The Treasury

Global Navigation

Personal tools

Shareholding and governance

42. The TRC is a company listed on Schedule 4 of the Public Finance Act 1989. The Crown, represented by the Minister of Finance and Minister of Housing, and the Auckland Council are shareholders of the TRC. The shareholding reflects initial equity contributions to the TRC with the Crown holding 59 percent of shares and the Auckland Council holding 41 percent.

43. The relationship between the Crown and the Auckland Council with respect to the establishment of the TRC and their respective contributions is governed by a Heads of Agreement. This sets out how the Crown and the Auckland Council will work together with respect to the TRC. It also sets out the expectations of the TRC and the process for shareholders' approval processes for advancing to stage 2.

44. The Board was appointed in December 2012 and recently held its first meeting. The Board consists of one director appointed solely by the Crown and one director appointed by the Council. The other Board members are jointly appointed by both the shareholders, as is the Chair. The current Board is chaired by Martin Udale who was involved in advising Ministers in the establishment of TRC.

45. The composition of the TRC Board as at 24 January 2013 is as follows:

Composition of the TRC Board as at 24 January 2013
Name Position Start date Term end date
Martin Udale* Chair 20 December 2012 19 June 2016
Brian Donnelly* Deputy Chair 20 December 2012 19 June 2016
Anne Candy Council appointee 20 December 2012 19 June 2015
Eru Lyndon Director 20 December 2012 19 June 2016
Susan Macken Director 20 December 2012 19 June 2016
Soana Pamaka Director 20 December 2012 19 June 2015
John Sax Crown appointee 20 December 2012 19 June 2015

[2]

46. It is not expected you will be required to consider the Board make up in the near future. However, it is possible that you may need to consider the appointment of an ‘alternate' director (to cover any absence of the Crown appointed director who is required for quorum), and we will report shortly if this is the case.

Page top