Entrust, majority shareholder of Vector
Entrust, majority shareholder of Vector
Energy consumer trust Entrust was formed 30 years ago to ensure that stewardship over Auckland’s electricity network remains in the hands of Aucklanders. Entrust acts in the interests of its 359,000 (as at 2023 roll date) families and businesses in central, east and south Auckland. Entrust protects the $3.0 billion investment in Vector through its role in the appointment of directors to Vector’s Board and requiring regular audit of the state of the network.
In September 2022, each of Entrust’s 351,000 beneficiaries was eligible to receive a $273 dividend, plus an additional $30 Loss Rental Rebate payment on behalf of Vector – that’s more than $96 million going straight into the Auckland economy. More than 233 undergrounding projects have been completed since the programme began, in central, east and south Auckland.
Enabling projects with direct benefit
Here for the community Entrust is proud of the work it has undertaken for its beneficiaries and all Aucklanders. Passing on a share of Vector’s profits to beneficiaries Vector’s growth and operating performance enables Entrust to distribute an annual dividend to beneficiaries through its 75.1% stake in Vector. Advocacy on behalf of energy consumers Entrust regularly advocates on behalf of energy consumers on important matters. Submissions are available on Entrust’s website, entrustnz.co.nz.
Entrust has an agreement with Vector that requires an average of $10.5 million to be invested in projects in the Entrust district of central, east and south Auckland every year. In the year to 30 June 2023, key undergrounding projects have been undertaken in St Heliers, Upton Street/Galatea Terrace (Herne Bay), and Craig Road, Carlton Crescent and Coney Lane (Maraetai).
WILLIAM CAIRNS (CHAIR)
MICHAEL BUCZKOWSKI (DEPUTY CHAIR)
ALASTAIR BELL
DR PAUL HUTCHISON
DENISE LEE
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Vector Annual Report 2023
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