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.