Today the Manukau City Council voted to take up Auckland International Airport’s share offer. This purchase guarantees continued public ownership of a cornerstone stake in a key strategic asset. I’d like to explain why we did it.

I believe Auckland International Airport is a key asset for the region and the country.

The decision to take up the share offer means Manukau’s shareholding retains its existing share of the company, which is 10.013%.

This ensures that the Council’s shareholding remains over 10 percent, and therefore is unable to be bought out in the event of any takeover attempt. Failure to take up the offer would, in effect, be diluting the Council’s stake.

It was therefore important for our council to take up its shares to guarantee the continuation of a regional stake in such an important asset.

Other council’s have controversially privatised part or all of their shares. Manukau has kept its shareholding in the airport.

Our shareholding enables us to continue to have a say in the direction and development of the company. One only has to see the tremendous development at and around the airport over the past decade to understand how important its continued growth and vitality is to the local economy.

Also, on pure commercial grounds, it is the right decision. The company is a quality asset which returns good dividends.

Our council and the people of Manukau, along with people from right around the region, strongly support public ownership of key assets – like airport shares, water companies, and the port – in order to support the city’s future development.

I believe we need to grow our future, not sell it. Continued public ownership of key assets is crucial to building a world-class city.

With the new Supercity coming into existence, Manukau’s shareholding is an investment on behalf of ALL of Auckland.

(Manukau City Council will purchase 7,671,728 shares through the share offer at a cost of $12,658,321.20. Its current shareholding of 10.013% percent will remain the same.)