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Trust to be directly represented on the Vector Board - 24 July 2006 |
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The Auckland Energy Consumer Trust has appointed two trustees to sit on the Vector Board.
The two trustees are Karen Sherry and Shale Chambers.
“Both are experienced directors and will make a valuable contribution to the Vector Board’s deliberations,” Trust Chair Warren Kyd said.
Mr Chambers is Deputy Chair of the Trust, a Director of MetService, a member of the Institute of Directors and a Managing Partner in the legal firm ChambersCraigJarvis. Ms Sherry is a former Chair of the Trust, a Principal of the firm Bell-Booth Sherry, Deputy Chair of Energy Trusts of New Zealand, a Trustee with Challenge Trust and a past Director of Mercury Energy. Both specialise in commercial and trust law.
“As the holder of a 75.1 per cent stake in Vector, the Trust has a direct and immediate interest in ensuring the company’s success on behalf of our almost 300,000 beneficiaries.
“Our Trust Deed provides for the appointment of two trustees to the board but when Vector was wholly owned by the Trust, we were able to exercise our fiduciary duties through an arms length relationship under which Vector consulted us on strategic direction, significant investment decisions and the company’s annual business plan.
“Since Vector listed on the stock exchange in August last year, however, this has become more difficult due to the continuous disclosure requirements of the Securities Markets Act and the Listing Rules.
“The Trust’s view that direct representation on the Vector Board was appropriate was tested with the Minister of Energy, David Parker, who said he had no objections.
“The Trust thanks the Minister for his co-operation and looks forward to making a constructive contribution to Board decision-making,” Mr Kyd said.
Warren Kyd
Chairman
0274-462-489
24 July 2006
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