* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, June 9, 2025
Earth-News
  • Home
  • Business
  • Entertainment
  • General
  • Health
  • News

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Reeves to Announce £86 Billion for Science and Technology in Spending Review – Bloomberg

    Reeves Set to Unveil Groundbreaking £86 Billion Investment in Science and Technology!

    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Apple Watch and the future of wearable technology in healthcare – MSN

    Revolutionizing Healthcare: The Future of Wearable Technology with Apple Watch

    ECS Professor Pankaj K. Jha Receives NSF Grant to Develop Quantum Technology – Syracuse University News

    Unlocking the Future: ECS Professor Pankaj K. Jha Secures NSF Grant for Groundbreaking Quantum Technology Development

    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
  • General
  • Health
  • News

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Reeves to Announce £86 Billion for Science and Technology in Spending Review – Bloomberg

    Reeves Set to Unveil Groundbreaking £86 Billion Investment in Science and Technology!

    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Apple Watch and the future of wearable technology in healthcare – MSN

    Revolutionizing Healthcare: The Future of Wearable Technology with Apple Watch

    ECS Professor Pankaj K. Jha Receives NSF Grant to Develop Quantum Technology – Syracuse University News

    Unlocking the Future: ECS Professor Pankaj K. Jha Secures NSF Grant for Groundbreaking Quantum Technology Development

    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Resignations at Christchurch City Holdings after call for review

May 18, 2024
in Business
Resignations at Christchurch City Holdings after call for review
Share on FacebookShare on Twitter

Navigation for News Categories

Exterior shots of Chch city council building

Photo: RNZ / Nate McKinnon

The Christchurch City Council has called for a review of the makeup of its investment company board at the centre of a number of abrupt resignations.

A Canterbury business leader is urging the council to consider alternative ways of funding more than $3 billion in assets, after four independent directors of Christchurch City Holdings Limited (CCHL) quit the board, citing a breakdown in the relationship with the council.

CCHL board chair Abby Foote sent her letter of resignation to Mayor Phil Mauger on Wednesday, joined by fellow directors Chris Day, Martin Goldfinch and David Hunt.

Councillors discussed the appointment of a committee to be tasked with recommending a new CCHL chairperson to the council during the public-excluded part of a meeting on Wednesday.

A council report also recommended requesting the new chairperson provide advice on whether the CCHL board had an appropriate balance of skills, knowledge and experience given the council’s direction.

In December, the council rejected CCHL’s request to actively manage its portfolio, buying and selling assets as it saw fit.

CCHL manages assets on behalf of the council, including Lyttelton Port, Christchurch International Airport and power company Orion.

Business Canterbury chief executive Leeann Watson said the subsidiary companies contributed hugely to the regional economy and were critical in supporting the sustainable growth of Christchurch.

She supported CCHL’s proposal, saying the council needed to explore alternative funding models for the assets.

“Really the issue at hand is previously council have not been receptive to exploring alternative ways to fund that growth and keep the rates at an affordable level,” she said.

“Our infrastructure needs to grow with Canterbury and without the ability to either attract additional capital from the council or defer those dividends to reinvest, we’re struggling to see how some of those assets such as the Port, who do have plans to grow, can fund those plans.

“We really hope that whoever is the new chair of CCHL picks this up as a priority and we will certainly be keeping the pressure on them to do that.”

In her resignation letter to the mayor, Foote said despite the “best of intentions and considerable effort” the relationship between the CCHL board and the council – including current management – had broken down.

“We respect and support the right of council to make decisions around the city’s assets. This includes its decision not to accept the CCHL board’s recommendation in December 2023 to move to an active portfolio management model in order to invest in our region’s assets, pay down debt and grow dividends,” her letter said.

“However, the decisions council has subsequently taken over 2024 to maximise short-term dividends at the expense of paying down group debts and investing in the future of its companies has caused us to lose confidence in council’s ability to responsibly own core strategic infrastructure. We do not believe we can meet our duties as directors to CCHL or the subsidiary companies in our care with the current demands that council is making of CCHL.”

Mayor Phil Mauger did not address Foote’s claims in a statement issued on Thursday.

“I would like to thank chair Abby Foote and the departing directors for their contribution to CCHL. I wish them all well in their future endeavours,” his statement said.

“CCHL deputy chair Gill Cox will be the acting chair while the council moves to appoint a new chair.

“We look forward to continuing to work with the remaining members of the board and the new chair, who will move us forward in the direction set by the council.”

Get the RNZ app

for ad-free news and current affairs

Download from Apple App Store
Download from Google Play Store

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/national/517113/resignations-at-christchurch-city-holdings-after-call-for-review

Tags: “ChristchurchbusinessResignations
Previous Post

Workplace harassment costing employers $1.5 billion per year

Next Post

Free ferry trial extended as Wynyard Bridge closure continues

PCT Day 16-22 — Ecological Whiplash – The Trek

PCT Day 16-22 — Ecological Whiplash – The Trek

June 9, 2025
Attacks on science are attacks on making and keeping America great: op-ed – AL.com

Attacks on science are attacks on making and keeping America great: op-ed – AL.com

June 9, 2025
Science Confirms: Social Media Could Be Making Kids Depressed – SciTechDaily

Science Confirms: Social Media Could Be Making Kids Depressed – SciTechDaily

June 9, 2025
ZEL Mallorca, the active lifestyle brand of Meliá unveils bold and vibrant signature suite in Mallorca collaboration with Parisian artistic duo, Pangea. – Edomex Al Día

ZEL Mallorca, the active lifestyle brand of Meliá unveils bold and vibrant signature suite in Mallorca collaboration with Parisian artistic duo, Pangea. – Edomex Al Día

June 9, 2025
Power up your play with Nintendo Switch 2 and Mario Kart World launching today – News – Nintendo Official Site – Nintendo

Get Ready to Race: Nintendo Switch 2 and Mario Kart World Launch Today!

June 9, 2025
Lebanon aims to lure back wealthy Gulf tourists to jump-start its war-torn economy – Los Angeles Times

Lebanon Sets Sights on Wealthy Gulf Tourists to Revive Its War-Torn Economy

June 8, 2025
Cisco Partners with Monumental Sports & Entertainment to Power New D.C. Arena – Cisco Newsroom

Cisco Teams Up with Monumental Sports & Entertainment to Revolutionize the New D.C. Arena Experience

June 8, 2025
Couples who cuddle before sleep reap key health benefits, study reveals – Fox News

Couples who cuddle before sleep reap key health benefits, study reveals – Fox News

June 8, 2025
‘Damnit, get somebody in there’: Jimmy Patronis presses Ron DeSantis on CFO vacancy – Florida Politics

Damnit, Get Somebody In There!’ Jimmy Patronis Urges Ron DeSantis to Fill CFO Vacancy Immediately

June 8, 2025
Reeves to Announce £86 Billion for Science and Technology in Spending Review – Bloomberg

Reeves Set to Unveil Groundbreaking £86 Billion Investment in Science and Technology!

June 8, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (678)
  • Economy (691)
  • Entertainment (21,597)
  • General (15,280)
  • Health (9,733)
  • Lifestyle (695)
  • News (22,149)
  • People (692)
  • Politics (698)
  • Science (15,910)
  • Sports (21,193)
  • Technology (15,677)
  • World (676)

Recent News

PCT Day 16-22 — Ecological Whiplash – The Trek

PCT Day 16-22 — Ecological Whiplash – The Trek

June 9, 2025
Attacks on science are attacks on making and keeping America great: op-ed – AL.com

Attacks on science are attacks on making and keeping America great: op-ed – AL.com

June 9, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version