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Council Opposition To Airport Share Sale Dismays

Media Release 9 March 2000

Business dismayed Council oppose sale of Airport shares

“The Employers & Manufacturers Association (Northern) is dismayed that the Auckland City Councillors cannot reach agreement to sell the airport shares and agree a sound policy for the investment of the proceeds,” says EMA Chief Executive, Alasdair Thompson.

“Six out of ten submitters to the Council’s strategic plan have urged the Council to sell its shares.

“The EMA does not consider that ownership of shares in a business such as Auckland International Airport is in the interests of residents and ratepayers. Councils are not investment companies and they should not be in that business. They should not be taking risks with ratepayers funds in one large investment like this.

“The ownership of these shares is inconsistent to the purpose and mission statement of the city as outlined in its Vision 2020 draft strategic plan.

“Neither is it appropriate to set up community investment trust with the proceeds to replicate the responsibilities of Infrastructure Auckland.

“To be consistent with the city vision, they should sell the Auckland International Airport shares and use the proceeds to repay public debt which stood at $235 million, including $70 million for Metrowater as at 30 June 1999. Another appropriate investment use of the proceeds would be to invest in infrastructure, particularly stormwater and transport solutions demonstrating the highest benefit or return.

For further comment contact: Alasdair Thompson
Phone Business (09) 367 0911
Home (09 303 3951
Mobile 025 982 024

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