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Trust welcomes new Vector board appointment - 07 March 2007 |
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The appointment of experienced director Alison Paterson to the Vector Board was today welcomed by the Auckland Energy Consumer Trust.
“She is an asset to any boardroom and has just the credentials the Trust was seeking,” said Trust Chair Warren Kyd.
Alison Paterson chairs publicly listed company, Abano Healthcare Ltd, and is Deputy Chair of the Reserve Bank as well as sitting on several other boards.
“I am confident that competent and credible candidates, with skills complementary to Alison’s and to the other directors, will be found for the remaining two vacancies on the Board,” Mr Kyd said.
“It is essential that the Board contains the right mix of skill sets and experience and that Board members are able to make the commitment of time and energy needed to drive the company forward,” he said.
The Trust had now concluded its review into Vector’s governance arrangements following the three Board resignations before Christmas and was in a position to reaffirm its confidence in the chairmanship of Michael Stiassny.
“His record speaks for itself: anyone who invested at $2.38 a share in the August 2005 IPO has received an annualised return including dividends and capital growth of 15.6 per cent which is ahead of the prospectus forecast. In fact the company has met or exceeded all of its material prospectus forecasts, which is a significant achievement in itself.
“This strong performance flowed through to the company’s half year results, announced on 9 February, which were above market expectations.
“Further, Michael was instrumental in improving the relationship between Vector and the Commerce Commission, clearing the way to an administrative settlement in principle, and he has overseen the successful integration of NGC and Vector following the 2005 acquisition,” Mr Kyd said.
Contact: Warren Kyd 0274-462-489
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