New Chair Elected - 11 December 2003 Print

The Auckland Energy Consumer Trust has appointed Warren Kyd as its new chairman.

The appointment follows the first meeting of the trust since its tri-annual election, which was held by postal ballot in October.

As well as appointing Mr Kyd as chairman, the trust has re-elected John Collinge as deputy chairman.

The AECT is the country's largest elected consumer electricity trust, and owns 100 percent of electricity network infrastructure investment company Vector Ltd.

Mr Kyd said he was honoured to accept the chairmanship and was looking forward to the Trust moving forward over the next three years.

"It is a fascinating time, with the electricity industry now effectively price controlled by the government. It is a new ball game and in this new environment the Trust is looking forward to working closely with Vector to plan for the future and ensure the Trust's assets are enhanced over time," Mr Kyd said.

Mr Kyd also paid tribute to Karen Sherry, who chaired the Trust during its previous term.

"We are lucky to have Karen continuing with us on the Trust and her experience will be invaluable as we move forward over the next three years," Mr Kyd said.

Other members of the Trust are Michael Buczkowski and Shale Chambers.

Mr Collinge, who is also an appointee of the Trust on the board of Vector, welcomed the experience and expertise of Mr Kyd as the new chairman.

"Warren is well known in the energy sector and also has the appreciation of the business community following his long parliamentary involvement in the Commerce and State Owned Enterprise portfolios. His knowledge and links to these sectors will be invaluable as the Trust progresses," Mr Collinge said.

About Warren Kyd

Warren Kyd is the former Member of Parliament for Clevedon, Hunua Hauraki. He served in parliament for 15 years and had roles including Chair of the Commerce Parliamentary Select Committee (which included the Energy Portfolio) and was Parliamentary Undersecretary for Commerce, State-owned Enterprises and Labour.

Mr Kyd was also chair of the 1991 government Electricity Pricing Enquiry.

About AECT

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 AECT has four key roles:

  • To ensure that shareholder interests are represented at Board level.

  • To enhance the value of its investment.

  • To collect and look after the dividend income it receives from its investment.

  • To distribute the income it receives in a way that has direct benefit to consumers of Vector.


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:

Warren Kyd
Chairman
09 266 4668