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AECT Introduces Code of Practice

AECT Introduces Code of Practice To Ensure Accountability

AUCKLAND, March 6, 2003 – The Auckland Energy Consumer Trust (AECT), New Zealand’s largest community trust, is introducing a new Code of Practice designed to make it more accountable to the beneficiaries it represents.

The Trust has issued a proposed set of guidelines for beneficiaries of the trust to access information about the organisation. The Trust is keen to receive any feedback about its proposed new Code of Practice

“The Trust has always been open to its beneficiaries and to some extent these guidelines formalise what we have been practising anyway. But we are keen to adopt a proper code and to make sure it is complied with,” said Karen Sherry, chair of the AECT.

The guidelines include a provision for an independent review process, should a beneficiary of the AECT be declined any information.

“The reviewer will be independently appointed by the President of the District Law Society, so beneficiaries of the AECT can have faith that the Trust will be open and honest about the disclosure of information,” Ms Sherry said.

“The AECT is a significant organisation and owns important strategic assets. Beneficiaries of the Trust need to be sure that it is being properly operated and the guidelines we are proposing will give some assurance of this.

The AECT is New Zealand’s largest community Trust. It owns 100 percent of energy networks company VECTOR.

VECTOR distributes electricity and gas in the Auckland region and electricity in the Wellington region. Its consumer beneficiaries are VECTOR customers in Auckland and Manukau Cities and part of the Papakura District.

The full Code of Practice will be available on the Trust’s website at www.AECT.co.nz.

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