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

 

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news