The Hawke’s Bay Regional Council has taken another step towards the establishment of its new investment company with plans underway for a staged approach for governance.

Hawke’s Bay Regional Council plans to set up an investment company to manage some of its larger and future investments in infrastructure around the region.  The company will manage HBRC’s interests in future potential investments such as the Ruataniwha water storage project, currently in the feasibility stage. If this goes ahead a WaterCo company would be setup to manage the investment, potentially as a joint venture with other parties.

The goals of the company will be to improve financial returns from Council’s investments in assets, with a flow on benefit for ratepayers, and help achieve council’s strategic goals in infrastructure development, regional development and long term environmental benefits.

Today’s Hawke’s Bay Regional Council meeting agreed to adopt a staged approach for governance of the investment company, initially appointing a seven person transition board including the council’s Chief Executive as an ex officio member and its Chief Executive and Managing Director. The board will also include three councillors and three independent, suitably qualified people.

In approving the next step councillors acknowledged the importance of recruiting people with the right skills for the Transition Board and the subsequent Water Company if it goes ahead.

The aim is to have the Transition Board set up by February 2012.

Council Chairman Fenton Wilson says this is a significant project for Council and he’s pleased with the progress so far.