Prime Minister Chris Hipkins has stood Michael Wood down as Transport Minister while any remaining issues around his conflicts are resolved.

On Tuesday morning, it was reported that Wood did not declare his shares immediately when he became an MP or when he took up the transport portfolio.

Wood purchased the shares, worth about $13,000, when he was a teenager in the 1990s.

He declared the shares to the Cabinet Office when he became a minister in 2020.

However, he failed to declare them in the public register of MPs' assets and other interests until 2022.

Wood says he didn't disclose them as he thought they had been sold.

Hipkins met with Wood this morning to discuss the shares.

"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," Hipkins says in a statement.

"Michael has indicated to me his intention to sell the shares in Auckland International Airport as soon as possible. I believe that is 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."

Kieran McAnulty has been announced as acting transport minister.

More to come...

-RNZ.