331,000 Aucklanders receive $350 Entrust
331,000 Aucklanders receive $350
dividend this week
New Zealand’s largest dividend distribution is underway this week as Entrust, majority shareholder of Vector, pays its annual community dividend to 331,000 homes and business.
The annual payment, paid every year around this time, delivers nearly $116 million to the hardworking people and businesses in the Entrust district, with much of it spent in local neighbourhoods.
The dividend is driven by the financial performance of Vector. Also added to the Entrust dividend payment this year is $30 from Vector, which is customers’ fair share of the credit received from Transpower, known as loss rental rebates.
Entrust Chairman, William Cairns says that over the past 25 years Entrust dividends have increased from $115 to the current year’s $350.
“Vector’s nationwide investments in smart metering technologies, gas trading and telecommunications have strongly contributed to its diversification strategy and growth in value, which is reflected in dividend growth.
“It is very pleasing to be able to support our community through the dividend, which we know makes such a difference to so many. The Entrust team is proud to have had such a lasting and positive impact on Aucklanders and the Auckland economy - to the tune of $1.6 billion – since 1993, when the trust was formed.
“Entrust is committed to maintaining its stake in Vector, as well as the ongoing payment of dividends to the community, based on Vector’s financial performance. We are not selling down. End of story.
“Even though the dividend is steady this year at $350, there are more people and businesses living and operating in the Entrust district. Population growth, means that we are contributing an additional $1.4 million to the local economy compared to 2017,” says Mr Cairns.
Most have chosen to receive their dividend via direct credit to their bank account. This group gets access to their money straight away. Others will receive their dividend via a cheque in the post in the coming days depending on mail delivery schedules, or by credit to their power account.
Entrust protects Aucklanders’ investment in Vector. There is strong support for Entrust across the Auckland region, with 78% of all Aucklanders believing the Entrust structure should remain.