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2018 Annual Report

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2018 Annual Report 2018 Annual Report Mission Statement: To ensure that MainPower New Zealand Limited provides a reliable, economic and sustainable electricity supply to our community DIRECTORY TRUSTEES Kevin Brookfield Chair Richard Allison Deputy Chairman Jo Ashby Trustee Allan Berge Trustee Quentin de Hamel Trustee Hugh Lindo Trustee Jim Abernethy Trustee SECRETARY Kathy Hansell Koller & Hassall Limited TRUST OFFICE 267 High Street PO Box 370 Rangiora 7400 Telephone: 03 313 8103 Email: [email protected] Web: www.mainpowertrust.org.nz BANKER Westpac New Zealand, Rangiora SOLICITORS Simpson Grierson, Christchurch AUDITOR Deloitte, Christchuch Kevin Brookfield Kevin has been the Trust Chair since March 2018. The added time to Kevin’s role with MainPower Trust effectively means other business ventures stay on hold. Alongside MainPower Trust, Kevin presides over a 15 hectare lifestyle block in Amberley. Kevin enjoys a close input with 4 growing grandchildren, and wouldn’t have it any other way. Richard Allison Richard was first elected to MainPower Trust in 1999 and is Deputy Chairperson. Following Massey University he and his wife Jeanette worked in London and back packed around Europe. They returned to New Zealand to go farming. This was combined with work in rural banking. From 2001 they have been managing preschools in Rangiora and Christchurch. Richard sees electricity as increasingly important in our daily lives. The growth of distributed generation means our lines network is now being used to send as well as to supply power. He hopes electricity will begin to displace fossil fuel use with MainPower transporting this energy both reliably and efficiently. MainPower‘s ability to do this is vital. Jo Ashby Jo was elected to the MainPower Trust in 2013. Jo and her family run a dairy farm business they have owned for the past 20 years. She is a qualified accountant (currently retired status) having specialised in rural accounting. Jo has been involved with a number of community organisations over the 35 years she has lived in the Waimakariri district. Allan Berge Allan was elected as a Trustee in March 2017. Allan held the position of Chief Executive and Managing Director of MainPower for 28 years prior to his retirement in 2015. Allan is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants Australia and New Zealand, a Fellow of the Institute of Management New Zealand and a member of the Institute of Directors. Quentin de Hamel Quentin works locally as a solicitor. His specialist areas are in property law, commercial transactions, conveyancing, farming, leases and business advice. He has been on the Board of Trustees of both Rangiora Borough School and Rangiora High School. He is also actively involved in the local Lions Club. Quentin is married with two adult children and lives in Rangiora. His approach is friendly and casual, but also caring and knowledgeable. His goal is to ensure we, as power consumers, get the best value for our investment. Hugh Lindo Hugh has been appointed by the Trustees under their power of appointment following Ms McMillan’s resignation. Hugh, a North Canterbury resident is a senior partner at Simpson Grierson, based in the Christchurch Office. Hugh’s involvement with other organisations includes being President of the Canterbury Employers Chamber of Commerce, a member of the Council of Business New Zealand, a fellow of the Christ’s College Board and Trustee of the Christchurch Foundation. Jim Abernethy Jim is now in his second six year term on MainPower Trust, and is enjoying the challenge of protecting the MainPower beneficiaries’ rights. Jim Abernethy lives in Kaikoura, where he has been actively involved in the community through numerous organisations, associations and service clubs. Jim was elected a member of Kaikoura District Council and was Mayor of Kaikoura for six years. Prior to moving to Kaikoura Jim lived in Cheviot for most of his working life, during which time he and his brother owned and operated Cheviot Lime Company Ltd. Jim has been a member of both the Cheviot and Kaikoura Volunteer Fire brigades for 25 years and retired as Chief Fire Officer in Kaikoura. He was also the Kaikoura member of the Marlborough Harbour Board for 12 years. His community activity includes voluntary work in Cheviot, Kaikoura and the Marlborough region. Alongside all of these commitments, Jim has also been a Marriage Celebrant for the past 22 years. CHAIRMAN’S REPORT to the Annual General Meet ing Wednesday 29 August 2018 Welcome to the MainPower Trust AGM 2018, my name is Kevin Brookfield and I am the Chair of the Trust. May I introduce you to my fellow trustees: Richard Allison, Jim Abernethy, Jo Ashby, Quentin de Hamel, Hugh Lindo & Allan Berge. 