2 December 2004

Christchurch City Holdings – appointment of directors

Christchurch City Council has today approved the appointment of three new directors to the Board of Christchurch City Holdings Limited (CCHL).

They are City Councillors Sue Wells, Graham Condon and Barry Corbett. They will join existing board members Dr Paddy Austin (Chair), David Stock, Craig Boyce, Bruce Irvine and Christchurch Mayor Garry Moore.

Bob Lineham, the Council’s Director of Strategic Investment and CEO of Christchurch City Holdings, says, “the names recommended to the Council were based on merit and in accordance with the long-standing policy for an equal mix of commercial directors and City Councillors who could all add value to the work of the company and have the confidence of the Council and the community”.

“The committee tasked with making the recommendations to Council included commercial directors from the CCHL Board and a past senior Councillor and the committee took advice from a management consultant with experience in the appointment of directors,” Mr Lineham says. “The consultant interviewed a number of Councillors who had expressed interest in the positions and assessed the relevant skills which could be contributed to the board.”

The vacancies have been created by the retirement from the board of Oscar Alpers, Pat Harrow, Alister James and Barbara Stewart.

Christchurch City Holdings Limited is the investment company which holds the Councils shares in key infrastructure companies Orion, Lyttelton Port Company, Christchurch International Airport, Redbus, City Care and Selwyn Plantation. It monitors the financial performance of these and other companies and ensures that the governance of each of these subsidiaries is in accordance with best practice.

“This company is important to the Council, not only because it protects the long term public ownership of these companies but also because the revenue derived from them reduces the level of rates in the city by more than 15 per cent each year” Mr Lineham says.

ENDS

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