Most trusts exist for the same reason: to make sure their assets are protected and managed in a way that delivers maximum benefit for their beneficiaries, both in the short term and the long term.
Generally speaking, the AECT does four things:
- We receive dividends from our shareholding in Vector and distribute them to our beneficiaries
- We manage our majority ownership of Vector on your behalf.
- We deal with government bodies on regulatory issues
- We provide strategic input to Vector at board level
Managing our majority ownership of Vector
The AECT’s key asset is a 75.4% shareholding in Vector. As the major shareholder in Vector and through our two Trustee directors on the Vector board, we make sure we fulfil our responsibilities to beneficiaries by maintaining proper oversight of Vector’s operations.
How we do it
In practice, the AECT works closely with Vector in a number of ways which directly and indirectly benefit our beneficiaries:
- We propose and with other shareholders, appoint Vector’s board of directors. There are currently seven members on the board, with an option to increase that number to nine. Two of Vector's directors are AECT Trustees.
- We actively monitor the company’s performance.
- We review and approve all major transactions undertaken by Vector.
- We monitor the power line undergrounding programme to make sure it’s meeting agreed targets.