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Morrison

  1. Name: Morrison & Co (formally H.R.L. Morrison & Co; rebranded simply as “Morrison” in 2023).

  1. Alternative Names: Morrison & Co; HRL Morrison & Co; Morrison (current trading name).

  1. Year Established: 1988 (founded 8 August 1988 amid post-1987 crash privatisation era).

  1. Founder: Hugh Lloyd Morrison (1957–2012) – investment banker who launched the firm in 1988.

  1. Headquarters: Wellington, New Zealand (5 Market Lane, Wellington Central). Offices in Auckland and global branches in Sydney, London, New York, and Singapore.

  1. Company Type: Private investment management firm (specialist infrastructure asset manager). Operates as a limited partnership (H.R.L. Morrison & Co Group LP) with various subsidiaries for funds management.

  1. Ownership / Shareholding Structure: Privately held (exact ownership not publicly disclosed). Major stakeholders include:

    • HRL Morrison Family Trust – holds a significant stake (the family trust of founder Lloyd Morrison).

    • Morrison & Co Partners – senior executives and partners (e.g. current and former CEOs) who are equity owners (percentage split not disclosed).

    • Duncan Saville – long-time associate investor (original Infratil co-founder); associated entities have had an influential shareholding role. (No public listing; ownership is closely held by family and insiders.)

  1. Board of Directors:

    • Rob Morrison – Chairman (brother of founder Lloyd Morrison) ; also chairs green business lobby group Pure Advantage and sits on government boards (e.g. Antarctica NZ).

    • Paul Newfield – Executive Director and Chief Executive Officer (CEO) since 2022 (with Morrison & Co since 2008).

    • Kate Mingay – Independent Non-Executive Director (appointed 2022; UK-based infrastructure finance expert).

    • Dr. Geraldine Buckingham – Independent Non-Executive Director (appointed 2023; former BlackRock Asia-Pacific chair).

(Other board members include senior executives and independent directors with global finance experience; the board was expanded in 2022–23 to reflect the firm’s international growth.)

  1. Senior Management and Key Personnel:

    • Paul Newfield – CEO (Wellington-based; leads firm’s global operations).

    • Marko Bogoievski – former CEO (2008–2021; oversaw expansion and high returns ; still associated in advisory roles after stepping down).

    • Jason Boyes – CEO of Infratil (Infratil’s chief executive, who by design is part of Morrison & Co’s leadership team).

    • Hon. James Shaw – Operating Partner (joined 2024; former NZ Climate Change Minister and Green Party co-leader, now advising on sustainability investments).

    • Additional managing directors and partners in offices across Australia, Asia, UK, and US (e.g. regional heads) – Data Not Found (names not publicly disclosed).

  1. Main Areas of Operation: Global infrastructure investment across energy (renewables and utilities), transport (airports, public transport, roads), telecommunications and data (mobile towers, data centers), and social infrastructure (hospitals, schools). Manages both publicly listed and private assets.

  1. Associated Companies & Funds Managed:

    • Infratil Limited – NZX-listed infrastructure investment company (market cap ~NZ$9–10B) managed by Morrison & Co since its launch in 1994. Infratil’s assets include Wellington Airport, Trustpower (energy), One NZ (telecom), etc., which Morrison & Co oversees.

    • Morrison Public Infrastructure Partnership (PIP) Fund – launched 2009 as NZ’s first public-private partnership fund (NZ$1B capacity) investing in PPP projects (schools, prisons, hospitals, etc.).

    • Morrison & Co Growth Infrastructure Fund (MGIF) – established 2018, focusing on unlisted infrastructure with sustainability goals.

    • Utilities Trust of Australia (UTA) – Australian infrastructure trust; management taken over by Morrison & Co in 2018.

    • Longroad Energy – US renewable energy developer co-owned with NZ Super Fund (Infratil/Morrison invested in 2016).

    • Other managed ventures: significant stakes in data centre firm CDC, renewables (Tilt Renewables, etc.), and international infrastructure platforms (e.g. recent telecom towers ventures).

