AECT Appoints New Vector Directors - 22 October 2004 Print

MEDIA RELEASE

AECT appoints new Vector Directors

Three new directors have been appointed to the board of Vector Limited following a comprehensive review by the company’s 100% owner the Auckland Energy Consumer Trust (AECT).

The AECT Chairman, Warren Kyd announced that Tony Gibbs, John Goulter, and Greg Muir will join the Vector board, effective today.

“We were very conscious that in the past few months we had lost the skills of two valued directors in Wayne Boyd and Margo Buchanan-Oliver” said Mr Kyd. “Whilst it was important that the replacements took place as soon as possible, the AECT has taken considerable care and some time to select replacement directors to complement the existing Board”, he said.

“It is important to recognise that Vector is already of considerable size, and its prospects for further growth have been enhanced by the recent decision to purchase The Australian Gas Light Company’s (AGL) 66.05% stake in NGC Holdings Limited (NGC).” said Mr Kyd.

He said that this acquisition will create tremendous opportunities for Vector, which will become a significantly larger and more complex company. The board therefore needed the right mix of skills and experience to govern the company through its next phase of growth, which will include the successful completion of the purchase, and listing on the New Zealand Stock Exchange (NZX).

“The new directors’ proven ability and wide variety of experience will add strength to the existing board in meeting the challenges ahead, taking Vector into the future, and maximising the return to the beneficiaries of the AECT”.