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Company Structure

Tupu Tonu was established as a Crown-owned company to build a portfolio of commercial assets that will be offered by the Crown in negotiations with ngā hapū o Ngāpuhi.

Tupu Tonu is a fully independent commercial company and is a Crown-owned company listed under the Public Finance Act.


Tupu Tonu has two shareholding Ministers, the Minister for Treaty of Waitangi Negotiations and the Minister of Finance. Each Minister has a 50 per cent shareholding. The Minister for Treaty of Waitangi Negotiations is the Responsible Minister for Tupu Tonu.

Shareholding Ministers appoint a Board of Directors (the Board) to oversee the governance of Tupu Tonu.

Board of Directors

The business and affairs of Tupu Tonu are carried out under the direction of the Board. The Board is accountable to the shareholding Ministers and is responsible for ensuring that Tupu Tonu operates in a manner consistent with its constitution and is cognisant of the shareholding Ministers’ expectations of Tupu Tonu.

The Board is committed to a high standard of corporate governance.