Asset Management Policy
This policy applies to all University members and to assets owned, leased and/or operated by the University. It is to be read in conjunction with the Capital Expenditure and Fixed Asset Policy and Procedures.
To define the key principles and direction to asset management at the University.
The University owns and manages a large and complex asset base with many high value and critical assets. In managing these assets we aim to align with industry best practice and with the Government’s direction that tertiary providers must demonstrate effective and efficient whole of life asset management. To do so requires a committed and co-ordinated effort across all sections of our organisation.
A strategic asset management approach enables the University to manage the lifecycle of its assets with due consideration given to wider organisational objectives, in particular those related to sustainability as outlined in the Te Rautaki Aronga Toitu (the University’s Sustainability Strategy), stakeholder needs, compliance requirements and reducing risks.
1. Asset owners and managers of the University must ensure that assets are effectively and sustainably managed throughout their lifecycle 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 whole of life cost 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, environmental, and net-zero carbon 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. The Asset Management Steering Group will promote the principles of this Asset Management Policy to Asset owners and managers so that all asset management activities undertaken by these groups can be aligned to those principles.
9. Asset owners and managers are to proactively seek continual improvement of our asset management capabilities and ensure that asset management practices are appropriate to meet the University objectives.
10. The planning and delivery of the continual improvement work will be driven and monitored by the Asset Management Steering Group, to ensure that it remains a priority.
11. The asset owners will maintain an Asset Management Plan for their organisational unit that provides detail of the lifecycle management of the assets.
12. Responsibility for the implementation of the Asset Management Plan sits with the asset managers at the University.
13. 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. It also identifies the 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 Long Term Financial Plan (LTFP), annual Capital Expenditure Plan and Sustainability Strategy.
Asset Management Steering Group provides strategic direction and leadership on asset management aligned to best practice to all asset owners across the University. Its membership includes key individuals responsible for asset management at the University, including representatives from Property Services, Connect, Faculties and Finance.
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.
Long Term Financial Plan (LTFP) sets out the priority initiatives to achieve the vision and strategic priorities in Taumata Teitei. It identifies the investment required to support these initiatives and to maintain University infrastructure and facilities.
Stakeholders are staff members and students, suppliers, partners, contractors and tenants.
Sustainability as defined in Te Rautaki Aronga Toitū | Sustainability Strategy, University of Auckland.
Net zero carbon as defined in Te Taumata Tukuwaro-kore | Net Zero Carbon Strategy, University of Auckland.
University means ‘Waipapa Taumata Rau - University of Auckland’ and includes all its 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
Expectations for Investment and Asset Management in the State Services, Information Release December 2019
Health and Safety at Work Act 2015
Climate Change Response (Zero Carbon) Amendment Act 2019
Building Act 2004
Any other prevalent and related legislation
University of Auckland
Taumata Teitei | Vision 2030 and Strategic Plan 2025
Te Rautaki Tūāpapa | The University of Auckland Estate Strategy 2021-2030
Te Rautaki Aronga Toitū | Sustainability Strategy
Te Rautaki Matihiko | The University of Auckland Digital Strategy 2025
IT Acceptable Use Policy
Computing Equipment Procurement Standard
Capital Expenditure and Fixed Assets Policy
Health and Safety Policy
Risk Management Framework
Net zero carbon as defined in Te Taumata Tukuwaro-kore | Net Zero Carbon Strategy
A Brief Guide on Asset Management
Asset Management best practice
ISO55000 Asset Management Standards
International Infrastructure Management Manual (2015)
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