06 October 2008

The Auckland Energy Consumer Trust (AECT) has nominated Trustees Karen Sherry and James Carmichael as the two Trustee Directors who will be seeking election to the Vector Board at the Vector AGM on Thursday October 23.

The AECT has two Directors on the Vector Board representing the Trust as Vector’s majority shareholder with 75.1%. The AECT’s two current Trustee Directors are up for re-election this year.

Trust Chairman, Warren Kyd thanked outgoing Trustee Director, Shale Chambers for his contribution to the Vector Board since his appointment in July 2006. “The Trust and beneficiaries are grateful to Mr Chambers for his representation of the Trust, Vector and Shareholders during his tenure”. Mr Chambers continues as a Trustee for the AECT.

Mr Kyd said the Trust’s nomination of Karen Sherry to continue as a Vector Director and James Carmichael to begin serving on the Board provides continuity and the opportunity to add Mr Carmichael’s sector specific expertise.

Karen Sherry has been a Trustee since 1994, chairing the Trust between 2001 and 2003 and was a Director of Mercury Energy between 1994-1999. Karen Sherry was appointed to the Vector Board in 2006. Karen is the current Chair of the Vector Board’s Risk Committee and is also a director of Vector subsidiaries NGC and Vector Communications.

James Carmichael has been a Trustee since 2006 and will bring his significant commercial experience in major international infrastructure and energy companies to the Vector Board. His experience includes:

  • Asia-Pacific Regional Director of UK based PowerGen International Limited responsible for overseeing the company’s multi-billion dollar energy assets and acquisition strategy from Australia to Korea.
  • Chairman of the Auspower Board representing PowerGen International’s 49.9% ownership stake in the Australian Yallourn Energy coal-fired plant.
  • Non-Executive Director of Ranhill Power Berhad, responsible for leading the Board’s Investment Committee reviewing all key commercial, technical, financial, and environmental risks associated with the company’s proposed investments in both thermal (CCGT and coal plant) and hydro power projects East Asia, South East Asia and the Indian sub-continent.

Under the AECT’s election process all Trustees excluding the Chair are eligible to be nominated for the two Trustee Director positions. Trustees then vote to select the final nominees for election to the Board at the Vector AGM.

A background profile and file photo of James Carmichael can be found here.

For more information please contact AECT Chairman, Warren Kyd on 027 446 2489

About the AECT:

AECT was established in 1993 to own the assets of the former Auckland Electric Power Board (“AEPB”). These assets currently consist of a 75.1% shareholding in Vector Limited, worth approximately $1.71 billion at current share values.

AECT holds these assets in trust for the energy consumers (income beneficiaries) living within the former AEPB boundaries (i.e. in Auckland, Manukau and Papakura) until 2073, at which point they will pass to the local government body or bodies (capital beneficiaries) functioning within the boundaries of the former AEPB. If no such body or bodies exist, the assets will pass to the Crown.

The Trust has five Trustees who are elected every three years by the income beneficiaries within the boundaries of the former AEPB. The Trustees duty is to distribute income earned to income beneficiaries and to maintain or enhance the value of the trust fund, which is the 75.1% shareholding in Vector.

The AECT Trustees are:

Warren Kyd (Chairman)
Michael Buczkowski (Deputy Chairman)
James Carmichael
Shale Chambers
Karen Sherry

For more information on the AECT visit www.aect.co.nz