Christchurch City Holdings Limited (CCHL) is the wholly owned investment arm of Christchurch City Council, holding shares in seven trading companies and monitoring three further Council-owned companies and their subsidiaries.

 

About cchl

CCHL was set up 1993 in response to calls for a confidential independent non-political buffer between the Council and the companies it owned. CCHL therefore ensures that a commercial approach is taken to managing the interface with the Council’s companies.

The Council’s investment in CCHL and its subsidiary companies was  independently valued at over $2 billion in June 2016.  CCHL has a Standard and Poor’s credit rating of A+ stable outlook.

The trading companies pay regular dividends to CCHL. In turn, CCHL pays ordinary dividends of around $46m a year to the Council. The CCHL group companies have also provided significant capital for the Council to fund other projects.

 

CCHL functions in relation to existing investments

In relation to the existing portfolio of investments, tasks that CCHL undertakes include:

  • reviewing Statements of Intent provided by the CCTOs;
  • reviewing periodic financial reporting by the CCTOs and reporting to the Council;
  • recommending, through a robust and independant process, director appointments to subsidiary companies;
  • liaising with the subsidiary companies regarding the appointment of chairpersons;
  • capital structure reviews;
  • monitoring business developments;
  • assisting subsidiary boards with community issues;
  • keeping well informed on strategic issues facing the sectors that the subsidiaries operate within;
  • having strategic discussions with the chairs and boards of those subsidiaries, where appropriate;
  • making opportunities for subsidiary boards to network and discuss developments in governance practice;
  • dealing with other issues as they arise.

 

Accountabiliy

CCHL is accountable to the Council through a number of mechanisms, including:

Neither CCHL nor the Council plays any part in the management of the CCTOs and other companies – this is solely the prerogative of their respective boards and management, who are charged with running their businesses in a commercial manner, and on an arm’s length basis from CCHL and the Council.

 

Board and management

The CCHL Board currently comprises four Councillors and four externally-appointed directors. Governance arrangements in respect of the Board are set out in a Board Charter.

CCHL employs a small team of staff, comprising:

  • Paul Munro - Chief Executive Officer
  • Leah Scales - Chief Financial Officer
  • Noeline Halstead - Executive Officer
  • Lynley Ward - Office Assistant (part-time)

 

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Christchurch City Holdings Ltd
PO Box 73049, Christchurch 8154, New Zealand
Tel: (03) 941 8475 | Fax: (03) 941 8572 | info@cchl.co.nz