|AECT Announces Re-election of Directors to Vector Board - 18 December 2003
The Chair of the Auckland Energy Consumer Trust (AECT), Warren Kyd, today announced the re -election of two directors to the board of Vector Ltd.
The AECT, which owns all of Vector, has re-elected two existing directors who are retiring by rotation.
The board members are:
Donald McLaren, ONZM, is chairman of Bomac Laboratories Limited and related companies, and is a laureate of the New Zealand Business Hall of Fame.
Brian Plimmer, FCCM, FINSTD, AIINZ, AAII, is a chartered secretary and accountant, general manager and founder of Rural Couriers Society Limited.
"We are delighted that we are able to re-elect onto the board people of such considerable experience and expertise," said AECT chair Warren Kyd. "Vector is clearly the number one network infrastructure investment company in New Zealand now, and these experienced directors will assist to continue the company's leadership position," Mr Kyd said.
The AECT was created in 1993 and owns 100 percent shareholding in Vector Limited.
Vector is one of the largest network infrastructure companies in New Zealand with assets of more than $3.0 billion. Vector owns the power lines in Auckland's North Shore, Rodney District, Waitakere City, Auckland City, Manukau City, part of Papakura District and Wellington and delivers power on behalf of energy retailers. It also owns operates Auckland's gas distribution network, and an ultra high-speed fibre optic network in the Auckland and Wellington central business districts.
The Auckland Energy Consumer Trust as the shareholder and owner of Vector Limited, seeks:
"To provide advocacy for consumers, to protect its investment under the terms of the Trust Deed and to maximise the value of its investment for the benefit of present and future beneficiaries".
In fulfilling these roles the Trust also seeks to ensure that Vector continues to improve the quality and reliability of its network, and its standard of service.
The Company is a fully commercial organisation. It has a Board of Directors, all of whom are appointed by the Trust.
For further information, please contact:
09 266 4668