Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


‘Your Power Team’ To Reform Auckland Energy Consumer Trust

27 August 2012

‘Your Power Team’ Pledges To Maintain Dividend and Reform Auckland Energy Consumer Trust (AECT)

The annual dividend of more than $300 paid by the Auckland Energy Consumers Trust (AECT) to electricity consumers within the former Auckland Electric Power Board area will be maintained and grown and the Trust will be reformed to reduce its directors’ fees and consultancy expenses under policies announced by the YOUR POWER TEAM, which is a new group contesting the postal vote election to be held in October.

The YOUR POWER TEAM ticket is former Auckland City Councillor Glenda Fryer, electricity industry engineer Chris Olson, renewable energy expert Richard Leckinger, financial manager and company director Tim McMains and former Auckland Royal Commissioner David Shand.

Spokesperson, former Auckland Royal Commissioner David Shand, said that the Team recognises the importance to Auckland consumers of the dividend. “In times of high and still rising electricity prices and unaffordable rates for some sections of the community the annual dividend is particularly welcome” said Mr. Shand.

He continued: “This dividend, from the Trust’s 75 percent ownership of the lines company Vector, reflects the sound financial performance of Vector for its shareholders rather than the management of the AECT itself. The current group controlling the five-member Trust, the Citizens and Ratepayers Association, now rebranded as Community and Residents but better known as C&R, will try to persuade voters that the dividend is due to their good management. In reality it is due to the good management of Vector. Trust members have added little value except to pocket large trustee fees and waste money on consultants. Over the past three years the C&R trustees have paid themselves over $1 million in fees.”

Mr. Shand added that the YOUR POWER TEAM would publish full details of the Trust’s administration expenses, including fees and consultancy expenses, in the Trust’s annual report and on its website. No such details are currently provided. The Trust’s annual report will also be more informative than the one page report tabled each year by the current trustees.

Recognizing the tough times being faced by many Aucklanders, the YOUR POWER TEAM will heavily reduce the huge sum of around $1.5million spent annually on trustees’ remuneration and consultancy expenses.

Mr. Shand said the Team comprised five experienced people with different skills who would bring a wide range of experience to the Trust’s operations.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news