Hawke’s Bay Airport takes step forward
As from the 1st of July the Hawke’s Bay Airport operates as an airport company with the Crown, Napier City Council and Hastings District Council becoming shareholders. The new airport company board has two directors appointed by the Crown and two appointed by the Councils jointly. This is a good step forward for the Bay. I want to acknowledge the work of Russell Fairbrother in helping to initiate this process while he was a Member of Parliament in the last Government. Since that time it’s been great to have been able to work, together with Craig Foss, towards ensuring that the process has been completed on time. It is a big step towards achieving our wider aspirations of airport development.Congratulations to both Lawrence Yule and Barbara Arnott, to the previous Board (especially the chair Stuart McKinlay), and to local Maori who have all worked hard to achieve this outcome.Corporatisation will allow the airport to operate more efficiently, and provide more flexibility to meet future requirements.“There are numerous benefits associated with this corporatisation, including clearer governance, limited liability and the ability to borrow for investment. Two new directors have been appointed to the Board in Jim Scotland and Stuart Webster. Both men bring strong commercial experience to the Board together with a passion to develop the airport to maximise benefits for the Bay.The airport will continue to be owned 50 percent by the Crown, 26 percent by Napier City Council and 24 percent by Hastings District Council. It is expected to be fully commercial and there is no obligation for shareholders to provide additional funding.The new financial structure will have no effect on the day to day running of the airport. However there will be greater commercial freedom particularly around future investment decisions and the ability to raise funds. My expectation is that the new board will promptly construct a clear plan to develop the airport and have this presented to Government Ministers within a few months. I am confident that with all stakeholders working together we can ensure that this key piece of infrastructure continues to be an economic driver for the Bay.
As from the 1st of July the Hawke’s Bay Airport operates as an airport company with the Crown, Napier City Council and Hastings District Council becoming shareholders. The new airport company board has two directors appointed by the Crown and two appointed by the Councils jointly.
This is a good step forward for the Bay. I want to acknowledge the work of Russell Fairbrother in helping to initiate this process while he was a Member of Parliament in the last Government. Since that time it’s been great to have been able to work, together with Craig Foss, towards ensuring that the process has been completed on time. It is a big step towards achieving our wider aspirations of airport development.
Congratulations to both Lawrence Yule and Barbara Arnott, to the previous Board (especially the chair Stuart McKinlay), and to local Maori who have all worked hard to achieve this outcome.
Corporatisation will allow the airport to operate more efficiently, and provide more flexibility to meet future requirements.
“There are numerous benefits associated with this corporatisation, including clearer governance, limited liability and the ability to borrow for investment.
Two new directors have been appointed to the Board in Jim Scotland and Stuart Webster. Both men bring strong commercial experience to the Board together with a passion to develop the airport to maximise benefits for the Bay.
The airport will continue to be owned 50 percent by the Crown, 26 percent by Napier City Council and 24 percent by Hastings District Council.
It is expected to be fully commercial and there is no obligation for shareholders to provide additional funding.
The new financial structure will have no effect on the day to day running of the airport. However there will be greater commercial freedom particularly around future investment decisions and the ability to raise funds. My expectation is that the new board will promptly construct a clear plan to develop the airport and have this presented to Government Ministers within a few months. I am confident that with all stakeholders working together we can ensure that this key piece of infrastructure continues to be an economic driver for the Bay.
