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‘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

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