Newcastle Airport Pty Limited's Board is ultimately responsible to its shareholders for the strategy and performance of the company. It is dedicated to fulfilling these duties in a lawful and professional manner, with the utmost integrity and objectivity, and actively pursues best practice governance processes. The Board has adopted a Corporate Governance Charter that defines the respective roles, responsibilities and authorities of the Board and management, by setting the direction and control of the organisation.
In November 2012, Port Stephens Council and Newcastle City Council agreed to change Newcastle Airport Limited's structure from a company limited by guarantee to a company limited by shares. Newcastle Airport Pty Limited (NAPL) now operates under a new structure.
Under this structure:
As required, Port Stephens Council and Newcastle City Council can sell down shares in PSC2 and NCC2 to third party investors for market value consideration and potentially re-contribute the proceeds.
Third party investors can participate in the governance of NAPL commensurate with their investment in Newcastle Airport Partnership.
Newcastle City Council and Port Stephens Council hold a Head Lease agreement with Department of Defence for 28 hectares of land to the south of RAAF Base, Williamtown. The 60-year lease expires on 31 December 2075 and offers an additional three 10-year options (by mutual consent).
An agreement exists with RAAF to provide landing and take-off rights, services, and use of Airport infrastructure.