2022 Northpower Ownership Review – Submissions Closed
Published 10 May 2022
The deadline for making submissions on the 2022 Northpower Limited Ownership Review has closed.
From February 28 to April 28, consumers connected to Northpower’s electricity network in Kaipara and Whangārei were able to make submissions to the Northpower Electric Power Trust (NEPT) on the ownership model of the company.
Currently, seven Trustees Erc Angelo (Chair), Sheena McKenzie (Deputy Chair), Chris Biddles, Irene Durham, Phil Heatley, Bill Rossiter, and Paul Yovich hold all of the shares in Northpower on behalf of the Trust's beneficiaries (electricity consumers connected to the Northpower electricity network).
The Northpower Ownership Review is held every five years.
Throughout March, public meetings to discuss the Ownership Review were held at Dargaville, Mangawhai, and Whangārei, followed by a Zoom meeting.
In total, there were 131 submissions during the 2022 Northpower Ownership Review, of which 36 were dual submissions, making a total of 167 submitters, says NEPT Chair Erc Angelo.
All submitters were in favour of ‘Option A’, which is to retain the Northpower Ltd Shares in the Trust. The other options available were:
- Dispose of a portion of the shares and retain the remainder in the Trust
- Dispose of all the shares
A public hearing was to be held at 11am on Thursday, May 26 at McKay Stadium in Whangārei. However, no submitters wished to speak about their submission, so the meeting is now not needed.
Therefore, a decision on the 2022 Northpower Ownership Review will be made at a meeting of Northpower Electric Power Trust Trustees at 11am on Thursday, June 9, at Plus CA Pavilion, 79 Okara Drive, Whangārei. This meeting is open to the public but for observation only.
For more information, people can call Brent Martin or Julie Noel at Plus Chartered Accountants on 09 438 3322 or email nept@plusca.co.nz. The 2022 Northpower Ownership Review document can be seen at www.northpower.com/about/ownership.
Trustee responsibilities as stipulated in the Trust deed are:
- 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 details of the Company’s posted discounts for consumers, along with any dividend payment from Northpower Ltd, and to ensure distribution of both of them in accordance with the Trust Deed.
- To consult with the community, at least every five years, about the options for the future ownership of the shares in Northpower Ltd.
The last ownership review in 2017 resulted in no change to the ownership structure, with the ownership of the company remaining with the Trust.
