<Michael Wood has quit as a Cabinet minister after it emerged he had more shareholding interests in areas that clashed with his portfolios.
Prime Minister Chris Hipkins confirmed Wood’s resignation today, saying he became aware of the fresh issues yesterday.
It has emerged Wood held further shares in Chorus, Spark and the National Australia Bank, further to his Auckland Airport shares, that have since been disclosed to Hipkins.>
Labour MPs are dropping like flies
For the transport sector this is worrying. The early signals for the Government Policy Statement on Land Transport was pulled after the floods and a new draft was supposed to be published early this month, which hasn’t happened.
Councils are meant to be developing their 10-year regional transport plans soon, but can’t without the policy statement. Next month central government will enter the election period which means no major policy development will occur.
Couldn’t be worse timing.
