The Hawke’s Bay Regional Council has appointed three of its councillors to its Investment Company Board.
The Hawke’s Bay Regional Investment Company Ltd (HBRIC Ltd) is a council-controlled organisation set up to manage some of the Regional Council’s larger infrastructure investments around the region.
HBRIC Ltd played a pivotal role in the successful initial public offer of 45 percent of Napier Port in August 2019. The sharemarket listing provided $110 million to Napier Port to enable the Port to invest in its future growth, including a new wharf, with remaining proceeds for the Regional Council to invest on behalf of all ratepayers. The Regional Council retains a 55 per cent majority shareholding in Napier Port.
With Hawke’s Bay Regional Council Chair Rex Graham stepping down from the HBRIC Board and the other Regional Council director, Peter Beaven, no longer a councillor there was a need to appoint new directors.
Current Regional Councillors Neil Kirton, Rick Barker and Craig Foss have been appointed to the Board and will join independent director Dan Druzianic, who is also the Board Chair.
Hawke’s Bay Regional Council Chair, Rex Graham says HBRIC Ltd has a significantly important role to play for ratepayers in managing the Regional Council’s investment portfolio, including its shareholding in Napier Port.
“We are very fortunate to have a regional council filled with talent. These three councillors, in particular, have very strong governance and financial management experience,” says Mr Graham.