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

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news