Statutory requirements

The Government invests in universities, wānanga and ITPs[1] (collectively known as tertiary education institutions). 

Under the Education Act 1989 (s159KBA) our Chief Executive is required to monitor the financial and operational viability of these institutions including sustainability and governance considerations, as well as overseeing the Crown’s financial interests. TEIs[2] must meet the requirements for asset management and related statutory processes.

This monitoring is informed by the accountability information that TEIs[3] are required to provide to us and, in turn, monitoring informs our investment decisions.

TEC is responsible for:

  • monitoring financial and operational performance of TEIs
  • advising the Minister on appointments to TEI councils
  • providing advice to the Minister on the activities and performance (both financial and non financial) of TEIs
  • implementing interventions under the Education Act 1989.

In April 2012, TEC wrote to the chancellors of universities and chairpersons of wānanga and ITPs to summarise asset management and business case standards and requirements. Copies of these letters can be viewed by clicking on the links below.

• University Letter (PDF, 88 Kb)
• Institute of Technology and Polytechnic Letter (PDF, 88 Kb)
• Wānanga Letter (PDF, 89 Kb)

 

  • [1]

    Institutes of technology and polytechnics (ITPs)

  • [2]

    Tertiary education institution (TEI) - universities, ITPs and wānanga

  • [3]

    Tertiary education institution (TEI) - universities, ITPs and wānanga

  • Last changed: 27 April 2012
  • Last verified: 25 November 2009