Auckland Energy Consumer Trust Election from October 17 to 30
If you were you one of the thousands of people who recently received $345 from the Auckland Energy Consumer Trust, then you are eligible to vote in the upcoming AECT elections.
The election of Trustees takes place every three years.
The election is done by postal vote, so if you are an AECT beneficiary, look for the voting papers in your mail.
The voting papers will be arriving in letter boxes from October 17. The voting closes at 5 pm on October 30, 2015.
Each beneficiary has one vote.
Your vote is extremely important to ensure the AECT will continue to act in the best interests of every household and business in Auckland, Manukau, and parts of Papakura in protecting and growing the assets of the Trust.
Increasing dividends
The AECT owns 75.4% of Vector. Vector is one of New Zealand’s largest infrastructure companies and owns the electricity lines network in the greater Auckland area and also a gas distribution network supplying more than 30 towns and cities across the North Island. The AECT dividend is set to continue until 2073. Every year, as population in the Trust District grows, more and more people receive the dividend.
Even though the numbers have grown, the AECT has been able to increase the dividend from $320 per beneficiary in 2010 to $345 per beneficiary this year.
Indeed, as the chart here shows, the number of people, businesses and organisations receiving the dividend has increased by about 9400 since 2010.
| AECT DIVIDEND | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
| Dividend total ($m) | 98.7 | 99.3 | 100.1 | 103.4 | 106.0 | 110.2 |
| Number of beneficiaries | 308,996 | 310,556 | 312,700 | 313,500 | 316,320 | 319,500 |
| Net amount per beneficiary | $320 | $320 | $320 | $330 | $335 | $345 |
The Trust District covers Auckland, Manukau and northern Papakura. This is the same area that, in the old days, received electricity from the Auckland Electric Power Board.
No matter which electricity retailer you are with, if your power lines are owned by Vector, you are a Vector customer. If you are Vector customer inside the AECT district, you are one of the lucky customers who receive the AECT dividend every year.
Trust Deed
The work of the Trust is strictly governed by a Trust Deed, and along with the dividend distribution it involves managing its 75.4% shareholding in Vector, actively supporting Vector on regulatory issues and dealing directly where necessary with the related Government bodies, and providing strategic input to Vector at Board level.
The Trustees
The people behind this work are the five AECT Trustees who are elected by income beneficiaries every three years.
In addition to taking care of the AECT, two of the Trustees are appointed as Directors on the Vector Board. This gives the AECT, as majority owner of Vector, the ability to properly monitor the activities and performance of Vector. The AECT appoints all the other Vector Directors too.
The AECT is one of the biggest Trusts in New Zealand. At last week’s share price of $3.22 for Vector Ltd, the Trust’s shares are worth $2.42 billion.
The AECT became one of the largest, most valuable trusts in New Zealand by supporting, in its role as shareholder, Vector’s decision to acquire United Networks in 2002 and NGC Ltd – a major gas company – in 2006.
These two acquisitions led directly to a significant increase in the dividends the AECT has been able to pay beneficiaries, from $145.00 in 2002 to $345.00 in 2015.
If you would like to know more about the AECT or the annual dividend, see their website at www.aect.co.nz