  1. Major Clients / Investors: Morrison & Co primarily manages institutional capital on behalf of sovereign wealth and pension funds:

    • NZ Super Fund (Guardians of NZ Superannuation) – cornerstone investor in Morrison’s PPP fund and co-investor in various deals.

    • Accident Compensation Corporation (ACC) – NZ state fund, a major investor in Infratil and Morrison-managed assets.

    • International pension and sovereign funds: e.g. Australia’s Future Fund and other Aussie supers (co-investors in Australian towers and PPP deals) ; global investors from Asia, North America, Europe seeking infrastructure exposure.

    • Local community trusts and institutions – NZ-based trusts that committed capital to Morrison funds (e.g. to PIP Fund).

(Retail investors hold stakes in Infratil via the stock market, but Morrison & Co’s direct clients are largely institutional.)

  1. Government Contracts and Projects: Morrison & Co (often via Infratil or dedicated funds) has partnered with government on multiple Public-Private Partnerships (PPPs) and projects:

    • Schools and Prisons PPPs: Invested in NZ school campus bundles and the Auckland South prison contract under long-term concession agreements with government.

    • Roading Infrastructure: Part of the private consortium (Public Infrastructure Partners) financing the Pūhoi–Warkworth highway PPP (contract awarded ~2016).

    • Other Infrastructure Services: Through Infratil, formerly provided urban bus services (NZ Bus) under regional transport contracts and owns regional airports in partnership with local councils (e.g. Wellington Airport 66% stake).

(No direct government grants or bailouts known; involvement is via investment contracts and procurement tenders.)

  1. Lobbying Registration: No formal lobbying registration. Morrison & Co is not registered on any public lobbying disclosure in New Zealand (NZ has no mandatory lobbyist register). The firm also does not appear on Australia’s federal lobbyist register (no evidence of third-party lobbying firm engagement disclosed) – Data Not Found.

  1. Political Donations: No public record of corporate political donations. Searches of NZ Electoral Commission donations register have not revealed any donations by H.R.L. Morrison & Co. (Key personnel have generally not been high-profile party donors – Data Not Found).

  1. Trade Associations and Advocacy Memberships: Data Not Found. (Likely participates in industry groups such as Infrastructure New Zealand and similar forums, given its sector dominance, but specific memberships are not publicly listed.) Morrison & Co principals have formed and led independent advocacy groups (e.g. Pure Advantage, a green business lobby chaired by Rob Morrison) rather than traditional trade associations.

  1. Professional Services (Lobbyists, PR, Law): Morrison & Co’s influence efforts appear to be handled in-house by its executives and board. No dedicated lobbying firm is openly engaged on its behalf (no known registered lobbyist representation – Data Not Found). The firm uses top law firms and financial advisors for deal-making (e.g. Chapman Tripp, Russell McVeagh for transactions – not for political lobbying per se). Public relations is managed internally or via contracted communications consultants on a project basis (e.g. media handling during major acquisitions) – Data Not Found (specific PR firms not disclosed).

  1. Public Office Holders on Payroll (Revolving Door): Notably James Shaw, former Cabinet Minister, joined as an Operating Partner in 2024. Historically, the firm and its managed entities have recruited a few ex-officials: for example, John Whitehead, a former Secretary of the Treasury, served on the board of Infratil after retiring from public service (appointed in 2012). No other former Ministers or MPs are known to be employed directly by Morrison & Co (apart from advisory roles like Shaw’s). However, some senior public servants have transitioned into consulting roles for Morrison-managed projects – Data Not Found (full list not public).

  1. Former Staff in Government Roles: Several individuals associated with Morrison & Co have moved into public roles, contributing to a “revolving door” dynamic. For example, Rob Morrison (Chairman) was appointed Chair of government-owned Kiwibank while leading the firm. Another instance is former CEO Marko Bogoievski’s appointment to certain public advisory boards (e.g. NZ Trade & Enterprise’s board in the 2000s) – Data Not Found. These overlaps illustrate Morrison & Co’s personnel circulating in influential public positions, though not always in elected office.

