The Tertiary Education Commission's monitoring of tertiary education institutions ensures that the Crown’s residual risk in these institutions is regularly assessed, monitored and managed. The Secretary for Education issues risk assessment criteria via a notice in the New Zealand Gazette. The risk assessment criteria define what is within scope when assessing risk, and are used to determine whether a formal or statutory intervention is appropriate.
Section 195A-G of the Education Act 1989 allows for formal intervention by the Chief Executive of the TEC or the Minister for Tertiary Education based on the level of risk to the financial and long-term operation of TEIs.
A more graduated interventions framework has been established for polytechnics following the enactment of the Education (Polytechnics) Amendment Act 2009. This includes the ability to intervene based on possible risk to the educational performance of students. Regarding governance concerns of a polytechnic council, the Minister has the power to dismiss the chair or deputy chairperson or other council member from their role.
For further information on interventions please contact your TEC Investment Manager.
1 April 2011
7 July 2015