Michael Wood appears to have committed multiple breaches of the Cabinet Manual over his undisclosed holding of Auckland Airport shares while he was Minister of Transport, National’s acting Auckland spokesperson Paul Goldsmith says.

“Mr Wood has confirmed he owns $13,000 worth of Auckland International Airport shares, which presents a clear conflict of interest for a Minister of Transport responsible for Auckland’s transport network and as Minister for Auckland.

“For more than a year as Transport Minister, from late 2020 to early 2022, he did not declare his holding. That is a clear breach of the Cabinet Manual. His position may be untenable.

“Mr Wood’s explanation that he believed the shares were held in a family trust is both incredible and irrelevant. Is he saying he did not disclose them because he thought he could keep the investment a secret from Parliament and Cabinet?

“In early 2022 he declared the shareholding in his pecuniary interests, but then he failed to manage the conflict effectively.

“The sensible thing would have been to sell the shares immediately on becoming Minister of Transport. Once he failed to do so he should have excused himself from decisions affecting the airport.

“Eventually, in June 2022 he passed responsibility for the aviation part of the portfolio to another Minister, but that didn’t resolve his conflicts.

“As Transport Minister, Mr Wood continues to be responsible for the Auckland light rail project, which is intended to link central Auckland to the airport. As Minister for Auckland, he frequently sits down to discuss Auckland transport issues with the mayor and possibly its own investment in the airport.

“He continues to breach the Cabinet Manual by failing to deal with real and perceived conflicts of interest. The fact that he is now reportedly selling the shares as his conflict becomes understood shows he knows he has failed to manage the conflict properly.

“Prime Minister Chris Hipkins should be up front about how long he has known about this, and whether he finds Mr Wood’s explanation credible.

“Would it be acceptable for a minister in his Cabinet to secretly own shares in a company that they are responsible for regulating if those shares are hidden in a family trust?”

© Scoop Media