Ports require government nudge
A nudge or two from Government is required to encourage councils in New Zealand to take a commercial view of their dominant port sector shareholdings, says Port of Tauranga chairperson John Parker.
While not calling for outright Government intervention nor that councils be pushed to sell their local ports, Mr Parker nonetheless lamented that most ports are making “truly abysmal financial returns on their assets”.
He said ports should be forced to meet a basic requirement of the Port Companies Act to “operate a successful business” and that holding companies made up of independent directors be established for councils’ port assets.