Two DDTB long standing members have retired, and we have asked them to tell us about their experience of being on the Board. Vin Maffey and Alistair Wright share their reflections below...

Vin Maffey writes:

I was first appointed to the Board in the late 1980’s after I was asked to accept nomination by Bishop Peter Mann. He knew that I had been on the Church Property Trustees in Christchurch for a couple of years before coming to Dunedin and also of my accounting and financial planning background. 

This was just after Bob Greenslade had retired as Chairman. Bob had recommended the establishment of the Growth Investment Fund for use for the funds from longer term Diocesan Trusts and Parish Funds that were not likely to be required for some time. There were some concerns by the Board that the unit value of the fund ($1 per unit) had dropped to the low 90c’s owing to the share market decline in 1987/88. But the fund has performed extremely well over the years having been split into three dollars for each original dollar unit and now worth over $4.50 per current unit or the equivalent of $13.50 for the original $1 units. 

Courtenay Rowe, who was Manager of the BNZ in Dunedin, had taken over as Chairman from Mr Greenslade and was superceded by Gordon Allen in the early 2000’s. I served as Chairman for several years having also been Chairman of the Trust Board Investment Committee. Stephen Grant, a senior partner in Gallaway Cook Allan, Lawyers, became Chairman following my term. 

Looking back, a humorous incident occurred at the second meeting I attended. At that time the meetings were held in the Cathedral Chapter Board Room and I arrived early and took a vacant seat. Mr Iain Gallaway, who I knew had been on the Board a long time and had served as a previous chairman, arrived a little late and looking rather bemused sat opposite me as all seats on ‘my’ side of the table were taken. He later commented that he had been on the Board since 1953 and that this was the first time in more than 30 years he had had to sit on the ‘other’ side of the table as his seat had been taken by young Maffey. I was naturally acutely embarrassed but all the Board members including Mr Gallaway and I, had a good laugh about it. 

Apart from the pleasure I have had over the years of meeting regularly with a group of Christian people many of whom have become close friends, one of the most satisfying accomplishments of the Investment Committee and Board has been the maintenance of a very pleasing rate of return on investments in the Income Fund, well above bank and many other like interest rate returns. The development and performance of the Growth Fund has also been exceptional. Thanks are due to very good advice by Craigs Investment Partners (formerly Greenslades) who have been the Diocesan Financial Advisers over the years. John Elsom and Greg Easton have been the main advisers who we dealt with over my time.

Alistair Wright reflects:

I was asked to join the Trust Board early in 1998 and attended by first meeting in March of that year. The Board was looking for a replacement for Bob Greenslade a former Chairman who had passed away. I was nominated by Gordon Allen. Because I had an accounting and business background I was put on the Investment Committee where I was right up until my recent retirement. I took over Chairing that committee from Vin Maffey. Courtney Rowe, the Chairman approached me about the position on the Board. As Vin has mentioned, I too incurred the wrath of Iain Galloway for sitting on the wrong side of the table!

I was appointed Deputy Chair of the Board when Vin Maffey took over as Chair a few years ago.

I can only endorse Vin Maffey comments about the camaraderie on the Board always coming up with a consensus after fully discussing and debating investment opportunities and issues. I agree with the tidying up of the rules pertaining to terms on the various boards... (and) fully recognise that it is important to get younger Board Members involved and more equity in gender balance.

I am proud of the return we have managed to give our “shareholders” and would be really delighted if it continued. My major contribution has been to Earl St (the development adjacent to St Peter's Church in central Queenstown) having been the Trust Boards representative right from its inception. We had many challenges in those early days but “kept the faith” and its worth, especially in the Wakatipu area, has been something significant for me anyway.

I have already complimented Craigs for their looking after us so well but I would also like to pay a special tribute to Vin Maffey who has been my guide and mentor on the Trust Board.

By our calculations, Vin has served on the DDTB for over 30 years and Alistair for 22 years, quite remarkable tenures. Thank you, both of you, for your wisdom, skills and experience you have brought your roles: well done, good and faithful servants.