Through its holding company, Christchurch City Council has now taken over complete ownership of the troubled Port of Lyttelton and says it is committed to good governance practises.
Christchurch City Holdings Limited (CCHL) chief executive Bob Lineham says the Lyttelton Port Company (LPC) will continue to be governed by its board of directors, who will now be accountable to the CCHL board.
Lineham says that CCHL remains committed to recognised good governance practises within the group of companies that it controls for the Council.
The LPC board has been criticised by unions and independent consultants over its handling of the remuneration package for its chief executive Peter Davie, in light of a poor health and safety record with the deaths of three port workers this year.
More can be found in our previous story HERE http://dieseltalk.co.nz/news/flak-port-boss-pay-increase
CCHL acquired the remaining shares in LPC last Friday to complete the takeover process which began in August when an agreement was reached with Port Otago to acquire all of its LPC shares.
LPC will be delisted from the New Zealand stock exchange (NZX) on 7 November 2014.
