Monitoring and communicating with organisations that make decisions affecting Vector and our beneficiaries is one of the AECT’s most important roles – so important, that we’ve set up a Strategy Subcommittee to focus on this one task.
The Commerce Commission and the Electricity Commission
A lot of what Vector does operates in a highly regulated environment.
New regulations, or changes to existing ones, can have a big effect on Vector’s operations, growth and profitability – and all of these can directly affect AECT beneficiaries. That’s why it’s important for the AECT to pay close attention to the Commerce Commission and Electricity Commission’s activities and make submissions when needed on behalf of our 308,000 beneficiaries.
The Commerce Commission plays an important role because it sets limits on the price Vector can charge its customers for delivering electricity. The way it affects prices is reviewed every five years. The AECT makes submissions on most pricing and quality matters when submissions are requested – both to try and keep Vector’s costs fair for our beneficiaries, and so that Vector gets a fair return on its investment (so AECT beneficiaries receive a fair dividend).
The Royal Commission of Inquiry on Auckland Governance
The Royal Commission was set up in 2008 by the government to make recommendations on the best structure of local government for Auckland. Following the Royal Commission's report, the Auckland 'super city' was established.
Our submission to the Royal Commission
How Auckland is governed in 2073 will determine where the Trust’s assets end up, so the AECT was very interested in the Royal Commission’s outcome.
No matter what changes to the way Auckland is run, the Trust’s responsibility to our beneficiaries stays the same. We believe that assets as important and valuable as a majority share in Vector are best kept in the hands of the community. As long as the Trust remains in operation, the power stays in your hands.
Click here to see our submission to the Royal Commission.