Bay of Plenty Regional Council has confirmed changes to the board arrangements for Quayside Holdings Limited following a council-led review.

At a meeting last week, councillors resolved to progressively reduce the size of the Quayside Holdings board from seven to five members, taking effect from September.

Council chairwoman Matemoana McDonald said the changes were being made in a considered and staged way.

“Quayside manages assets of regional significance on behalf of Bay of Plenty communities, and the regional council has a responsibility to ensure those governance arrangements remain fit for purpose, efficient and cost-effective.”

The board changes include the resignation of regional council chief executive Fiona McTavish from her position as director as of last week.

McTavish joined the board in June 2018 and has contributed through a period of significant change, including portfolio growth, the evolution of Quayside’s investment approach, and the progression of Rangiuru Business Park.

McDonald acknowledged the collective contributions of the board, and thanked them for their service and commitment to Quayside and the Bay of Plenty.

Through this process, director David Fear has accepted an offer from the Regional Council to be re-appointed for a further three-year term.

In May, councillors also approved the appointment of Danielle Auld as an independent director for a three-year term from July 1, to support succession planning and the transition to revised board arrangements.

The process for appointing future directors will continue to be led by the regional council and considered over the next few months.

Quayside’s mandate and investment approach remains unchanged, with the company continuing to actively manage its portfolio in line with long-term objectives and value realisation over time.