Trustees check progress

Wednesday 13 July 2016

Trustees check progress

Entrust (formerly Auckland Energy Consumer Trust) will be paying its dividend this September – 8 August deadline for completed forms

Entrust has received over 30,000 forms since they were sent to beneficiaries in early June and are expecting to receive around 50,000 before the cut-off for completed forms on 8 August.

Not everyone needs to return theirs, only those who are new to Auckland, have changed their electricity retailer or wish to change their payment method.

“With less than a month to go, we’re delighted so many people have returned their forms,” says Entrust Deputy Chairman Michael Buczkowski.

“Last year the dividend was $345 - a significant amount for most households. A recent survey revealed that 63% of Aucklanders need the dividend to help their families meet the rising cost of living in the city. It means a lot to Entrust that the payment can make a true difference to people across Auckland,” he says.

Forms were sent out to all beneficiaries allowing people to check their details and choose how they would best like to receive payment. Choices include directly into their bank account, by cheque, or as credit to their power account.

The dividend distribution, which is New Zealand’s largest, affects homes and businesses connected to the Vector electricity network. The catchment zone encompasses Auckland, Manukau, northern parts of Papakura and Eastern Franklin.

Entrust is the new name for the Auckland Energy Consumer Trust (AECT). A combination of energy and trust, Entrust is a private trust that owns a 75.4% majority shareholding in Vector on behalf of its 320,000 beneficiaries and pays a dividend to those beneficiaries each year. Over the last 20 years the dividends have contributed more than $1 billion to the Auckland economy.

ENDS

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