The Northpower Electric Power Trust owns Northpower Ltd, on behalf of the Whangarei and Kaipara electricity consumers.
Northpower owns and manages the electricity lines network in Whangarei and Kaipara and also owns one of New Zealand's largest electricity distribution contracting business with centres located across the North Island.
Northpower is a leading supplier of electricity distribution network design, maintenance and construction services with offices throughout the North Island.
Seven Trustees hold all of the shares in Northpower on behalf of the Trust's beneficiaries (electricity consumers connected to the Northpower electricity network). In 1992 the government passed legislation that required Northpower to become a legal corporate entity. When the company was corporatised in 1993, the Trust was formed to hold all the shares in Northpower on behalf of electricity consumers. This meant that ownership of the Company remained in the community.
The Trustees responsibilities are set out in the Trust deed, and are summarised as follows:
- To protect the value of Northpower Ltd for the long term benefit of the beneficiaries.
- To appoint directors to Northpower Ltd and monitor their governance of the company.
- To approve Northpower Ltd's annual Statement of Intent that sets out performance targets for the company for the year ahead.
- To receive distributions from Northpower Ltd and to either reinvest them in Northpower Ltd or apply them for the benefit of the consumers.
- To consult with the community, at least every five years, about the options for the future ownership of the shares in Northpower Ltd.
The Northpower Electric Power Trust Deed.
For further information please also review the Trust Reports Section.
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