Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

MCC Adopts Amendment to Long-Term Plan

Manukau City Council Adopts Amendment to Long-Term Plan

Airport Investment Management Strategy Approved

Manukau City Council has approved its amendment to its Long Term Council Community Plan, which sets out a strategy to manage the council’s 10.05 per cent holding in Auckland International Airport Limited.

The council has carried out public consultation on the amendment, with 552 submissions made, the majority of which were in favour of the strategy.

Mayor Len Brown says it is important to the community that the council retains its shareholding.

“As a major employer in the city, and a vital transport hub for the city, region and country, the airport’s continued development is the council’s objective,” he says.

The strategy provides the council with the basis to consider any offers made for the company. At this stage, the council has not received any formal offers.

“Clearly, the proposed CPPIB take-over offer meets some of the council’s criteria but not others The council will consider the detail of any CPPIB offer once it is received.

The full text of the strategy is attached.

The proposed objectives in the strategy are:

Strategic:

  • the council should maintain its present level of ownership

  • the company must be committed to, and able to deliver on, the development of the airport

  • the company not pursue strategies that risk dilution of the council’s shareholding

Financial:

  • generate improved financial results (increase future dividends and possibly free up capital) for the council

Commercial:

  • there should be no single controlling shareholder (a controlling shareholder would probably have more than 30 to 35% of the shares)

  • the council should be able to appoint a Board member, (appointed for his or her ability to contribute to the forward direction and governance of the airport company and in line with the council’s policy the director would not be a councillor or officer of the council)

Liquidity:

  • the company should be listed on the New Zealand Stock Exchange (NZX)

Overseas Ownership;

  • no single overseas owner with a controlling interest (there will of course be a number of smaller overseas shareholders).

Background

Manukau City Council owns a 10.05% (122,747,646 shares) shareholding in Auckland International Airport Limited. Manukau City Council became an original shareholder of AIAL in 1988 on corporatisation of the airport. At that time the airport was owned jointly with the Crown holding 50% of the shareholding and the Auckland local authorities each having individual shareholdings totalling 50%. Later the Crown increased its shareholding to 51.6% after acquiring the small shareholding of Papakura District Council.

In 1998 AIAL was listed on the New Zealand Stock Exchange. All local authorities, with the exception of Manukau, have either partially or fully sold their shares in the airport. Manukau was the only local authority to increase its shareholding.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Election Day Is Upon Us

On Saturday New Zealand will hold its 52nd election.

Despite differences over the county’s direction and how to get there, being part of a representative democracy is still a precious right.

The politicians and their supporters have had their say.

Many people have exercised their right to vote already and the rest will have their chance until the polls close on Saturday.

Then the results will begin to roll in…


Election Night Results

Advance Voting Statistics

General Election Information: Voters - Who, When And Where

 
 

From The Hood: The Campaign Strategist’s Lament

"This election is a chance to really work the record of what nine years of National-led government has done to improve the country for everyone. Or will do. Another three years, maybe six. Thirty-three years, tops. You don’t want to risk that, do you? More>>

PSA Report: National Gets An ‘F’ For Health Funding

"Seeing National’s record on health collected in one place is quite sobering - it’s clear that underfunding is having dire consequences on both patients and staff, who are having to do more than ever with less," says Glenn Barclay, PSA national secretary. More>>

ALSO:

Children With Disabilities: Education Crisis Unaddressed

In 2008 IHC lodged its complaint against the on-going failure of New Zealand Governments and the Ministry of Education to ensure that disabled children access a quality education on an equal basis to others in New Zealand schools. More>>

Gordon Campbell: Ten Reasons For Not Voting National

if anyone you know is thinking of voting National in Saturday’s election, there’s still time for an intervention. You owe it to your friends and relations to intercede. Because there’s plenty of evidence on National’s mediocre-to-awful track record over its nine years in power. We can’t afford another three years of drift. More>>

ALSO:

Suffrage Day: PSA National Secretaries Vote For Equal Pay

PSA national secretaries Erin Polaczuk and Glenn Barclay are advance voting for the 2017 election alongside their daughters, with equal pay and fairness in mind on the 124th anniversary of women’s suffrage in New Zealand. More>>

ALSO:

Charge Protests: Dairy Farms Use Same Amount Of Water As 60 Million People

Using Dairy NZ numbers, economist Peter Fraser and agricultural consultant Dr Alison Dewes calculate the water consumption of New Zealand dairy farms is equivalent to the residential use of 60 million people. More>>

ALSO:

Greenpeace: Labour, Greens Commit To Canterbury Democracy

Labour MP Megan Woods is promising to return Canterbury’s regional council, ECan, to a democratically elected council. It follows a mass day-long occupation of the ECan building by local water activists calling for the restoration of democracy and urgent action to save rivers. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog
More RSS News Alerts