Vector Annual Report 2018

Entrust

FROM LEFT TO RIGHT

SEATED: PAUL HUTCHISON, KAREN SHERRY, AND MICHAEL BUCZKOWSKI (DEPUTY CHAIRMAN) STANDING: WILLIAM CAIRNS (CHAIRMAN) AND JAMES CARMICHAEL.

ENTRUST IS VECTOR’S MAJORITY SHAREHOLDER. Entrust exists to ensure Aucklanders’ best interests remain at the heart of Vector’s new energy future. For 25 years, through strong and consistent ownership, Entrust has helped Vector navigate new technology, economic disruption and other challenges. As we look to the future, Entrust’s focus remains locked on delivering outcomes for beneficiaries, and energy consumers. 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 ensure Aucklanders get value from the 75.1% stake they hold in Vector. There are more than 325,000 households and businesses in the former AEPB supply area. Entrust plays a key role in proposing and appointing directors to the Vector Board, with two of Vector’s directors also Entrust trustees. They approve all of Vector’s major financial transactions and investment decisions. Entrust is actively involved in regulatory and industry issues – advocating for energy consumers throughout Auckland and beyond. Recently Entrust has spoken out about a proposal to increase Auckland’s transmission prices which they believe is unfair and unnecessary. Entrust also funds a proportion of the undergrounding of overhead lines in the Entrust district, and promotes new technologies such as solar, batteries, and community and emergency generators.

Auckland benefits Vector’s asset base has grown strongly in the 25 years Entrust has been at the helm of Auckland’s shareholding stake. Entrust has supported Vector to achieve this through diversification into new sectors like energy metering, gas distribution and new technologies. Vector’s growth has allowed Entrust to distribute more than $1.3 billion to its beneficiaries. In the past year alone it distributed over $110 million. Entrust trustees Entrust has five trustees, who are elected every three years. The trustees are: William Cairns (Chairman), Michael Buczkowski (Deputy Chairman), Karen Sherry*, James Carmichael* and Paul Hutchison. n

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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