Cassandra Crowley has been appointed to Environment Southland’s Investment Committee, which is in charge of the council’s majority shareholding at the southern port.
The Rotorua-based chartered accountant and lawyer has been an independent director at South Port since 2023.
Ms Crowley holds that South Port job alongside other high-ranking positions, such as chairwoman of Southern Cross Travel Insurance and deputy chairwoman of the New Zealand Transport Agency Waka Kotahi.
The council committee did not have an interest register set up in time for its first meeting yesterday, but Ms Crowley was quick to point out her "standing interest".
"At least it does give us somebody who will understand the nature of the majority shareholder’s position, but obviously that can’t sort of come into the meeting," he said.
"She’s a very experienced director and I’m sure she’ll handle any conflicts should they arise."
The investment committee is the rebranded version of the South Port subcommittee, but with a wider scope.
It will be tasked with managing the council’s 66% shareholding in South Port as well as maximising returns on the council’s managed fund, land and buildings.
Mr Horrell said the change to the committee had been in the pipeline for a couple of years.
"It’s good for the ratepayer going forward if we can leverage our balance sheet. That’s an offset against rates, too, which is always good."
Mr Horrell also felt the arrival of independent members provided stability amid potential changes in personnel due to elections.
Joining Ms Crowley as an independent is new chairman Andrew Morrison — a Southland farmer with experience in chairing agri-business.
The committee will also include councillors Eric Roy, Jeremy McPhail and Maurice Rodway.
Former members not returning under the new structure include Mr Horrell as well as councillors Paul Evans, Jon Pemberton, Alastair Gibson, Lyndal Ludlow and Peter McDonald.
A report prepared for yesterday’s meeting showed the council’s investment portfolio reached a peak of $34.5million in January before reducing in value to finish at $33.4m in March.
The nine months to March 31 saw a return on investment of 7.1%, before management fees were deducted.
Environment Southland’s South Port shares have a current market value of just over $100m, with prices comparable to that of mid-2024.
South Port is the country’s southernmost commercial deep-water port. It is governed by five independent directors and one non-independent.
• LDR is local body journalism co-funded by RNZ and NZ On Air.
