Governance in the public sector has always been a vexed question and a report released by The New Zealand Initiative probes this issue.
Business carries the greatest cost of regulation, particularly when it fails. Yet we continually give far less consideration to how some of our key institutions are governed, compared with the amount of energy we pour into what we want them to do, says Kim Campbell, CEO, EMA.
“Unfortunately, we bare the cost of this when it goes wrong and the governance model fails,” he says.
The “Who Guards the Guards? Regulatory Governance in New Zealand” paper provides a timely wake up call that we must not be complacent in this.
In New Zealand we have a myriad of ad hoc committees and statutory oversight commissions, yet there appears to be a range of governance models and degrees of competence.
“It’s time we started paying attention to ensure best practise and uniformity was enforced,” says Mr Campbell.