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

 


Chief Ombudsman’s port study ruling welcomed

Chief Ombudsman’s port study ruling welcomed


The Northland Regional Council has today released the $76,189 cost of a two-year-old report into its investment in Northland Port Corporation, as suggested by Chief Ombudsman, Dame Beverley Wakem.

Council chairman Bill Shepherd says the council is grateful to Dame Beverly for clarifying the issue in a finding he says largely vindicates council’s approach on behalf of its ratepayers, including supporting its decision to keep the report itself confidential for commercial reasons.

Councillor Shepherd says Dame Beverly became involved after a request from a business journalist and an individual minority investor who had earlier unsuccessfully sought the report, by investment banking and corporate advisor Rockpoint Corporate Finance Ltd.

"Dame Beverley has a background in broadcasting, public relations and consulting for both the public and private sectors and is held in high esteem internationally for her skills as an Ombudsman over the past nine years. We accept her opinion we should release the cost – but crucially not the content – of the report, which we commissioned over two years ago on our investment in Northland Port Corporation Limited.”

Councillor Shepherd says the total cost of preparing and presenting the report was $76,189 + GST, which had included visits to the port and Whangarei, meetings and disbursements etc.

“Council obtained the report in its investor capacity as the major shareholder of an NZX listed company that it views as a significant and strategic asset for Northlanders. My colleagues and I are very satisfied with the report and Dame Beverly has agreed its contents should remain confidential to the council for commercial reasons.”

Councillor Shepherd says nothing precludes other investors or potential investors in the port corporation from commissioning their own reports if they wish.

“As for the investment itself, council's shareholding had an NZX value of $41.8 million at $1.89 per share as of 30 June 2012 and as of 24 April this year has a value of $67.1 million at $3.03 per share.”

“Since June 2012, we’ve also received $4.4 million by way of dividends, which is a direct relief to ratepayers, and means that Northland Regional Council has some of the lowest rates and levels of debt of any regional council in New Zealand."

Councillor Shepherd says the regional council has long been a prudent and careful investor on behalf of its ratepayers.

“Indeed, one of the reasons that we are able to forecast a nil general average rates rise for the 12-months from 01 July this year is in part due to better-than-expected returns on our investments.”

He says as a ratepayer-funded body, the regional council has an obligation to look at the bigger picture when dealing with a key regional infrastructural asset like Northland Port Corporation.

“These considerations are often not the same as those required in the private sector.”

Councillor Shepherd says the council retains a keen interest in the future of the port corporation, which includes obtaining independent advice like the Rockpoint report.


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

  • Week in Parliament 22-05-15
  • Saturday Sitting
  • House Rises At Midnight
  • Telco Levy Bill Passes
  • Telco Levy Bill Completes First Reading
  • Social Housing Bill Passes Under Urgency

  • TPPA: University Of Auckland Warns Of Negative TPP Impact

    The University of Auckland May 20, 2015 University of Auckland Warns of Negative TPP Impact With the Trans Pacific Partnership (TPP) negotiation drawing to a close, the University of Auckland has expressed serious concerns about its potential implications. ... More>>

    NZ Flag: Flag Referendum Gets Hit Hard In New Poll

    The latest Campbell Live text poll confirms it is time for the Prime Minister to listen to the public and shelve his flag referendum, says the New Zealand First Leader Rt Hon Winston Peters. More>>

    Gordon Campbell: The Government’s Belated Moves On Property Speculation

    Is it a property tax on capital gains or a capital gains tax on property? The Jesuitical distinctions in the government’s spin about its latest moves on property speculators are all about whether the government can claim that it jumped, or confess that it ... More>>

    Grant Robertson:
    Key Can’t Just Be Prime Minister For Parnell

    John Key must show New Zealanders in next week’s Budget that he is more than the Prime Minister for Parnell, and is also the Prime Minister for Pine Hill, Putararu and Palmerston North, Labour’s Finance spokesperson Grant Robertson says. In a ... More>>

    Labour Party: More Regional Jobs Go In Corrections Reshape

    News that 194 Corrections staff are to lose their jobs will have ramifications not only for them and their families but for the wider community, Labour’s Corrections spokesperson Kelvin Davis says. Prison units at Waikeria, Tongariro and Rimutaka ... More>>

    ALSO:

  • NZ First - Prison Job Losses to Send Money Offshore
  • TPPA: ‘Team Obama’ Regroups On Fast Track, Still Not Deliverable

    ‘After yesterday’s stinging and unexpected defeat for the Obama administration’s attempt to advance Fast Track legislation in the US Senate, Senate leaders have worked up a compromise they think will get them past this blockage’, according to Auckland ... More>>

    NZ Government: 5,500 More Doctors And Nurses In Our Hospitals

    Health Minister Jonathan Coleman says a record number of doctors and nurses are working in District Health Boards across the country. More>>

    Controller and Auditor General: Katherine Rich Conflict of Interest Decision

    We are writing to you about a matter that has been raised with us by members of the public. More>>

    ALSO:


    Budget 2015: Andrew Little On The 2015 Budget

    Speaking to the Chamber of Commerce, the Labour opposition leader attacked the government’s approach to economic issues facing New Zealand. He said they have been “more than reckless in their complacency” and “the next week’s budget will do nothing ... More>>

    Defence Force: NZDF Building Partner Capacity Mission Personnel In Iraq

    NZDF Building Partner Capacity Mission Personnel in Iraq The New Zealand Defence Force Building Partner Capacity training mission contingent is in place at Taji Military Complex in Iraq. The Chief of Defence Force Lieutenant General Tim Keating says the ... More>>

    PM Press Conference: ACC Levy Cuts Announced

    In a press conference this afternoon in Wellington, ACC Minister Nikki Kaye proposed $500 million worth of ACC levy cuts. More>>

    Quakes: New Process For Red Zone Crown Offers

    Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

    ALSO:

    Gordon Campbell: On The Battle Obama Is Waging Over The TPP

    For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

    ALSO:


    Gordon Campbell: On lessons for Labour from the UK election
    If the polls were right – and the pollsters kept telling us how accurate they’d been in 2010, and even Nate Silver was getting the same results – there seemed no way that the British Labour Party could lose last Thursday’s British election. With Labour predicted to win around 270 seats and the Scottish National Party batting around 55-60 seats, Labour seemed to be home free. But…as we now know, things didn’t turn out that way. Labour ended up with 232 seats and the Conservatives swept back to power with an outright majority, after winning only a little more than a third ( 36.9%) of the votes cast.MORE >>
    Also.

  • NZ PM John Key - PM congratulates David Cameron after UK election
  • The Nation IV Transcript - Hack Attack author Nick Davies
  • Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Regional
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news