Waitakere
City Holdings Limited
Waitakere City Holdings Limited
Waitakere City Holdings Limited (WCHL) is the 100% owned subsidiary of Waitakere City Council, which oversees Council's key shareholdings investments. Formed on 1 July 1999, WCHL is a
"Council Controlled Trading Organisation (CCTO) and a limited liability company. As such, it is required to comply with both the Local Government Act
2002 and the Companies Act 1993.
WCHL is overseen by a Board of Directors appointed by the
Council. Each director has been issued with a "letter of direction" requiring that any proposal affecting the shareholdings entrusted to WCHL be referred back to
the Council for its approval.
Each CCTO in the WCHL Group operates pursuant to a "Statement of Intent"
(SOI), which states - among other matters - the scope of each
CCTO's activities and the means for measuring the success of the
CCTO each year. Under the Local Government Act, each CCTO must also prepare an annual report on operations and financial statements, which are audited by the Audit Office.
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Techscape Limited
Techscape Limited
was the infrastructure works and maintenance company formed
by Waitakere City Council and North Shore City Council. Each
parent council held 50% of the shares through its respective
holding company.
Both Councils sold their shareholdings in Techscape
Limited to an unrelated third party, Bilfing Berger Services
New Zealand Limited, in August 2006.
Waitakere Properties Limited
Waitakere Properties Limited provides development
services and property consultancy, primarily to Waitakere
City Council. Waitakere Properties is 100% owned by WCHL.
Key developments are the Harbour View Estate in Te Atatu
Peninsula (now complete), assisting in the Council's current
initiatives in Hobsonville,
development and management of the film studios on Henderson
Valley Road and development of the balance of the site on
which Councils new
civic centre is located.
Prime West Management Limited
This company is 40% owned by Waitakere Properties Limited
with the balance owned by unrelated third parties. The
company has been set up to manage the business of the Film
Studios located on Henderson Valley Road.
A separate company, Prime West Limited, was also recently
set up with Council as a 44% shareholder and the balance of
shares held by an unrelated third party. Prime West Limited
owns the assets (land and buildings) of the Film Studio.
As Council has only a minority interest in these two
companies they are not classed as CCOs or CCTOs
(council-controlled organisations) and as such are not bound
by the reporting requirements of the Local Government Act
2002.
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