Asset Management Policy
This policy applies to all University staff members and to assets owned, leased and/or operated by the University.
To define the key principles and approach to asset management at the University.
The Government has directed that tertiary providers must demonstrate effective and efficient whole of life asset management.
The University, which owns and manages a large and complex asset base with many high value and critical assets, aspires to excellence in its asset management practices.
Effective asset management requires a committed and co-ordinated effort across all sections of an organisation.
A strategic asset management approach will enable the University to manage asset lifecycle from a whole-of-life approach with due consideration given to organisational strategic objectives, stakeholder needs, compliance requirements and risks.
This policy is to be read in conjunction with the Capital Expenditure and Fixed Asset Accounting Policy and Procedures.
1. All members of the University must ensure that assets are effectively and sustainably managed at optimal whole of lifecycle cost to meet the University’s strategic objectives.
2. Asset management decisions must prioritise the provision and maintenance of a safe and healthy work environment.
3. Asset management decisions are to be made from a lifecycle approach which is underpinned by data analysis using accurate and current asset information and takes into account the suitability of the asset for current and future needs.
4. The identification, assessment and management of asset-related risk is to be aligned with the University Risk Management Framework.
5. Stakeholders must be consulted during planning of the asset lifecycle to consider current and future needs, and to ensure assets are developed to align with strategic objectives, user expectations, and required levels of service.
6. Asset management must take into account the University’s Sustainability Policy and sustainable development principles, including due consideration of long-term financial, community and environmental impacts.
Note - All asset management related activity must comply with relevant legislation, statutes and University policy requirements.
7. Asset planning and management must be integrated into business plans and aligned with the University Asset Management Framework.
8. All members of the University are to proactively seek continual improvement of our asset management capabilities and ensure that asset management practices are appropriate to meet the University objectives.
9. The asset owners will maintain an Asset Management Plan for their organisational unit that provides detail of the lifecycle management of the assets.
10. Responsibility for the implementation of the Asset Management Plan sits with the asset managers at the University.
11. The Asset Management Plan is to be reviewed annually and must align with the University strategic plan.
The following definitions apply to this document:
Assets are tangible or intangible resources owned by the University as a result of past events and from which future economic benefits are expected to flow to the University. Examples include property, buildings, plant, machinery, vehicles, IT infrastructure, software, art and library collections and scientific equipment.
Asset management refers to systematic and coordinated activities and practices through which the University optimally and sustainably manages its assets and asset systems, their associated performance, risks and costs over their lifecycles for the purpose of achieving the organisational strategic objectives.
Asset management plan refers to a documented plan established by the asset owner that details current assets, including critical and specialised assets, the condition of such assets and the replacement and maintenance programmes planned to ensure required assets remain fit for purpose, identifies asset managers responsible for the operation and management of the scheduled assets and contains the asset lifecycle information, including future asset acquisition requirements, necessary to support the development of the annual Capital Expenditure Plan.
Asset managers are those responsible for the operation and management of an asset over the lifecycle of the asset.
Asset owners are capital budget holders in faculties and service divisions at level 2 or 2A in the University’s Organisational Structure (UOS).
Capital Expenditure Plan: An annual plan detailing current assets categorised by condition, proposed replacement schedule, additional capital items required and sources of funding.
Levels of service is the defined service quality for a particular activity or service areas delivered by the asset against which service performance may be measured.
Lifecycle is the time interval that commences with the identification of the need for an asset and terminates with the decommissioning and disposal of the asset or any associated liabilities.
Staff Member is an individual employed by the University on a full-time or part-time basis. This includes permanent, fixed-term and casual staff members.
Stakeholders are staff members and students, suppliers, partners, contractors and tenants.
Sustainability as defined by the United Nations’ Bruntland Commission in 1987 as ‘development that meets the needs of the present without compromising the ability of future generations to meet their own needs’.
University means the University of Auckland and includes all subsidiaries.
University members include members of Council, committee members, students, staff members, committee appointees, the University’s companies’ staff and board members and contractors working for and on behalf of the University.
Key relevant documents
Include the following:
- Education and Training Act 2020
- Cabinet Paper: Investment Management and Asset Performance in the State Services (CO 15 5)
- Resource Management Act 1991
- Building Act 2004
- Electricity Act 1992
- Gas Act 1992
- Health and Safety at Work Act 2015
- Hazardous Substances and New Organisms Act 1996
- The University’s Strategic Plan 2013-2020
- Capital Expenditure and Fixed Assets Accounting Policy and Procedures
- Health and Safety Policy
- Sustainability Policy
- Asset Management Framework
- Risk Management Framework
Document management and control
Owner: DCVO and Registrar
Content manager: Director of Property Services
Approved by: Vice-Chancellor
Date approved: May 2019
Review date: May 2024