Role of the Trustees
The Auckland Energy Consumer Trust is made up of elected trustees. All of them are electricity customers who live inside the Trust area. Trustee elections happen every three years, and every AECT beneficiary can vote in them, or run for election themself.
The Trustees, acting on behalf of the beneficiaries, and in accordance with the Trust Deed, are responsible for ensuring that the Trust operates according to its key roles and all its regulatory and legal requirements.
In practice, the Trustees:
- Set and distribute the dividend to the Trust’s beneficiaries
- 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
- Approve all major transactions undertaken by Vector
- Manage the Trust’s funds
- Communicate with beneficiaries and the general public on the Trust’s activities
- Monitor and address regulatory issues affecting Vector, the Trust and AECT beneficiaries
- Get involved in energy matters in the interests of Vector, our consumers and beneficiaries
- Take a proactive role in ensuring security of supply for our customers
- Monitor prices of Vector Electricity services in the Trust district and ensure these do not exceed the agreed pricing policy