Northpower Limited’s current consumer ownership model will continue.
The decision was taken at a public meeting held in Whangarei.
“Following Northpower’s ownership review process in 2022, all Trustees have unanimously agreed to retain ownership of the shares of Northpower Limited in the Northpower Electric Power Trust (NEPT),” the Chairman said. of the Trust, Erc Angelo.
The announcement follows extensive consultation with electricity consumers in Kaipara and Whangārei connected to Northpower’s electricity grid.
“Northpower Trust trustees should conduct a consultation process with Northpower consumers to determine whether the Trust’s current ownership structure is what consumers want or whether consumers would prefer a change,” he said.
Sheena McKenzie, vice president of the Northpower Trust, says a review of Northpower ownership is undertaken every five years, with consumers connected to Northpower’s electricity grid in Kaipara and Whangārei able to comment on the ownership model of the Northpower Trust. ‘company.
“Earlier this year, we held public meetings in Dargaville, Mangawhai and Whangarei, as well as a Zoom meeting to give people a chance to speak up. The information was also widely disseminated through the media and social media platforms. We received 131 written submissions and 36 of them were dual submissions (husband and wife), giving us a total of 167 bidders,” says McKenzie.
“It’s very clear that people are really happy with the current ownership model and the performance of Northpower, as all the bidders were in favor of ‘Option A’ – keeping the shares of Northpower Ltd in the trust.”
The other options available to depositors were to dispose of some of the shares and keep the rest in the trust or to dispose of all the shares.
The last ownership review in 2017 also resulted in no changes to the ownership structure.
Currently, seven directors Erc Angelo (Chair), Sheena McKenzie (Vice-Chair), Chris Biddles, Irene Durham, Phil Heatley, Bill Rossiter and Paul Yovich hold all of the shares of Northpower on behalf of the beneficiaries of the trust (electricity consumers connected to the Northpower electricity network).
In 1992, the government passed legislation requiring Northpower to become a corporation. When the company was incorporated in 1993, the Trust was formed to hold all shares of Northpower on behalf of electricity consumers connected to the Northpower power grid in Kaipara and Whangārei. As a result, ownership of the company remained in the community.
The responsibilities of the Northpower Trustee are set out in the Trust Indenture and are summarized as follows:
- To protect the value of Northpower Ltd for the long term benefit of beneficiaries.
- Appoint the directors of Northpower Ltd and oversee their governance of the company.
- Approve Northpower’s annual statement of intent which sets out the company’s performance goals for the coming year.
- Receive details of rebates posted by the company for consumers, as well as any dividend payments from Northpower Ltd and ensure the distribution of both in accordance with the Trust Deed.
- Consult with the community, at least every five years, on options for future ownership of Northpower Ltd shares.
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