  1. Influence and Access Methods: The organisation relies on direct relationships and behind-closed-doors engagement with officials rather than overt lobbying. Its leaders have personal access to top decision-makers (via industry councils, official advisory panels, and political networks developed over decades). Morrison & Co also exerts influence through joint ventures with government (PPP partnerships give it a seat at the table in policy implementation) and through thought leadership in public forums (executives frequently speak at government-hosted infrastructure conferences and taskforces – e.g. participation in the NZ Infrastructure Commission’s strategy consultations) – Data Not Found (specific events).

  1. Policy Stance and Advocacy Priorities: The firm consistently advocates for policies favoring private investment in infrastructure and market-based solutions:

    • Public-Private Partnerships: Morrison & Co champions PPPs and has cautioned governments to partner with private capital rather than “go it alone” in infrastructure development.

    • Infrastructure Spending: It lobbies (informally) for increased infrastructure investment and long-term planning, aligning with its business model.

    • Climate and Energy Policy: The company touts support for clean energy transition (investing heavily in renewables abroad) and has publicly welcomed frameworks like the Zero Carbon Act and climate-risk disclosure, which create opportunities for green investment.

    • Regulatory Environment: Morrison & Co has opposed what it calls “unhelpful” regulatory decisions – for instance, it criticized local authorities’ transit contract awards that undercut its bus business, and it legally challenged aviation safety rulings delaying Wellington Airport’s expansion. Its communications often suggest that stable, investor-friendly regulation is needed to ensure private capital participation.

  1. Public Communications and Transparency: The firm maintains a low public profile. It issues minimal press releases beyond investment announcements, preferring closed-door dialogue with policymakers. There is no regular disclosure of its meetings with ministers or officials (not required by NZ law). Key communications include annual reports via Infratil, select speeches, and contributions to policy consultations (e.g. submissions via industry coalitions) – but these are not easily traceable (Data Not Found in public record). This opacity has drawn criticism from transparency advocates given Morrison & Co’s significant policy footprint.

  1. Controversies and Criticisms:

    • Success Fee Controversy: The firm’s lucrative management and performance fees (so-called “success fees”) have drawn ire from even its own investors – e.g. the government’s ACC fund protested Morrison’s fee structure as excessive. Critics argue such fees incentivise short-term valuation boosts over public interest.

    • Regulatory Capture Concerns: Watchdogs point to Morrison & Co’s practice of hiring former officials (and vice versa) as a potential source of regulatory capture, where policy might be unduly shaped in favor of the private infrastructure sector. The hiring of a recent Cabinet Minister (James Shaw) raised eyebrows about a “revolving door” move, even as Shaw maintains his aim is climate impact.

    • Integrity of Green Advocacy: Some have questioned whether Morrison & Co’s green investment stance is integrity washing – leveraging environmental initiatives and high-profile green hires to burnish its image while it continues to profit from emissions-intensive assets like airports. (Wellington Airport’s planned runway extension, backed by Morrison, was seen as climate-unfriendly, creating a clash with the firm’s renewable investments narrative – media and council debates noted this tension, Data Not Found footnote).

    • Transparency Deficit: The company operates in what has been called a “Wild West” of unregulated influence in NZ. Its behind-the-scenes lobbying on issues like PPP policy and asset sales leaves almost no public paper trail, something the new Lobbying & Influence Register initiative flags as a problem (no legal breaches alleged, but a democratic transparency gap).

  1. Integrity and Ethics Policies: Morrison & Co publicly commits to responsible investment principles (signatory of UN PRI) and in 2021 pledged to become carbon-neutral (“climate positive”) in its own operations. However, it has no published code on lobbying ethics or political engagement. There are no known internal policies restricting hiring of former officials or political activities – Data Not Found. Any ethical safeguards (e.g. conflict of interest management when dealing with government-owned co-investors) are handled privately at board level.

