The WRC Holdings Group
Greater Wellington Regional Council owns two subsidary companies, which together make up the WRC Holdings Group of companies. These companies are council-controlled organisations under the Local Government Act 2002. Greater Wellington Regional Council is the sole shareholder (i.e. owns 100%) of WRC Holdings Ltd, which in turn owns 100 per cent of Greater Wellington Rail Ltd and 76.92% of CentrePort Limited.
Annual reports and financial statements
Objectives of the companies
The objectives of the WRC Holdings Group of companies are set out in the Statement of Intent. The common objective for the companies is to maximise the commercial value to shareholders and to protect the shareholders' investment.
Statement of Intent – WRC Holdings Group, for the year ending 30 June 2023
This Statement of Intent (SOI) is prepared in accordance with Section 64 and Schedule 8 of the Local Government Act 2002.
The SOI sets out the performance measures, targets, objectives and activities of Holdings and forms a major part of the companies’ accountability relationship with its shareholder, Wellington Regional Council.
Council issued a Statement of Expectations to Holdings in December 2021 as prescribed in section 64b of the Local Government Act 2002. This statement (available below) has been taken into account when completing the SOI.
Wellington Regional Economic Development Agency
The Wellington Regional Economic Development Agency (WREDA) is a council-controlled organsiation jointly owned by Wellington City Council (who hold an 80% shareholding) and Greater Wellington Regional Council (who hold a 20% shareholding).
WREDA was established in 2014 to combine the various regional economic development agencies owned by Wellington City Council (Positively Wellington Tourism, Positively Wellington Venues, Events, Destination Wellington) and Greater Wellington Regional Council (Grow Wellington and its subsidiary Creative HQ) .
WREDA is overseen by a board.
Wellington Water Limited
Wellington Water Limited is a shared services organisation jointly owned by Greater Wellington Regional Council, Hutt City Council, Porirua City Council, Upper Hutt City Council and Wellington City Council. Wellington Water Limited provides three waters (drinking, storm water and wastewater) network management services to the client councils, who are also shareholders in the company.
Wellington Water Limited is governed by a board of independent directors. A representative from each shareholding council sits on the joint Wellington Water Committee that provides overall leadership and direction for the company. The Wellington Water Committee is serviced by Hutt City Council.
Wellington Regional Stadium Trust
The Wellington Regional Stadium Trust owns, operates and maintains the Sky Stadium. This Trust is not a council-controlled organisation, but is a charitable trust jointly settled by Greater Wellington Regional Council and Wellington City Council. The Trust:
- Operates and manages the Sky Stadium
- Was originally established by Greater Wellington Regional Council and Wellington City Council to develop and build the Sky Stadium
- Provides high quality facilities for use by rugby, cricket and other sports, musical, cultural and sponsored events
- Administers the stadium and Trust assets
- Is a charitable trust and is not a council-controlled organisation
Local Government Funding Agency
Greater Wellington Regional Council owns 8.29% of the Local Government Funding Agency (LGFA) alongside 29 other councils and the New Zealand Government.
LGFA specialises in financing the New Zealand local government sector, the primary purpose being to provide more efficient financing costs and diversified financing sources for New Zealand local authorities and council-controlled organisations. LGFA was established to raise debt on behalf of local authorities on terms that are more favourable to them than if they raised the debt directly.
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