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

 


Air NZ boss Luxon to sit on Virgin board

Air NZ boss Luxon to sit on Virgin board

By Suze Metherell

July 4 (BusinessDesk) - Air New Zealand boss Christopher Luxon has been appointed to Virgin Australia's board alongside its fellow investors in the Australian airline from Etihad Airways and Singapore Airlines.

Air NZ's Luxon, Etihad's James Hogan, and Goh Choon Phong of Singapore Airlines will join Virgin's board, representing their major stakeholder positions in Australia's budget carrier. Overall, 79 percent of the company is split between the three airlines and Richard Branson's Virgin Group, the company said in a statement.

Auckland-based Air NZ lifted its stake in Virgin to 25.99 percent last month, the maximum holding it is allowed in its agreement with the nation's foreign investment body, having first sought an alliance with the Australian airline in 2010 after a potential tie-up with Qantas was knocked back in prior years. Etihad holds a 21 percent stake and Singapore Airlines sits on a 22 percent holding, according to the most recent substantial shareholder notices on the ASX website.

Virgin adopted a nominee director protocol, in consultation with the Australian Competition and Consumer Commission and the Department of Infrastructure and Regional Development, to manage conflicts of interest and confidential information.

"We have put in place strong protocols in relation to confidential information and any conflict of interest," said Neil Chatfield, chairman of the Virgin board. "The board will retain its overall independence given that I, as current chairman, am an independent director and the company's constitution states that the chairman has a casting vote if there is an equality of votes at a meeting of directors."

Shares in ASX-listed Virgin Australia last traded at 42.5 Australian cents and have gained 12 percent this year. On the NZX shares in Air New Zealand rose 0.5 percent to $2.18 and advanced 32 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:


Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news