On Wednesday, Prime Minister Chris Hipkins said in an official statement that Michael Wood has resigned as a minister of the New Zealand government over multiple “conflicts of interest.”
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According to Hipkins, Wood held "additional shareholdings" in the JM Fairey Family Trust, of which he is both a trustee and a beneficiary. Wood said he learned this after his resignation as the transport minister earlier this month due to controversy of his Auckland airport shares.
Hipkins also stated that these new shareholdings raise significant concerns about Wood "not identifying and managing potential and real conflicts of interest," adding that in particular, the trust holds shares in telecommunications companies such as Chorus and Spark, as well as the National Australia Bank.
"As Minister of Immigration, Michael made the decision to include telecommunications technicians on the immigration Green List. This followed representations from the telecommunications industry, including Chorus, seeking those changes to the Green List," Hipkins said.
According to Hipkins, Wood also has a shareholding in the National Australia Bank, the parent company of the Bank of New Zealand, even though it was not disclosed in any of the cabinet meetings about the market study into banking or other relevant cabinet meetings.
Official reports show that Wood did not declare his Auckland airport shares immediately when he became a Member of Parliament (MP) or when he became the transport minister.
Furthermore, Wood did declare the shares to the Cabinet Office when he became a minister in 2020. However, he failed to declare them in the public register of MPs' assets and other interests until 2022, local media reported.
According to Wood, he had not disclosed them as he thought the shares had been sold.