AECT trustees to be scrutinized over poor Vector results
29 October 2015
The five incumbent Auckland Energy Consumer Trust (AECT) Trustees will be held to account and asked to front up about
their controversial performance at the Trust’s AGM this evening (Thursday 29 Oct) at 7pm, just 22 hours before voting
closes for the AECT elections.
“This is the only AECT trustee meeting that is held in public. The 320,000 beneficiaries of the Trust deserve answers
about the Trustees’ performance, their future plans and why potentially negative results are being withheld until the
eve of the close of the election”. says City Vision candidate Jeanette Elley
“I will be attending the AGM with City Vision candidates Judith Tizard, Kirk Serpes and Anne Marie Coury. We will be
asking why there is no comment on Vector's performance in the AECT Annual Report” say Ms Elley
Despite crowd-pleasing increases in the Vector dividend, Vectors earnings have actually been dropping steadily, with
earnings per share (EPS) of 20.0, 16.9 and 14.7 respectively over the past three years, meaning a drop of 27% in the
past two years. I intend to ask "How does the AECT see Vector's prospects, and how will they ensure returns to
shareholders in the future, when rapid changes in the sector and Vector's recent results indicate reducing electricity
demand?" says City Vision candidate Judith Tizard. "Will the current trustees, if re-elected, cave in to the demands of
their C colleagues Christine Fletcher and John Collinge and, contrary to their promises, hand Vector over to Auckland Council
when the going gets tough?"
“As well as withholding results from 320,000 voters I am deeply concerned about the cynical timing of the AGM that
ensures the incumbent Trustees receive very belated scrutiny and negative results are not able to influence the outcome
of the AECT elections” says Ms Tizard
Ends