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Council votes not to sell its shares
AUCKLAND CITY COUNCIL
MEDIA RELEASE
3 September
2007
Council votes not to sell its shares
Auckland City Council has tonight voted not to sell its 12.75 per cent interest in Auckland Airport.
Councillors voted 11 to 8 in favour of amending the council’s long-term plan which allows the council to restructure its shareholding if necessary to achieve the best outcomes from its investment.
In amending the plan, the council agreed not to include selling any of the shares as one of the options in its airport shares policy. The policy will require that the council retains as a minimum its 12.75 per cent shareholding.
Officers had recommended in a report to tonight’s council meeting that it should retain its airport shares and focus on maximising the returns for the benefit of residents and ratepayers.
Officers will undertake a full analysis of any proposals received by the council that are consistent with the options permitted by the amended long-term plan. The officers will then report to council with recommendations about each proposal at the appropriate time.
ENDS
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