Council-controlled organisation

Council-controlled organisations (CCOs) and council-controlled trading organisations in New Zealand are what were formerly known as local-authority trading enterprises (LATEs). Introduced under Sections 6 and 7 of the Local Government Act 2002, they are essentially any company with a majority council shareholding, or a trust or similar organisation with a majority of council-controlled votes or council-appointed trustees, unless designated otherwise.

Source: Wikipedia — Council-controlled organisation (CC BY-SA 4.0)