Queenstown Airport Corporation chairman Mark Taylor said under the board's constitution it "can issue further shares", but it was "good judgement" it did not.
Speaking to the Otago Daily Times yesterday, Mr Taylor said legally the board "could change the shareholding".
However, "in practice" it would not.
"The directors, exercising their judgement, would not issue any more shares to AIAL as that would change the nature of control that is held by the QLDC.
"It's more than good faith; it's good judgement."
Mr Taylor said the nature of QLDC's control - which up until 24.99% of the shares for the Queenstown Airport were sold to Auckland International Airport Ltd (AIAL) for $27.7 million was 100% - changed when the council had less than 75% of shares.
As it stands, the council now has 75.01% of the shares.
"The constitution allows us to issue further shares.
"The directors, exercising their judgement, did not want to extend AIAL's holding beyond 24.99% because that would change the nature of control that QLDC had."
Mayoral aspirant Vanessa van Uden said the wording in the constitution around the issuing of shares was "one of the first serious concerns when I started reading".
Mr Taylor said, "in due course", QAC would be asking the council to trigger the consultation process, but research on the consultation and what needed to be undertaken was required first.
Rupert Wilson did not attend a recent meeting with Mayor Clive Geddes, as reported yesterday. It was Richard Mehrtens.
