The holdings company for the Dunedin City Council will carry on with just four directors while the operation is under review.
Dunedin City Holdings Ltd (DCHL) is not immediately seeking to replace Richard Thomson, who retired from the board in June.
The review is part of what the council has described as work on an investment plan.
This has been linked with a council proposal to sell Aurora Energy, which is the dominant trading company within the DCHL group.
Selling Aurora would result in the council creating a diversified fund worth hundreds of millions of dollars.
However, the council said the review would proceed whether or not Aurora was sold.
"The Dunedin City Council always intended to progress with a review of Dunedin City Holdings Ltd regardless of the outcome regarding the Aurora Energy proposal", a council spokesman said.
A possible sale of Aurora, development of an investment plan and the future of DCHL are key issues for the term, because the timing coincides with significant cost pressures, rates rises, deficits and escalation of debt.
Dunedin Mayor Jules Radich has previously talked about the importance of the investment plan, as well as the potential for a sale of Aurora to put the council on a sustainable footing.
"We are developing an investment plan so that council can achieve long-term sustainability, because we cannot keep increasing debt year after year", he said in April.
"Until the details of our investment plan are determined, we will have uncertainty of ongoing income."
The council also requested a review of DCHL company Dunedin Venues Management Ltd (DVML).
This followed community criticism about access to venues operated by DVML.
"The DVML review is just getting under way and will happen first", the council spokesman said.
The wider review of DCHL would follow.
Both reviews could be completed in time for consultation about the council’s 2025-34 long-term plan.
The council has also said it could decide next month whether to sell Aurora.
The existing DCHL board is made up of chairman Tim Loan, Greg Anderson, Susie Johnstone and Chris Milne.
After the review, the number of DCHL directors could be reconsidered.
