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:
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 firstname.lastname@example.org. The 2022 Northpower Ownership Review document can be seen at www.northpower.com/about/ownership.
Trustee responsibilities as stipulated in the Trust deed are:
The last ownership review in 2017 resulted in no change to the ownership structure, with the ownership of the company remaining with the Trust.