  1. Notable Relationships:

    • Pure Advantage – An environmental business think-tank chaired by Rob Morrison, used to promote green policy solutions. This affiliation gives Morrison & Co indirect influence in climate policy debates while projecting a pro-sustainability ethos.

    • Government Advisory Bodies: Company leaders have sat on bodies like the Climate Commission’s advisory panel (Rob Morrison was involved in climate advocacy circles) and on Crown entity boards (as noted with Kiwibank, Antarctica NZ). These roles increase informal access to government decision-makers.

    • Political Figures: Aside from James Shaw, the firm’s history intertwined with political figures who have praised or worked with it. Former PM John Key lauded Lloyd Morrison as a visionary (Key’s government knighted Lloyd posthumously in 2015), and ex-Deputy PM Bill English spoke at Lloyd’s memorial, reflecting cross-party connections. Such goodwill may translate into softer treatment or receptive ears in Wellington’s political circles (anecdotal but notable).

  1. Competitive Position: Morrison & Co is by far the largest NZ-headquartered private investment fund, managing NZ$38 billion (c. US$28b) as of 2024. It dwarfs other domestic players in influence, behind only state mega-funds (NZ Super & ACC). Its closest analogues are foreign infrastructure investors (e.g. Australia’s Macquarie Group), but in New Zealand’s context Morrison & Co holds unparalleled sway over infrastructure capital.

  1. Regulatory Oversight: As a financial manager, the firm is licensed under NZ’s Financial Markets Authority (FMA) for fund management – however, no regulator directly monitors lobbying or political influence. The NZ Commerce Commission occasionally tangles with Morrison & Co on competition matters (e.g. approving its acquisitions like Vodafone NZ in 2019). Absent formal lobbying rules, oversight of its political engagements is effectively nil, apart from general bribery/corruption laws (no violations reported).

  1. Disclosure Gaps: There is no requirement for Morrison & Co to publish interactions with officials. Notably, Parliament’s register of MPs’ interests revealed Green MP James Shaw’s potential conflict only when he formally announced his post-Parliament role at the firm – highlighting that private approaches and job negotiations occur outside public view. The Integrity Institute and media have pointed out that the public often learns of Morrison & Co’s influence (e.g. lobbying for a policy change or a lucrative contract) only indirectly, if at all, due to these disclosure gaps.

  1. Summary of Influence Profile: Morrison & Co wields significant, largely opaque influence over New Zealand infrastructure policy. It has ingrained itself through public-private partnerships, strategic hiring of insiders, and leadership positions in public institutions. With vast funds under management and deep political networks, the company operates as a power broker behind major infrastructure decisions, while remaining outside the limited transparency frameworks of NZ’s political system.

Sources:

  1. Chris Keall, “Who is Infratil manager Morrison, the $38 billion firm that James Shaw just joined as partner?”, NZ Herald, https://www.nzherald.co.nz/business/companies/energy/who-is-infratil-manager-morrison-the-38-billion-firm-that-james-shaw-just-joined-as-partner/RXAKV54FUNE4BPP5USXBL653BQ/

  2. Gareth Vaughan, “James Shaw leaves Parliament with a wager”, Interest.co.nz, https://www.interest.co.nz/public-policy/127565/former-climate-change-minister-james-shaw-criticised-partisanship-and-proposed

  3. Bryce Edwards, “Launching the NZ Lobbying & Influence Register”, Democracy Project via Substack, https://democracyproject.substack.com/p/unauthorised-nz-lobbying-and-influence (Apr 7, 2025)

  4. The Integrity Institute, “Lobbying corrupts decisions”, TheIntegrityInstitute.org.nz, https://theintegrityinstitute.org.nz/lobbying-corrupts-decisions/

  5. Jonathan Underhill, “Infratil laments loss of bus contracts to companies paying lower wages”, BusinessDesk (via Wellington Scoop), http://wellington.scoop.co.nz/?p=104934

