ComCom raises transparency bar for New Zealand airports
By Jason Krupp
Dec. 23 (BusinessDesk) - The Commerce Commission today published its information disclosure requirements for airports, a move aimed at boosting operating transparency and competition among the Auckland, Wellington, and Christchurch gateways.
The three airports, all regulated under the Commerce Act 1986, will be required to provide regular updates on historical financial information, quality measures, pricing information, and revenue forecasts from the start of the 2012 financial year, according to a statement from the commission.
The move is seen as a step to incentivise operators to investment in infrastructure, improve operational efficiencies, share the benefits of efficiency gains in the supply of regulated goods with customers, and limit their ability to extract excessive profits.
"The new disclosure regime represents a significant step forward in terms of the amount and quality of information that will be publicly available,” said commission chair 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.”
The Commission said the new disclosure requirements have been established in line with generally accepted accounting practices, and input methodologies for regulated airport services, making comparison between operators easier.
The full list of disclosures include reports on return on investment; regulatory profit; regulatory tax allowance; regulatory asset base roll-forward; related party transactions; actual to forecast expenditure; segmented information; and a consolidation statement.