Thanks to the poor actions of Auckland Airport, Auckland Council "lost an immediate $18 million in the value of its shareholding last week, and had missed a $70m gain".
Auckland Council holds the largest share of the Auckland International Airport but these have been diluted as a result of this sudden decision. This is on the top of a drop in value in shares as the airport struggles with the lack of flights.
I can appreciate that businesses need to make quick steps in this unprecedented time, but to not include your largest and longest investor in these is extremely poor.
As a result of Councillor Chris Darby's quick actions, Auckland Council will be looking into how they can improve oversight into a significant investment, hopefully preventing a repeat. Strangely, five councillors voted against this - seemingly happy with the lack of oversight and resulting loss for ratepayers.