Michael Wood resigns as minister after revelations of further shareholdings
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.
Wood’s failure to manage the conflicts of interest was “beyond frustrating”, Hipkins said.
Oh Michael!
“I am a true believer in politics and that we are all here to serve the public.
“There has not been a second of my political career where any of my financial interests have influenced my actions or even crossed my mind. In some respects, my de-prioritisation of my personal financial affairs has led to this situation.”
He was always the first to argue for higher minimum wage rises, larger welfare increases and he got the Fair Pay Agreement legislation through.
His constant mismanagement of conflict of interests after being given 12 previous warnings means Chippy had no choice but to sack him.
A terrible day for the Left, not because he was corrupt, but because he took his eye of the ball.
The political damage will be large but his own personal standards are the most burnt by this.
A sad end to a remarkable political career.
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It was a good job Labour got in with such a large intake of MPS as soon there will be no one to take over when Ministers make a mess
John Key is available…
“Mr Key owned 100,000 Tranz Rail shares rather than the 30,000 owned by a family trust he previously admitted to.
He bought 50,000 of the shares in his own name while he was an MP and on the transport and industrial relations select committee.”
So if we are comparing apples with apples, expect Wood to be Knighted in a few years.
Another one bites the dust, poor Chippy another mess to fix up. In the meantime, Luxon’s’ whanau has claimed the EV discount but he’s not having a bar of it as it’s his wife car he claims so it’s personal. If you want to be PM nothings personal, he needs to get used to it.
The Prime Minister, if elected into office this election, may well face a string of disappointments from his caucus as abuse of power is present within the Labour Party. In the space of just four months we have seen a number of displays of misbehaviour from Labour MP’s. It is simply systemic, what happens when a major political party governs for too long. A four year parliamentary term would probably mean that neither of the two major political parties governs for more than eight years. The current status quo of nine years is too long and we have seen a succession of very tired Prime Ministers in their ninth year of power.
You do realise that this is only Labours 2nd 3 year term this time?
You have to wonder why the quality of Collective West politicians is now so poor. As the corruption became worse, the towering statesmen of great intellect were all replaced by bureaucratic dunces.
Because the system controllers of politics and media select neoliberal trash.
Taken to the WOOD Shed, it would seem.
Just another nail in the Labour coffin.
Wow. And you didnt mention Rich Pricks or Luxons houses. Well done.
He may be a decent guy with some ok intention s just like Stu Nash. But they both got to full of themselves and self impotence.
Hahahahaha. Stuart Nash.
Maybe not corrupt, although his recall of his extensive portfolio of investments was just plain mystifying. But we are spared his money grows on trees spending on transport that had not benefited the public one iota! Consultants on the other hand will be in mourning!
He shouldn’t be allowed to just resign. He should be totally expelled – including from the Labour Party. This BS makes me really angry – and I’m a lifetime Labour voter. Why should I bother?
Don’t bother RosieLee. Labour have f…Ed up the country. They don’t deserve anyone’s vote
Because it goes on all the time RosieLee, not that it’s right….
“Mr Key owned 100,000 Tranz Rail shares rather than the 30,000 owned by a family trust he previously admitted to.
He bought 50,000 of the shares in his own name while he was an MP and on the transport and industrial relations select committee.”
Except Key ‘s corruption carried on. Woods resigned.
Michael dun it to humsulf…most unfortunate–as he seemed one of the few old school Labourites in the Caucus.
FPA, Coastal Shipping, Bus Driver pay rises and change of contracting process–all core working class stuff.
There will likely be a few Natzos tonight thinking “glad it wasn’t me”, the Torys who are slippery enough to hide the dosh, so far at least…
Greed is good!! Buying shares in Finance Capital has been the patriotic duty of any non loser for almost 40 years now. How deeply neo liberal ideology has penetrated our society is the lesson from this sad ending to Mr Wood’s career.
This news has been circulating all day. But I was gobsmacked when I just heard Hipkins on the radio explaining all the remedies he’s putting in place………. and he’s allegedly going to implement the Institute of Directors’ recommendations that interests are declared before every meeting.
What a classic irony – that a socialist party takes advice from and implements Capitalism 101.
It seems that the Cabinet Manual was never followed after Empress Jacinda decreed 3 years ago that there was no longer any need for it when she replaced Aotearoa with Jacindagrad.
Is it true that having run out of MPs who actually know how to tie up their shoelaces that Chippy has asked Chloe Swarbrick to be the Minister of Almost Everything.
David Seymour: “well he’s probably got a good future as a stockbroker..”
The prefect policing the play ground. Woods, champion of the Prolatariat, yet so locked into capitals profit margin, and egit assume, them on the other side, do they declare, with one a male sex pest in their midst their capitalist portfolio!s,, oops their Trusts, in parliament, excuse their conflict of Intrest.
The guy is clearly an idiot.
Bugger. He was shaping up to be one of the good ones.
Like you RosilieLee, I’m a long term Labour supporter and I’m angry. He has obfuscated as to whether he or his family trust owned shares.
If he owned them, then dividends should be in his tax returns and he signed them off when he declared each year to IRD that his return was true and correct.
If owned by a family trust,then as a Trustee he’s under a duty to know the assets, keep financial records and ,again sign off the accounts each year.
So,either he’s bullshitting or he’s playing fast and loose with the taxman. Either way,it ain’t fitting for any individual,let alone an associate Minister of Finance.
Maybe his mate,the Minister in charge of IRD or the Commissioner should have a closer look
I could not disagree with Audrey Young more. There is NO way back for Wood. He will be a painful constant reminder of this government’s incompetence if he chooses to linger in the afterlife of opposition!
Mole hill turned into a mountain.
If the corruption of the last government which actually cost lives is so simple forgotten, then I deeply surprised at the the lack of moral so many commentators have.
Did someone die?
No, did people become homeless because of this? Children ripped away from families?
No the usual – it’s the end of the world because the standard for ministers on the left is impossibly high, and the right can take the identity of dead babies and you lot won’t even bat a eye lid.
Somebody told him. 12 times not to shoot himself, and he carried on playing with a loaded gun. I’m told Woods is reasonably clever so let’s rule out stupidity. You can only conclude he thinks he’s better than the rest of us, arrogant.
Surely not Nick J. Please tell me we’re missing half the story.
Or just dishonest!
It just beggars belief. How many times was Wood alerted to the need to disclose conflicts of interest? Thirteen? Unlucky for some and definitely unlucky for Mike Wood.
Simply took his eye off the ball? Not quite sure what that means. Entitlement? Up to his neck in deception? Surely not. Simply forgot or too busy to get on to it sooner? Not quite understanding the gotcha mentality in the media and the resulting weight of public outcry? Failing to fully understand that any hint of indiscretion, inadverdant or otherwise, will surely cause terminal issues. No shortage of precedent!
Michael, you’re not that silly are you? Surely, we’re not being told the full story. Please tell me there’s another angle.
Really, “he took his eye off the ball”. Trusted as a Trustee of a Trust and he didn’t know what the Trust owned.
Marx Engel, argued about the thing, Marx gone Engel with the thing, ended up with latin bourgious, calling the thing, the communist manifessto, engel, socialist.
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