How statutory supervisors protect residents’ financial interests

Most statutory supervisors take the below steps to protect residents’ financial interests. However, you can refer to deed of supervision for each Arvida community for exact details (you can find this by searching on the NZ Companies Office website).

• Land-based security: A statutory supervisor usually holds a land-based security over the certificates of title for each Arvida community. This is to secure performance of the financial obligations to residents.
• Financial monitoring: The statutory supervisor must exercise reasonable care and skill to ascertain whether the financial position of each Arvida community, the security of the interests of residents and the management of the community are adequate.
• Monitoring for red flags: Statutory supervisors keep an eye on the overall financial performance of each Arvida community and monitor for any red flags.
• Receiving complaints from residents: Residents may approach statutory supervisors with complaints about an alleged breach of rights. If a resident raises a complaint directly with us and it’s not resolved, we must refer the complaint to the statutory supervisor.
• Facilitating AGMs: A representative from the statutory supervisor will usually chair the Annual General Meeting (AGM) at each Arvida community. The statutory supervisor will also attend, to hear any concerns from residents and facilitate a productive discussion between residents and Arvida where required