New Zealand

Wellington City Council votes in favour of selling airport shares – pending public consulatation

Planes are grounded at Wellington Airport due to a storm

Photo: RNZ / Angus Dreaver

The Wellington City Council has voted to consult with the public on whether to sell its stake in the city’s airport.

The local body has a 34 percent holding in Wellington International Airport.

The council is under significant financial pressure due to spiralling costs on projects and has been meeting today to debate financial plans for the next decade.

The council wants to use the money from the sale of the shares to establish a perpetual investment fund.

The councillors who voted for and against on selling the council's Wellington Airport shares - pending public consultation.

The councillors who voted for and against on selling the council’s Wellington Airport shares.
Photo: RNZ / Krystal Gibbens

Several councillors said they would not have voted for the sale if not for amendments made by Tory Whanau which ensured an investment fund with strong environment, social and governance criteria.

The money can also not be withdrawn except as insurance cover in the event of a natural disaster.

Council also voted in favour of the sale of some of all of its ground lease portfolio.

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