The WRC Holdings Group
Greater Wellington Regional Council owns four subsidary companies, which together make up the WRC Holdings Group of companies. These companies are council-controlled organisations under the Local Government Act 2002. Greater Wellington Regional Council is the sole shareholder (i.e. owns 100%) of WRC Holdings Ltd, which in turn owns 100 per cent of Pringle House Ltd, Port Investments Ltd and Greater Wellington Rail Ltd.
WRC Holdings Ltd and Port Investments Ltd are holding companies (companies that control and hold shares of other companies) while the remaining two are operating companies. The main asset of Port Investments Ltd is a 77% shareholding in CentrePort Ltd.
Objectives of the companies
The objectives of the WRC Holdings Group of companies are set out in the Statement of Intent. The common objective for the companies is to maximise the commercial value to shareholders and to protect the shareholders' investment.
Wellington Regional Economic Development Agency
The Wellington Regional Economic Development Agency (WREDA) is a council-controlled organsiation jointly owned by Wellington City Council (who hold an 80% shareholding) and Greater Wellington Regional Council (who hold a 20% shareholding).
WREDA was established in 2014 to combine the various regional economic development agencies owned by Wellington City Council (Positively Wellington Tourism, Positively Wellington Venues, Events, Destination Wellington) and Greater Wellington Regional Council (Grow Wellington and its subsidiary Creative HQ) and the combined business relationship with Westpac Stadium.
WREDA is overseen by a board, which in turn is overseen by the Wellington Regional Leadership Committee.
Wellington Water Limited
Wellington Water Limited is a shared services organisation jointly owned by Greater Wellington Regional Council, Hutt City Council, Porirua City Council, Upper Hutt City Council and Wellington City Council. Wellington Water Limited provides three waters (drinking, storm water and wastewater) network management services to the client councils, who are also shareholders in the company.
Wellington Water Limited is governed by a board of independent directors. A representative from each shareholding council sits on the joint Wellington Water Committee that provides overall leadership and direction for the company. The Wellington Water Committee is serviced by Hutt City Council.
Wellington Regional Stadium Trust
The Wellington Regional Stadium Trust owns, operates and maintains the Westpac Stadium. This Trust is not a council-controlled organisation, but is a charitable trust jointly settled by Greater Wellington Regional Council and Wellington City Council. The Trust:
- Operates and manages the Westpac Stadium
- Was originally established by Greater Wellington Regional Council and Wellington City Council to develop and build the Westpac Stadium
- Provides high quality facilities for use by rugby, cricket and other sports, musical, cultural and sponsored events
- Administers the stadium and Trust assets
- Is a charitable trust and is not a council-controlled organisation
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