AECT Announces Three New Directors For Vector Bd.

AECT Announces Three New Directors For Vector Board

Auckland - (Sept. 11) -- The Chair of the Auckland Energy Consumer Trust (AECT), Karen Sherry, today announced the appointment of three new directors to the board of VECTOR Ltd.

The AECT, which owns all of VECTOR, has made the new appointments to replace three incumbent directors who are retiring by rotation. The changes also come as VECTOR embarks on a new era of growth - after yesterday being confirmed as the successful bidder for a controlling stake in New Zealand's 10th-largest listed company, UnitedNetworks Limited.

The new board members are:

* Wayne Boyd, who is currently chair of Auckland International Airport. Mr Boyd brings considerable business, corporate and electricity industry experience to the board. He was chair of the South Island Interim Development Group charged with establishing state-owned enterprise Meridian Energy. He is also an independent director of Ngai Tahu Fisheries and is on the boards of two Greenfield companies.

* Bryan Leyland, is an electrical engineering consultant. Mr Leyland has considerable experience of the New Zealand electricity industry. He began his training with the Auckland Electric Power Board followed by nine years overseas experience and 30 years involved in power projects in NZ. He is a well known spokesman for the electricity industry and in 2000 was selected by the Institution of Professional Engineers as "Communicator of the year".

* Michael Stiassny, who is the Senior Partner of Ferrier Hodgson & Co in New Zealand, a chartered accountancy firm specialising in financial consulting work. Mr Stiassny also has considerable utility industry experience as Chairman of Metro Water Ltd. and former chairman of WEL Energy Ltd. He is also a director of a number of listed and private companies.

"We are delighted that we are able to bring onto the board people of such considerable experience and expertise," said Ms Sherry. "These new directors will help to improve and enhance the company's leadership position," she said. Ms Sherry also paid tribute to the three outgoing directors of Vector.

Chairman Wayne Brown and directors Doug Dell and John Wells have all retired from the board, in line with the company's constitution.

"Their contribution to the company has been outstanding and I would like to thank them for helping put Vector in the position of strength that it now so obviously holds," Ms Sherry said.

The Trust has recommended that Mr Stiassny be elected as the new chair of VECTOR, though that will have to be ratified by a full board meeting of the company.

The full board of VECTOR following these appointments comprises: Wayne Boyd, Dr Margot Buchanan-Oliver, John Collinge, Bryan Leyland, Don McLaren, Brian Plimmer, Michael Stiassny.

About AECT

The Auckland Energy Consumer Trust owns 100 percent of VECTOR and has four key roles:

1. To ensure that shareholder interests are represented at Board level.

2. To enhance the value of its investment.

3. To collect and look after the dividend income it receives from its investment.

4. To distribute the income it receives in a way that has direct benefit to consumers of VECTOR.

In fulfilling these roles the Trust also seeks to ensure that VECTOR continues to improve the quality and reliability of its network, and its standard of service.

VECTOR Limited owns the network of power lines, cables and transformers, which carry electricity to more than 275,000 homes and businesses in Auckland. The Company is a fully commercial organisation. It has a Board of Directors, all of whom are appointed by the Trust.

VECTOR yesterday announced it has agreed to make a full takeover offer for UnitedNetworks and the major shareholder, Aquila , has agreed to sell its 70.2 percent stake to VECTOR, subject only to approval by Aquila's bankers.

Upon completion of the transaction VECTOR will be the largest electricity lines company in New Zealand with 612,000 electricity customers in the Auckland and Wellington regions and 65,000 gas customers in Auckland.

VECTOR's provides the AECT with an annual dividend, which is then passed on to the AECT's consumer beneficiaries by way of a rebate on their power bills.

The AECT has five Trustees who are elected every three years in a postal ballot. The next election is in October 2003. The current trustees are: Karen Sherry, Chair; John Collinge, Deputy Chair; Pauline Winter; Coralie van Camp; Mike Buczkowski.

ENDS

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