all property portfolio and company management functions and reports to a board of four directors. Three of these directors are independent and appointed by shareholders, and one is an appointee of the manager.
Director profiles
Peter Masfen, chairman
Peter Masfen joined the PFI board in May 2002 and was appointed chairman in June 2002. He is chairman of the Masfen Holdings Ltd group of companies, is a director of – and has interests in – a number of private companies in New Zealand, including Mt Linton Station Ltd and Greymouth Petroleum Ltd. Peter is also a director of the Auckland Regional Chamber of Commerce and Industry. He is a trustee of King’s College, Auckland and King’s School, Auckland.
Anthony Beverley
Anthony Beverley is head of acquisitions and investments for AMP Capital's Alternative Assets business within New Zealand, which encompasses its domestic property, private capital and infrastructure operations. The Alternative Assets business includes $2.40 billion of property assets under management, together with private capital and infrastructure investments of about $350 million. Anthony is a director of AMP Haumi Management Ltd and several other AMP Capital-related property companies.
Humphry Rolleston
Humphry Rolleston is a director of – and has interests in – a number of private companies in New Zealand. He is chairman of ANZCRO Pty Ltd and Craigpine Timber Ltd. He is a director of SKY Network Television Ltd, Broadway Industries Ltd and Mike Pero Mortgages Ltd.
Michael Cashin 
Michael Cashin was appointed to the PFI board in July 2008. He has previously been chairman of Housing New Zealand Ltd and At Work Insurance Ltd, and a director of Allied Farmers Ltd, Capital Properties Ltd and Centreport Ltd. He is currently a director of Cavotec MSL Ltd, Wellington Waterfront Ltd and Ryman Healthcare Ltd.
Management fee
The current management fee structure was introduced following shareholder approval in 1999. It was designed to align the interests of the management and shareholders and to reward the manager for outperformance in the growth of shareholder wealth over time. PFI pays a base management fee plus an incentive fee calculated on total shareholder returns.
The management fee is an all-up cost – there are no additional property services or property management fees.
The fees paid to the manager are disclosed in PFI’s annual and interim reports to shareholders.
Corporate Governance Manual
PFI’s directors and management are guided by a corporate governance manual, incorporating the New Zealand Exchange (NZX) listing rules relating to corporate governance, the NZX Corporate Governance Best Practice Code Recommendations and the Securities Commission Governance Principles and Guidelines.
Click here to download a copy of the manual (303kb, pdf file)