New Start For DCHL

In keeping with the recommendations of the Larsen Report on the membership and operation of Dunedin City Holdings Ltd the following measures have been endorsed by the Council at its meeting yesterday.

* Membership of DCHL board precludes membership of the boards of subsidiary companies.
* Elected members and senior DCC staff will not be eligible for board membership.
* There will be no multiple directorships.
* The DCHL board will be reconstituted with three directors only.

The Council expects the implementation of these measures to be commenced immediately.

To this end:

* DCHL has been restructured with a new interim board because it has been decided it should be the vehicle to give effect to the Larsen Report recommendations.
* Two new board members announced today to bring about implementation of the recommendations in the report are Denham Shale and Bill Baylis.
* They will be assisted by Warren Larsen who will act as a consultant to the new/interim DCHL board.
* There will be a further appointment to the board determined by Messrs Shale, Baylis and Larsen.
* The new/interim board will guide the implementation of the restructuring of the subsidiary companies’ board and, after the recommendations in the Larsen Report are achieved, a new board for DCHL will be in place.

At the conclusion of its discussions yesterday the Council formally recorded a vote of thanks to the former directors of DCHL for their services.