The CIIC was established in 1998 through the Cook Islands Investment Corporation Act at a time when the country was responding to the severe national financial crisis and was driven by the need to downsize and rationalise functions. The Act explicitly states two functions of CIIC:
1.Management of statutory entities, and
2.Facilitate the disposal of Assets.
Since the crisis, the economy has rebounded with sustained steady growth which has shifted the emphasis of CIIC’s mandate from “disposal” to “development and management” thus necessitating the need for a significant review of CIIC’s institutional arrangements. Today, CIIC has a portfolio of assets (book value) of over $300 million, with a broader responsibility of risks of nearly a billion dollars in the medium term (3-5 years), including a number of large infrastructure projects. Below is an illustration of the portfolio of organisations and various entities (subsidiaries, associates, SOEs and Crown Controlled Entities) across the CIIC Group:
The CIIC Group constellation diagram below outlines:
• its two main functional areas,
• its shared functions
• responsibilities that sit under each functional area, along with their respective priorities
Recognising the diverse environment, responsibilities and priorities that CIIC operates under today, coupled with integrating modern organizational design and management thought, the CIIC’s Board in 2017 after consultation with key agencies, reviewed its institutional arrangements to strengthen and align the organization to best serve the people of the Cook Islands. The realignment and strengthening of CIIC divides its operations into two key components:
1.CIIC - The governance, growth and development of crown enterprises
2.Asset Management (of lands, seas, properties and housing)
The realignment allows delegated responsibility to the General Manager for asset management responsibilities to lead activities in that area allowing the CEO to focus on the responsibilities pertaining to the management and governance of crown enterprises. We believe that this new orientation and
investment is crucial and its growing responsibilities will allow the organisation to be proactive in responding to the numerous and significant adaptive challenges.
The below organizational chart outlines the human resources employed to fulfill CIIC’s responsibilities: