Channel Infrastructure, the company that runs the former Marsden Pt Oil Refinery, held its annual shareholders meeting on Tuesday. It announced chairman Simon Allen will stand down later this year
Channel Infrastructure, the company that runs the former Marsden Pt Oil Refinery, held its annual shareholders meeting on Tuesday. It announced chairman Simon Allen will stand down later this year
The chairman of Channel Infrastructure, the company that runs the former Marsden Pt Oil Refinery, will stand down later this year, the company has announced.
Channel Infrastructure NZ Ltd held its annual shareholder meeting on Tuesday, where it announced that Allen will step down from the board later in the year.
James Miller will take over as chairman at that time.
The company also provided shareholders with an update on the refinery conversion project, and the growth areas being pursued by the business as it looks to diversify to support New Zealand's changing future fuel needs.
"Since we completed the shutdown of the refinery at the end of March, we have been firmly focused on the future of our business, and that includes investigating opportunities for our highly strategic Marsden Pt site that will support New Zealand's shift to a lower-carbon economy,'' CEO Naomi James said.
"At the same time, we have been readying our workforce and community for the change to our operations, and it's great to see that over three-quarters of our people who will be leaving the business this year have secured their next opportunity. This was a key focus for me as we managed our way through this significant period of change, and I'm proud of the whole team for the way they have risen to the challenges."
The Channel Infrastructure board also confirmed the completion of the strategic and governance review of the business and published its new corporate governance statement, which includes changes to the board subcommittee structure to bring greater focus to climate change and ESG matters enhanced in a new board charter.
Simon Allen will stand down as chairman of Channel Infrastructure, at Marsden Pt, later this year, saying it's the right time to move on.
"With the changes being implemented from our strategic and corporate governance review, it's a natural time for new board leadership, and so I will step down from the board later in the year," Allen said.
"With James Miller's extensive experience in capital markets, downstream energy sector and governance positions within leading NZX listed companies I have no doubt I am passing the baton to the right person."
One of the first acts of the Channel Infrastructure following its launch was the release of the company's inaugural sustainability report, Our Transition to a Sustainable Future, which outlines the company's response to the impacts of climate change on the business, as well as the opportunities and risks from the energy transition that is taking place in New Zealand.
The company said the impact of its transition has already been felt in New Zealand with conversion delivering a decrease in direct CO2 emissions of the Marsden Pt site by over one million tonnes per annum, making a significant contribution to the Government's first Emissions Reduction Budget.
"Channel Infrastructure is committed to using Marsden Pt's highly strategic assets and infrastructure to support New Zealand's shift to a lower-carbon economy. With our change to an import terminal, our customers can now access lower-carbon sources of fuel, from newer, larger and more efficient refineries, and lower carbon shipping options – opening up more choice for how we reduce transport fuel emissions," James said.
■ Channel Infrastructure has been trading since April 1 after converting the Marsden Pt site into an import terminal and the refinery is being decommissioned to become an import fuel terminal only.
Channel Infrastructure's biggest shareholders, BP, Z Energy and Mobil Exxon, will import refined fuel after Refining NZ shareholders voted overwhelmingly in August for the change to go ahead. This was because of what it said was a glut of fuel supplies globally, combined with the impact of Covid-19 on refinery output, pipeline fees and plummeting demand for fuel.
The shutdown of refining operations is complete and several hundred jobs will be lost.
