Mike Holm, independent chair of Elected Member Conduct Committee, presented a report to Queenstown Lakes District Council this afternoon, following a meeting of the committee on Monday.
It followed complaints by council candidate Niki Gladding and Peter Sutherland, of Wanaka, in relation to the mayor's role as chairman of the Wayfare Group, and his handling of Queenstown Airport's statement of intent, the bed tax proposal, and spatial plan.
Mr Boult stepped away from the table and left the room while the report was heard, leaving he chair to the deputy mayor, Calum McLeod.
Mr Holm said: "The committee were satisfied that there was no link between decisions of the council and any potential for the mayor to receive financial advantage or disadvantage personally as a result of his role as chairman of the Wayfare Group."
It was unanimous that no further action was needed on the matter.
However, it directed the chief executive to review the process of updating the conflict of interest register after it found there was a technical breach by Mr Boult, when he failed to update the register when Wayfare changed its name from Real Journeys.
It confirmed Mr Boult had no shareholding in the company.
Mr Boult had earlier declared a conflict of interest in two agenda items, both related to Wayfare business.