12 months ago this AGM was chaired by Catherine McMillan. Having moved out of North Canterbury, Catherine retired as a Trustee. She was elected as a trustee in March 2011, having previously been a council appointee in earlier years. She took over as Chair of the Trust in December 2016. We thank her for her focused governance skills and I know she in return wishes MainPower and the Trust all the best in the future. The Trust is able to appoint a new Trustee within an electoral cycle and so appointed Hugh Lindo, a senior partner with legal firm Simpson Grierson and Ohoka resident, in March. The next Trust election is in March 2020. One of the most important roles the Trust has is in appointing the Company’s directors. Prompted by recent Board retirements and the pending retirement of Judith Hoban the Trust determined that the Board was too small and needed to be increased to 6 in number. The Trust engaged with the Board to determine the skills required of new prospective directors. The Trust appointed EQiGlobal to run the recruitment process. The standard of the 30 or so applicants was high. At the end of the process two candidates were identified. We are delighted that Brian Wood and Fraser Jonker will be appointed at today’s AGM. The Trust is confident that you will both make a major contribution to the Board and the ongoing success of the Company. These appointments conclude a major transformation of the Board that has taken place over the past two years. Judith Hoban retires from the Board today. She has been a tireless servant of MainPower and the Board appointee as a Trustee from 2006 to March 2009 and then as a Director from 2009. She has been a wise soul; a great community advocate and effective decision maker for the Company. Thank you, Judith. The Trust has just completed its 6 yearly 2018 Capital Distribution Review process. Just under 30,000 individual Qualifying Customer Beneficiaries (representing 36,689 ICPs) were posted details inviting submissions on the Trust’s decision to retain the status quo with the Trust continuing to own 100% of the Company. The decision followed independent advice from Commercial Consulting firm PwC supporting the Trustee’s view. Full details of PwC’s analysis and their review of MainPower NZ Limited’s performance were posted on the MainPower Trust website and the increased number of submissions (578, a 43% increase from 2012) demonstrates a significant uptake from ICP holders concerning the future of their Company. We welcome that. The Trust workload this year has focused on continuing to ensure that the various governance frameworks focussing on the relationship between the Trust and the Company is fit for purpose. There was a particular emphasis on the development of the Company’s Statement of Corporate Intent following the Trust providing a Letter of Expectation to the Company. Measurement of the Company’s performance against the SCI is a key area where the Trust can hold the Company to account its performance. The Trust is also developing its own strategic plan in consultation with the Company. That plan will recognise the continuing need for the Trust to act in the best interests of its beneficiaries, the community of North Canterbury. Following last year’s Trust Deed updates, it has been identified that some amendments are desirable to the Company Constitution to ensure that various matters and definitions are aligned across the Deed and Constitution. These are being finalised now. We have also nearly finalised further amendments required to the MainPower Foundation Trust draft Deed to ensure its charitable status in the event that a distribution occurs at some future date. Trustees take turns in attending ETNZ (Energy Trusts of NZ) meetings, which are held bi-annually. This National body advises on changing regulatory requirements as well as providing ongoing updates on the many technological and market changes the sector is now subject to. Our secretary, Kathy Hansell, has again been an integral part of Trust business. Her contribution extends way beyond her professional obligations and her ability to produce accurate & concise reports and minutes is second to none. The Trust acknowledges and appreciates the efforts of all members of the MainPower team: our Board, Senior Executives, management at all levels, field staff and each and every support participant. In the course of its work, EQiGlobal commented on the national reputation this Company was held in as expressed by the applicants: progressive, industry leading, community savvy. I’ll finish on that positive note, and thank you for your attendance. Kevin W Brookfield Chairman Requests for Information by Beneficiaries MainPower Trust is a signatory to the ETNZ Guidelines for Access to Information by the Beneficiaries of Electricity Community and Consumer Trusts (the Guidelines). As such, the Trust is required to provide details of requests for information by beneficiaries during the previous year (excluding items referred to in Clause 6.2 of the Guidelines).
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