Michael Wood’s reminders to divest his shares: A timeline

Former Transport Minister Michael Wood. Photo / Mark Mitchell

By Russell Palmer, RNZ

Michael Wood resigned from Cabinet on Wednesday over a failure to properly declare and manage conflicts of interest relating to his shareholdings.

The following is a written Government response to at least 100 questions from the National Party’s Simeon Brown about Michael Wood’s shares and related concerns about conflicts of interest.

It was the only response the Government provided to those written questions, and details 16 times the Cabinet Office contacted Wood or his office over the matter. All but the first - in 2017 - were within a two and a half year period.

The notes have been edited slightly for readability, brevity and consistency. Additional information, denoted by an asterisk *, has been added to give readers additional context about what happened regarding Wood’s resignation.

• 2017 - Wood advises the Cabinet Office the JM Fairey Family Trust holds shares, and that he intends to move all shareholdings into a managed fund.
• November 2020 - Wood advises the Office he holds shares in Auckland International Airport. The Office suggests he may want to consider divesting (selling) them.
• November 19 - Cabinet Office notes by email that, based on their discussions, the draft register of pecuniary interests shows Wood having sold his shares in Auckland Airport and Contact Energy. It asks Wood’s office to confirm whether or when that had occurred. No reply is received.
• December 9 - Cabinet Office follows up by email and phone to ask whether the shares in Auckland Airport and Contact Energy have been sold, and when.
• December 14 - Cabinet Office again emails to ask Wood’s office for clarification of what shares are held and what action has been taken.
• December 23 - Wood’s office responds to both emails, confirming he has not yet sold the shares and is looking to do so over the holiday period.
• March 24, 2021 - Cabinet Office emails Wood’s office asking about the status of the Auckland Airport shares, noting the post-election review of ministers’ interests is going to then-Prime Minister Jacinda Ardern at the end of the week. It includes an attachment of the register of interests showing Wood having divested his Auckland Airport shares. Cabinet Office is unable to confirm whether Wood or his office responded to this email.
• June 30 - Cabinet Office phones Wood’s office to discuss the sale and follows up by email. Wood’s office advises that his sharebroker has been instructed to sell his Auckland Airport shares, but no time is specified.
• July 5 - Cabinet Office sends Wood a letter relating to the annual review including the line of the register stating, “Mr Wood has divested himself of shares in Auckland Airport”.
• December 17 - Cabinet Office emails to ask, among other things, whether Wood personally held shares in any listed companies. No reply was received.
• January 21, 2022 - Cabinet Office follows up on the previous email.
• February 11 - Cabinet Office provides substantive advice about ministers’ interests and advises Wood’s office that the Auckland Airport shares issue requires management. It says the most appropriate action would be for Wood to sell the shares. It does not include a question about whether he has sold them.
• February 15 - Wood emails Cabinet Office stating “I am in the process of divesting of the two personally held shareholdings and will take care to avoid timing this around any decisions or announcements that could be related”.
• March 1 - Cabinet Office emails Wood’s office to ask if the shares have been sold. No reply has been identified.

Prime Minister Chris Hipkins arriving at the Beehive theatrette to announce the resignation of Cabinet Minister Michael Wood. Photo / Mark Mitchell

• March 28 - Cabinet Office emails Wood’s office to ask again. By reply on the same day, Wood’s office says they have spoken to him, he had found what he needed to get the process under way, and had said “it is happening this week”.
• May 4 - Cabinet Office asks Wood’s office again if the shares have been sold. He replies the same day, saying: “Not quite. I’ve spent the past month chasing up all the signatures and details I need and have now sent all of this to the broker to action the sale - so hopefully done within the week”.
• January 16, 2023 - Cabinet Office notes in an email to Wood’s office its understanding that he is in the process of divesting the Auckland Airport shares, and asks whether that process has been completed. His office does not respond to this question, but does reply to the email.
• March 6 - Cabinet Office meets with Wood to discuss his shares as part of its conflict of interest reviews following the portfolio reshuffle, and asks about the status of the Auckland Airport shares. He advises them he intended to sell the shares but had not yet done so. No time period for doing so is specified.
• March 27 - Cabinet Office notes in an email to Wood’s office that his intention was to divest his shares in Auckland Airport and suggests he do so as soon as possible. The office replied to confirm the proposed actions.
• * June 6 - Herald publishes a report about Wood’s Auckland Airport shares. Prime Minister Chris Hipkins stands him down from his transport portfolio while any remaining conflicts are resolved.
• * June 8 - Wood confirms he has sold his shares in Auckland Airport, and donated the proceeds to charity.
• * June 21 - Hipkins announces Wood’s resignation from his remaining ministerial portfolios after the discovery of additional shares held by his trust, which raise concerns about conflicts of interest relating to some of his recent decisions.