Chris Hipkins has stood down Michael Wood as Transport Minister after previously-unknown details about his shares in Auckland Airport emerged.
Earlier on Tuesday, it was revealed Wood has owned the shares, which are now worth about $13,000, since the 1990s. However, Wood only started declaring them to the public register last year.
"This morning I spoke with Michael Wood and advised him that he will be stood down as Transport Minister while any remaining issues around his conflicts are appropriately resolved. This will be effective immediately," PM Hipkins said in a statement on Tuesday afternoon.
"Hon Kieran McAnulty will be Acting Minister of Transport."
The Prime Minister said Wood had indicated his intention to sell the shares as soon as possible.
Hipkins said he believed Wood selling the shares was "the appropriate course of action".
"He has also indicated he will work through with the registrar of pecuniary interests how best to resolve the issues around his past declarations."
It comes after National earlier called for Wood's resignation, saying his position "may be untenable".
The shares were a major conflict that would impact the Minister's investments in transport, the Opposition said.
Earlier on Tuesday, Wood said he did not offer his resignation to Hipkins but "acknowledged, in this case... I have made an error in terms of not declaring these shares earlier on".
Hipkins is due to face questions from MPs in Parliament at 2pm.
