Michael Wood has claimed he regretted his ' serious error' in hanging on to his Auckland Airport shares.

The under-fire Minister sold the airport shares for the sum of $16,000 and donated them to the Anglican Trust charity.

NZ Herald deputy political editor Thomas Coughlan says Michael Wood will likely face punishment- in the form of Cabinet demotion.

"Possibly not to the bottom of Cabinet, but a demotion of some kind. Just to say- you can't do this, if you do stuff like this, there will be a punishment."

LISTEN ABOVE

• National's Paul Goldsmith: Michael Wood's failure to disclose Auckland Airport shares is a sackable offense
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• Michael Wood's job hangs in the balance, PM to discuss airport shares with him
• Michael Wood told Ardern's office he had sold airport shares, MPs hear