Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Airports information disclosure requirements announced

Airports information disclosure requirements announced

The Commerce Commission today announced that the information disclosure requirements for specified airport services supplied at Auckland, Wellington and Christchurch airports have been determined.

The information disclosure determination will ensure that a range of information is publicly available to anyone who is interested in the performance of regulated airport services. The information disclosed by the airports will include:

historical financial information;
quality measures;
forecast revenue requirements; and
pricing information.

‘The new disclosure regime represents a significant step forward in terms of the amount and quality of information that will be publicly available,” said Commerce Commission Chair Dr Mark Berry. “More information will be available about what customers pay, their experience of regulated terminal services facilities, and the extent to which interruptions are related to the supply of regulated airport services.”

Another feature of the regime is that the historical financial information will be disclosed in accordance with input methodologies for regulated airport services. These input methodologies were also set today. This will result in greater consistency of information, and increased regulatory certainty.

“The determination is the culmination of a significant consultation process, and the Commission would like to thank the airports and airlines for the constructive way in which they have participated in the process,” said Dr Berry.

As a transitional measure, the airports have 11 months after the end of their 2011 financial year to complete their first disclosures.

The final determination can be accessed on the Commission’s website at www.comcom.govt.nz/airports-information-disclosure

Background
Specified airport services supplied by the companies operating Auckland International Airport, Wellington International Airport, Christchurch International Airport are subject to information disclosure regulation under Part 4 of the Commerce Act.
Draft decisions for airports information disclosure requirements and the input methodologies that underpin them were released for consultation on 31 May 2010. Since then, the Commission has:

considered all submissions and cross submissions received on its input methodologies draft decisions for specified airport services;

considered all submissions and cross submissions received on its airports information disclosure draft Reasons Paper and draft Determination;

considered all feedback received at the airports information disclosure technical working session, held at Wellington International Airport on 13 September 2010;

revised its draft input methodologies determination for specified airport services on 1 October 2010;

published a revised draft information disclosure determination for specified airports services for technical consultation, and considered submissions; and

finalised and published the input methodologies and information disclosure determinations for specified airport services on the website on 23 December 2010.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO:

Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>

ALSO: