### stuff.co.nz Last updated 05:00 12/08/2011
Council votes to revamp City Holdings
By Wilma McCorkindale – Southland Times / D Scene
The Dunedin City Council has voted to accept radical recommendations in a confidential report that slams governance of its holdings company. Mayor Dave Cull last night said the council was seeking legal and accounting advice on how it could implement the measures suggested by the report’s author, governance and business leader Warren Larsen. Mr Larsen suggests a radical overhaul of governance of the council-owned holdings company Dunedin City Holdings Ltd and a review of the “fit” of its subsidiary companies to council requirements.
The Dunedin City Holdings board should be “entirely reconstituted”, it said, recommending three externally sourced directors for an initial three-year term. All should be independent and drawn from a New Zealand-wide recruitment search, initially beyond the Otago region. Ideally, there should be an increase in the pool of women directors and “younger, high-potential, competent directors”.
Posted by Elizabeth Kerr