  6. Paul McBeth, “Morrison & Co, Morrison family sell down stake in Infratil”, BusinessDesk (via Scoop News), https://www.scoop.co.nz/stories/BU1212/S00490/morrison-co-morrison-family-sell-down-stake-in-infratil.htm

  7. Paul McBeth, “Saville’s Utilico no longer Infratil substantial holder”, BusinessDesk (via Scoop News), https://www.scoop.co.nz/stories/BU1601/S00358/savilles-utilico-no-longer-infratil-substantial-holder.htm

  8. “Investment manager Morrison & Co names its third chief executive in 33 years”, NZ Herald, Jul 20, 2021 (Premium) – [Excerpt via NZHerald], https://www.nzherald.co.nz/business/personal-finance/investment/investment-manager-morrison-co-names-its-third-chief-executive-in-33-years/3FAZGA4MC2ETNVZ7HSDQ37TRZA/

  9. H.R.L. Morrison & Co – Company Profile, Wikipedia, https://en.wikipedia.org/wiki/Morrison_%26_Co (accessed May 2025)

  10. Natalie Bannerman, “Geraldine Buckingham joins Morrison & Co as board director”, Capacity Media, Mar 23, 2023, https://www.capacitymedia.com/article/2bfth95oi1pfm1w12rvuo/appointments/geraldine-buckingham-joins-morrison-co-as-board-director

  11. finews.asia, “Morrison Expands in Singapore With Former New Zealand MP”, Apr 7, 2025, https://www.finews.asia/finance/43070-new-zealand-morrison-singapore-hon-james-shaw-infrastructure

  12. “Integrity Briefing: Launching the NZ Lobbying & Influence Register”, Democracy Project (Bryce Edwards), Apr 2025 – [Excerpt via Facebook], https://www.facebook.com/bryce.edwards.nz/posts/pfbid02BHW… (OECD lobbying regulation ranking)

  13. NZ Companies Office / CompanyHub – H.R.L. Morrison & Co Group LP and related entities (company registration data), https://companyhub.nz/

  14. New Zealand Super Fund – Media Statement: “Morrison & Co to Manage Infrastructure Mandate”, NZSuperFund.nz, Mar 21, 2006, https://nzsuperfund.nz/news-and-media/morrison-co-manage-infrastructure-mandate-21-march/

  15. Parliamentary Debates (Hansard) – [Relevant mentions of Morrison & Co or associated figures], New Zealand Parliament (e.g. One NZ debate by Bryce Edwards via Substack)

  16. Nature Conservancy NZ – “Our People” (Rob Morrison bio), nature.org, https://www.nature.org/en-us/about-us/where-we-work/asia-pacific/new-zealand/stories-in-new-zealand/our-people-new-zealand/

  17. BusinessDesk, “Marko Bogoievski eyes infrastructure expansion for Morrison & Co”, NBR (republished on BusinessDesk), 2021 – [Summary of statements on strategy]

  18. Wellington Airport Runway Extension – Court and Policy Documents (Civil Aviation Authority vs. Wellington International Airport case filings), CAA/NZ High Court – [Referenced in media reports].

  19. Bryce Edwards, “One NZ” (Lobbying Register entry), The Integrity Institute via DemocracyProject.substack.com, 2025 – [Notes former Treasury Secretary on Infratil board].

  20. Transparency International NZ – “Let’s Level the Lobbying Playing Field”, Transparency.org.nz, 2023 (campaign launch for lobbying reform), https://www.transparency.org.nz/let-s-level-the-lobbying-playing-field-campaign-launch/

  21. Jenny Ruth, “Recognising and lauding a business hero” (Marko Bogoievski profile), BusinessDesk, Dec 15, 2021, https://businessdesk.co.nz/article/opinion/recognising-and-lauding-a-business-hero-marko-bogoievski

Spot anything in this entry that is wrong? Please either leave a comment at the end or email, in confidence: bryce@democracyproject.nz

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