Half the board members from a company controlling more than $5 billion of assets on behalf of the Christchurch city council have abruptly resigned, citing a breakdown in the relationship with the council over its request to frontload dividends.
Christchurch City Holdings (CCHL) announced the exodus on Wednesday night, the same day councillors met in secret to discuss governance-related issues, according to agenda documents.
CCHL has a majority stake in, or outright owns, several key city assets, including Lyttelton Port Company, Christchurch International Airport and lines company Orion.
CCHL chair Abby Foote and board members Martin Goldfinch, David Hunt and Chris Day were departing with immediate effect, the statement said.
The relationship between CCHL and the council had broken down, it added, citing a request by the council to frontload dividends as a key stressor.
