ENTRUST
BACKED BY EXPERIENCE
PROTECTING AUCKLAND’S INVESTMENT IN VECTOR://
FROM LEFT TO RIGHT
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SEATED: PAUL HUTCHISON, KAREN SHERRY, AND MICHAEL BUCZKOWSKI (DEPUTY CHAIRMAN) STANDING: WILLIAM CAIRNS (CHAIRMAN) AND JAMES CARMICHAEL.
ENTRUST IS VECTOR’S MAJORITY SHAREHOLDER. Entrust oversees the people of Auckland’s investment in Vector and is helping Vector to create a new energy future. It provides strong and consistent ownership that has allowed the company to navigate economic cycles, advances in technology and changes in customer behaviour to deliver shareholders and energy consumers the best outcomes. About Entrust Entrust, which was formerly known as the Auckland Energy Consumer Trust (AECT), was formed in 1993 as part of the corporatisation of the Auckland Electric Power Board (AEPB). Shares in the new company, which later became Vector, were transferred to Entrust to hold on behalf of residential and business consumers in the AEPB supply area. Entrust’s role Entrust’s mandate is to make sure its beneficiaries get value from the 75.1% stake it holds in Vector. There are approximately 320,000 households and businesses in the former AEPB supply area.
diversification into new sectors like energy metering, gas distribution and new technologies. Vector’s growth has allowed Entrust to distribute more than $1.2 billion to its beneficiaries. In the last year alone it distributed more than $100 million. Entrust trustees Entrust has five trustees, who are elected every three years. The trustees are: William Cairns (Chairman), Michael Buczkowski (Deputy Chairman), James Carmichael*, Paul Hutchison and Karen Sherry*.
Entrust proposes, and alongside all other shareholders, appoints directors to the Vector
board and approves all of Vector’s major transactions. Two of Vector’s directors are Entrust trustees. Entrust is actively involved in regulatory and industry issues, advocating for Auckland energy consumers, and, by implication, all electricity consumers. A particular focus in recent times has been speaking out about a proposal to increase Auckland’s transmission prices. Using a fund set up at the time Vector acquired UnitedNetworks, Entrust has also supported the undergrounding of overhead lines in the Entrust district and promoting new technologies such as solar, batteries and electric vehicle charging infrastructure. Auckland benefits Vector’s asset base, a key measure of the company’s financial performance, has grown strongly since the AEPB’s assets were first transferred to Entrust. Entrust has supported Vector to achieve this through
ENTRUST ONLINE:// www.entrustnz.co.nz www.facebook.com/entrustnz 0508 ENTRUST (0508 368 7878) PO Box 109626, Auckland 1149
* James Carmichael and Karen Sherry sit on the Vector board.
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