Regulation 12 - Financial statement disclosure
1. Within four months after the end of each financial year (beginning with the 2000/01 financial year), ZGL must publicly disclose financial statements for that financial year in respect of each of the business activities defined in the Handbook.
2. Those financial statements must -
- be prepared in accordance with generally accepted accounting practice and the allocation methodology in the Handbook; and
- disclose the information specified in the Handbook.
Regulation 13 - Kiwifruit Information Disclosure Handbook
The responsible chief executive may from time to time publish a Handbook which may provide for all or any of the following:
- the definition of ZGL's business activities:
- the allocation methodology that must be used for preparing the financial statements and allocating the expenses, revenues, assets, and liabilities amongst ZGL's business activities;
- the disclosure of the manner in which the allocation methodology has been applied:
- the information that must be specified in the financial statements disclosed under regulation 12:
- the disclosure of transfer payments (whether actual or notional) amongst the business activities:
- the disclosure of financial performance measures, or information from which financial performance measures may be derived, or both:
- the form of the disclosures (including requirements as to separate, consolidated, and reconciliation information):
- the audit and certification of disclosed information:
- the retention of data on which disclosed information is based and associated documentation.
Regulation 14 - Disclosure of kiwifruit purchase conditions
1. ZGL must publicy disclose, 1 month before coming into effect, -
- its terms and conditions, and any amendments to those terms and conditions, for the purchase of kiwifruit grown in New Zealand; and
- the period for which each set of terms and conditions, including amendments, is applicable.
2. If it not practicable to make the disclosure under subclause (1) 1 month before coming into effect, ZGL must make that disclosure as soon as practicable and no later than the date of coming into effect.
3. ZGL must publicly disclose, within 3 months after the end of each financial year (beginning with the 2000/01 financial year), -
- the number of suppliers to which each set of terms and conditions were applied; and
- the volume of kiwifruit to which each set of terms and conditions were applied.
4. ZGL must publicly disclose,-
- within 3 months after the beginning of each financial year, the methodology used at the beginning of that financial year to determine the payments for kiwifruit; and
- any change in the methodology, or adoption of a different methodology, within 1 month of the change or the different methodology taking effect.
5. Every disclosure under subclause (4) must include key details of the methodology including -
- the relationship between purchase prices and selling prices; and
- the key costs (including cost of capital incurred by ZGL) and other factors that explain the differences between purchase prices (paid to suppliers) and selling prices; and
- any other information on which ZGL is relying to justify discrimination amongst suppliers.
Regulation 15 - Disclosure relating to Collaborative Marketing
Within 3 months after the end of each season (beginning with the 2000/00 season), the Board must publicly disclose for that season -
- the identity of each person approved by the Board to be a collaborative marketing approval holder; and
- the volume of kiwifruit marketed by each collaborative marketing approval holder; and
- financial information to enable an assessment to be made as to whether the net returns to suppliers in respect of each collaborative marketing arrangement were greater than would have been the case if the collaborative marketing arrangement had not been approved, including the methodology used by ZGL to allocate costs to the collaborative marketing approval holder.