Far North Holdings Limited (FNHL) is owned by Far North District Council of New Zealand. It is an entity referred to as a Council Controlled Trading Organisation under the Local Government Act 2002 and is registered under the Companies Act 1993.
FNHL has a diverse asset ownership with interest in Port Opua, Bay of Islands Marina, Kaitaia and Kerikeri Airports, Paihia Maritime Buildings and Paihia Wharf, Williams Road Car Park, Kaitaia Education Campus.
It works very closely with its shareholder, Far North District Council (FNDC), in assessing how it can add commercial value. In this respect, FNHL has taken over the management of FNDC Maritime Assets and the development of Marketing and Events on behalf of FNDC.
By managing assets and providing alternative income streams, it is estimated that the Far North District Council general rates would have been approximately 4% per annum higher each year over the past 10 years without this income.
Far North District Council established FNHL to act as a vehicle for the delivery of Council’s commercial activities and to create a structure delivering services in the most efficient and cost effective manner.
The existence of FNHL as a separate commercial entity provides advantages to Council in:
- Providing efficient corporate governance and commercial direction
- Rationalising operating activities and cost structures
- Maximising commercial skills
- Providing the right tax structures for operations
- Providing better communications between shareholders and operating subsidiaries