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Commercial assets to benefit from holding company

Auckland City Council
Media release

18 September 2008

Commercial assets to benefit from holding company

Auckland City Council is considering the establishment of a holding company for commercial assets to provide better governance and value for money for ratepayers.

Councillor Douglas Armstrong, chairperson of the Finance and Strategy Committee that received a report on the matter yesterday, says that a holding company would be primarily used for commercial assets.

Mr Armstrong says his assessment of the committee’s view is that there is no intention to utilise a holding company for recreation and social services like the art gallery, libraries and parks.

“The main benefit of a holding company is better governance. We are not considering a wholesale move of assets into a holding company. We would consider it for commercial assets where it makes management and commercial sense to have a different structure.

“I have referred this matter to the next meeting of the full Council where the resolution will be amended to clarify the intent of the committee.”

He said officers would assess relevant assets and activities on a case-by-case basis and report back to council with recommendations.

Full public consultation would then be required before the council could legally transfer ownership of any strategic assets.

ends


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