WCHL (Waitakere City Holdings Ltd) was established as a LATE (Local Authority Trading Enterprise).
Its principal objective was “To operate as a successful business.”
Its specific objective was “To ensure each subsidiary operates economically and efficiently.”
It was incorporated on 5/7/97 and commenced trading on 1/7/99.
As it 100% owned by WCC (Waitakere City Council), ratepayers put up the initial capital of $5m.
WCHL holds investments of WCC and its subsidiaries.
In the early days returns were reasonable — net surplus $574,000 in 2001.
However, in recent times returns have been abysmal, with most of the income absorbed by directors’ fees and generous staff salaries.
In 2009 there was an operating loss of $3,000.
In that same year top employee salaries for WHCL and its subsidiaries included :
1 between $250,000 and $260,000
2 between $160,000 and $170,000
1 between $110,000 and $120,000
Directors’ fees were:
On 1 July 2009 Councillors Linda Cooper and Ross Clow replaced Jewell and O’Rourke as directors of WCHL. They receive fees of $16,300 each on top of their Councillor salaries.
By the way, the answers to Questions 6,7,8 put to Linda Cooper regarding dividends from Waitakere Properties for 2007/08, 2008/09, 2009/10 were:
The Statement of Intent makes such returns acceptable.
By shifting public assets into companies the door to director fees, lack of accountability and privatisation opens.
Why are we running businesses with public money and where do the public get a say? Have we not lost sight of what councils are for .. it appears that the ratepayes get to vote for councillors and from there on in the councillors represent big business not the rate payers.. But the ratepayers are an important source of revenue through enforcement of laws for which the offences are complete by doing an unintentional act or omission.
If this was a private business it would have been wound up long ago. Ratepayers are easy pickings to fund numerous loss-making ventures yet they have no say in how their money is spent.
Roger Douglas,Chris Carter,Roger McClay,Rodney Hide,Hone Harawira, all thumbed their noses at taxpayers by resorting to expenses rorts. Councilors seem to have taken their cue from those disreputable parliamentarians and have found ways and means of boosting their already over-generous council remineration plus income from other avenues such as the hosopital boards and licensing trusts .Service to the community used to be a guiding motivation now its how much can I take from the ratepayers pockets.