Notes to the financial statements
26. Related party transactions
2023 $M
2022 $M
Transactions with Entrust Dividends paid Distribution to customers
125.8
125.8
10.5
6.2
2023 $M
2022 $M
Transactions with associate Purchase of vegetation management services from Tree Scape Limited
–
1.2
Transactions with key management personnel Salary and other short-term employee benefits
8.2 1.1
7.5 0.9
Directors’ fees
Related parties
The group’s investment in Tree Scape Limited was sold on 31 August 2021, and as such is not considered a related party for the year ended 30 June 2023. Transactions up until the date of sale have been included in comparative related party transactions above. Other related parties are Entrust, the group’s ultimate parent entity and key management personnel that include the group’s directors and the executive team.
27. Contingent liabilities Disclosures
The directors are aware of claims that have been made against entities of the group and, where appropriate, have recognised provisions for these within note 19. No material contingent liabilities have been identified.
28. Events after balance date Loss rental rebates
On 24 August 2023, the board approved the distribution of loss rental rebates to customers on the Vector electricity network at a rate of $30 per connection. The distribution is expected to take place in September 2023.
Approval
The financial statements were approved by the board on 24 August 2023.
Final dividend
On 24 August 2023, the board declared a final unimputed dividend for the year ended 30 June 2023 of 14.00 cents per share, comprising an ordinary dividend of 8.50 cents per share and a special dividend of 5.50 cents per share. No adjustment is required to these financial statements in respect of this event.
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