Who’s Who

12 Sep

It seems some people think Environment Southland have a bigger role to play in South Port than I believe they do.  South Port is a Council Controlled Trading Organisation and a publicly listed company.  It’s responsibilities to Environment Southland are to make a profit so they can pay a dividend that ES can use to offset rates.  With 66% of the shares they do have an opportunity to appoint Directors but…

Directors of port companies
  • (1) The articles of association or constitution of every port company shall provide—

    • (a) that there shall be no fewer than 6 directors of the port company; and
    • (b) that not more than 2 members or employees of the Harbour Board or any other Harbour Board, territorial authority, regional council or united council that holds any equity securities in the company of any class that confer rights to vote at any meeting of the company may be directors of the port company.

    So even holding majority shares they are not able to hold the majority around the board table.  Add to that:

    (2) Subject to subsection (1), the directors of each port company shall be persons who, in the opinion of those appointing them, will assist the port company to achieve its principal objective.

    So it’s all about the principal objective and

    All decisions relating to the operation of the port company shall be made by or pursuant to the authority of the directorate of the company in accordance with the statement of corporate intent (if any).

    Every thing seems to point out that it is a business (because it is).

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