Parliament has reacted with surprise and condemnation at the shock ministerial resignation of Michael Wood after new revelations of even more undisclosed shareholdings that weren't correctly disclosed to officials.
Prime Minister Chris Hipkins announced the resignation at a sudden media conference today, where he said the high-profile minister's position had become "untenable".
He said the Mt Roskill MP had contacted him yesterday with revelations he had more conflicts of interest and shares in other companies that were previously undeclared.
It follows Wood's suspension from the transport portfolio over shares he held in Auckland Airport. (Source: 1News)
Reacting to the news, National leader Christopher Luxon said Hipkins should've sacked Wood on day one after news broke of his ownership of Auckland Airport shares.
The opposition leader had called for the minister to be sacked in early June.
"This is a Government that is actually falling apart. Here we go again, having another integrity issue, another personnel issue rather than what Kiwis care about," he said.
"Chris Hipkins is a weak leader who just ends up taking last-minute response after he's under pressure from media. He's not building a strong culture or setting clear expectations, and, certainly, his ministers aren't listening to him."
"Under Chris Hipkins, in five months, we have had a litany of failure in terms of ministers not understanding the Cabinet Manual, not understanding their obligations, and not showing high integrity."
It comes after the Transport Minister was stood down over his failure to declare shares in Auckland Airport. (Source: Breakfast)
ACT leader David Seymour said Wood's resignation was essential after the disclosure of additional conflicts and that it was "good that he's gone".
He said it was up to the voters in the former minister's Mt Roskill electorate as to whether he would keep his job as a local MP.
"I'm genuinely flummoxed because I've known Michael for almost ten years. I think he's a decent and diligent person. I just can't understand how he could be so reckless. I wish him well, I guess he could have a pretty good future as a stockbroker," Seymour said.
He continued in a media release: "Being unable to keep up with life admin might be acceptable in a student flat, but it’s not when you’re a well-paid Minister of the Crown responsible for major decisions that impact Kiwis’ lives."
Earlier today, Hipkins said he thought Wood had been a "very good minister" aside from not declaring overt conflicts of interest and financial shareholdings in multiple companies — some of which he also had direct ministerial oversight over.
"I believe Michael to be an honest and decent person who's been a conscientious and hardworking minister and has been a very good minister," he said.
"The fact that more information has come to light, as the weeks have unfolded, is still something that I do not understand."
He said Wood needed to now spend time to "tidy up this part of his life, which he clearly has not given sufficient attention to".
"There are people who have made mistakes in the past who have gone on to have, you know, great political careers in the future.
"What Michael chooses to do is a question for him."
Wood taking a break, but not calling it quits
In a statement after Hipkins announced his departure, Mt Roskill MP Michael Wood defended his decisions as a minister but apologised for how he managed his conflicts.
"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," he said.
"I am a true believer in politics and that we are all here to serve the public... In some respects my de-prioritisation of my personal financial affairs has led to this situation."
A high-powered parliamentary watchdog has now launched an investigation into the delay. (Source: 1News)
As minister, the MP had previously said he worked 80-to-90 hours a week in his various portfolios, which he suggested he had "let slip" over his personal finances.
Wood continued: "That being said I acknowledge the rules are in place for a reason and it is incumbent on Ministers to manage not just the reality, but also the perception of any conflicts.
"I have not managed this effectively, I take responsibility for it, and as such have submitted my resignation to the prime minister.
"I apologise to him and the public for this situation."
Wood said he would now take "some personal time before returning to my work as MP for Mt Roskill".
The PM on Wednesday was feeling the heat on the issue, Benedict Collins reports. (Source: 1News)
"At all times I have provided information about shares in the trust to the Cabinet Office that I have believed was correct, but in this case my understanding was incorrect," he said.
"Over the past couple of weeks I have reviewed all of my financial interests in light of issues that were raised over my personal ownership of shares.
"This has involved a detailed search through all of my records to ensure that all possible interests were identified.
"In the course of this I have identified that a Family Trust I am a part of also owns other shares that should have been identified to Cabinet Office.
"Similar to my ownership of personal shares, these were historic holdings from before I was a trustee and I have paid limited attention to them."
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