About Governance


Vital Healthcare Property Trust (Vital) is a unit trust established under the Unit Trust Act 1960 by a Trust Deed dated 11 February 1994 as subsequently amended and replaced.

On 30 November 2016 Vital became a registered managed investment scheme under the Financial Markets Conduct Act 2013.


As an NZX-listed fund operating in New Zealand and Australia, we are subject to a range of governance and obligations in both countries. In particular, we’re required to act in accordance with:

The Manager

Northwest Healthcare Properties Management Limited (the Manager) is an external manager that provides management services to Vital and its Unit Holders.

Vital does not engage or employ any directors or employees of its own. The Manager provides a highly experienced and diverse range of professionals with expertise across a range of areas. The Manager’s primary responsibilities include:

  • day-to-day administration of Vital
  • portfolio management
  • sourcing new opportunities
  • conducting due diligence on potential acquisitions.

The Manager is also responsible for providing specialist property management, project management, development management and leasing services to the Trust.

Within the Trust Deed, the Manager is entitled to receive management fees and incentive fees. Details of management fees here. The Manager is licensed under the Financial Markets Conduct Act 2013 as a manager of registered schemes.

The Manager is a subsidiary of Toronto Stock Exchange listed company Northwest Healthcare Properties REIT (TSX: NWH.UN) – a leading global healthcare real estate investment trust with extensive experience in healthcare property investment.

Details of Vital’s structure here.

Independent Directors

The Manager recognises that Independent Directors are important. They help assure Unit Holders that the Board is fulfilling its role and diligently holding management accountable. Procedures for determining independence include:

  • whether the director is independent of management
  • whether the director is free of any business, or other relationship, that could materially interfere with, or could reasonably be perceived to materially interfere with, the exercise of their unfettered and independent judgement.

The Board comprises a majority of Independent Directors. Full details available here.

The Supervisor

The Supervisor of Vital is Trustees Executors Limited. The Supervisor is required to be licensed by the FMA under the Financial Markets Supervisors Act 2011 to act as a trustee of a managed investment scheme.

The Supervisor’s role is to:

  • supervise the administration and management of Vital in accordance with the Trust Deed
  • ensure the Manager complies with its duties and responsibilities under the Trust Deed.

The Supervisor holds title to the New Zealand assets and units in the Australian based trusts of Vital in trust for the Unit Holders, subject to the terms and conditions of the Trust Deed. The Supervisor also has certain discretions and powers to approve investment and divestment proposals recommended to it by the Manager and reviews and authorises all payments made by Vital.