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.

The 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.
  

• [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