About the Trust
History of the MainPower Trust
All of the ordinary shares of MainPower NZ Ltd are held by a trust, and this has been the case since the establishment of MainPower NZ Ltd in 1993. At that time there was a very strong public view that the electricity lines company should remain in community ownership. As a result the current structure was eventually adopted with the shares held by MainPower Trust under a 1995 Deed.
Role of the Trustees
In addition to their rights as shareholders under the Companies Act 1993, the Trustees’ principal duties under the Trust Deed include:
- Holding the shares of MainPower NZ Ltd and other investments in trust for the beneficiaries.
- Appointing Directors to the Board of MainPower NZ Ltd
- Receiving, and if necessary, requiring modifications to, an annual Statement of Corporate Intent for MainPower NZ Ltd
- Receiving an Annual Report from MainPower NZ Ltd
- Monitoring the performance of MainPower NZ Ltd
- Assessing any proposals that are received from MainPower NZ Ltd, that could result in change to the voting powers of the Trustees as shareholders; and to then engage in the prescribed consultation with beneficiaries.
- At least every six years preparing a 60% Capital Distribution Plan and consulting with beneficiaries on it, before deciding whether or not to proceed with it.
In general terms, you are a "Qualifying Customer" if you are a customer of Mainpower NZ Ltd distribution network (but excluding customers in the area previously supplied by the Kaiapoi Electricity network.) The full definition of a "Qualifying Customer" is very precise and is contained in the Trust Deed. "Qualifying Customers" currently receive rebates from MainPower NZ Ltd that reduce the charges payable for MainPower’s distribution line services. If you receive these rebates they may be shown on your monthly bill.
If you are a "Qualifying Customer" then you are a beneficiary of the MainPower Trust, and its Trustees hold ordinary shares in MainPower NZ Ltd on your behalf.
The MainPower Trustees
There are seven trustees on the MainPower Trust. All Trustees must be Qualifying Customers of MainPower New Zealand Limited. The next scheduled election for Trustees will be held in 2020. Please refer to the Election of the Trustees page for further information on how Trustees are elected.
Click here for more information on the elected Trustees.
The trustees meet at varying times across the year to discuss the business of the MainPower Trust. Most Trust meetings are not public meetings. Five Trustees constitute a quorum. Trustees are paid a small fee for their services and have travel and other reasonable costs reimbursed.