Holdco sticks with Crown directors' skills

COLLETTE DEVLIN
Last updated 05:00 17/02/2014

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The Crown may have sold its Invercargill Airport shares but its appointed directors still sit on the board.

Four Southland runanga of Ngai Tahu bought the Crown's 2.82 per cent stake in December for $5600.

The other 97.18 per cent is owned by the Invercargill City Council holding company, Holdco.

The airport has five directors who get paid about $20,000 annually. The Crown's share was previously 45 per cent before it was diluted to 2.81 per cent in 2012.

That meant the Government was no longer able to appoint two directors.

Holdco then appointed Invercargill Mayor Tim Shadbolt to the board but kept Crown-appointed directors Thomas Mccuish Foggo and Robert Martin Walton.

Invercargill Airport chairman Joe O'Connell said Holdco elected to reappoint them at the time.

Holdco director Norman Elder said when the Crown sold its shares in December the two directors were reappointed again.

"We reappointed them because of their existing knowledge and governance skills." Ngai Tahu shareholders did not have enough shares for a director, he said.

However, a shareholder meeting was planned to discuss governance issues and shareholder arrangements.

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- © Fairfax NZ News

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