Vector Limited Announces New Directors For 2002

The Chair of the Auckland Energy Consumer Trust, Karen Sherry, today announced new directors of VECTOR Limited, and an increase in the total number of directors from five to seven. VECTOR is the electricity lines company for Auckland, Manukau and Papakura.

Mr Wayne Brown will continue as Chairman of the Company and Messrs Doug Dell and John Wells will continue as directors. The two existing directors, Messrs John Lindsay and Peter Drummond, who were to retire by rotation at the last AGM, have resigned.

The new directors are:

* Donald McLaren, Chairman of Bomac Limited, a member of the Business Hall of Fame and former President of the Auckland Racing Club. Mr McLaren brings business expertise and entrepreneurial experience to the Board.

* * Morris Brown, President Elect of the New Zealand Institute of Chartered Accountants, Chairman of Kildonnan Financial Services Limited, former director of Vector Limited and Trustee of the Auckland Energy Consumer Trust. Mr Brown is particularly experienced in audit, finance, and information technology.

* * Brian Plimmer, General Manager and founder of Rural Couriers Society Ltd, Company director and businessman, former director at Countrywide Bank, member of the Major Users Monopoly Services Group, President of NZ Chartered Institute of Corporate Management and President of the Canada/New Zealand Business Association. Mr Plimmer has expertise in governance, banking and regulatory controls.

Ms Sherry said that the Board has been expanded to seven to include a wider range of skills complementing the engineering and electrical engineering backgrounds of Messrs Brown and Dell.

The new directors are committed to the Statement of Corporate Intent approved by the Trust and this means that there will be no sale of the undertaking, that the under - grounding programme will be advanced and that emphasis will be placed on both reducing prices and increasing the security of supply.

Ms Sherry said the duty of the Trust was to appoint directors to run a successful business, and the Trust had kept this objective in mind by appointing experienced people with a proven track record.

Ms Sherry said that the directors had been appointed after a substantial review of the Company and its needs and the Trust would be particularly watchful in monitoring the performance of the Company in future.

The people of Auckland, through the publicly elected Auckland Energy Consumer Trust, own VECTOR.

Ends

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