1 March 2022
2022 Northpower ownership review
The Northpower Electric Power Trust (NEPT) has announced an ownership review of Northpower Limited. The review is undertaken every five years and consumers connected to Northpower’s electricity network in Kaipara and Whangārei can now make submissions on the ownership model of the company.
The Northpower Electric Power Trust (NEPT) has announced an ownership review of Northpower Limited.
The review is undertaken every five years and consumers connected to Northpower’s electricity network in Kaipara and Whangārei can now make submissions on the ownership model of the company.
Public meetings
Northpower Electric Power Trust Chair Erc Angelo says the Trust will hold a series of public meetings across Kaipara and Whangārei throughout March to inform Northpower consumers of the review process. Meetings for those with Vaccinations Passes will be held as follows:
- Thursday 17 March – 11am – Dargaville Town Hall, 37 Hokianga Road
- Monday 21 March – 11am – Mangawhai Domain Hall, 75 Moir St, Mangawhai
- Thursday 24 March – 11am – Plus CA Pavilion, Cobham Oval, Okara Drive, Whangārei
- Friday 25 March – 11am – Zoom
People can make submissions by emailing nept@plusca.co.nz or by collecting a submission form and ownership review document from Plus Chartered Accountants at 134 Bank Street, Whangārei. Alternatively, people can call Brent Martin or Julie Noel at Plus Chartered Accountants on 09 438 3322 or email nept@plusca.co.nz to request an information pack. The Ownership Review document can be seen here.
Submissions close at 4pm on April 28 and people wanting to speak to their submission can do so at a public hearing at 11am on Thursday May 26 at McKay Stadium (Sport Northland, 97 Western Hills Drive, Whangārei).
The Northpower Electric Power Trust
A meeting of Northpower Electric Power Trust Trustees and Northpower Directors will be held on Thursday, June 9 at Plus CA Pavilion at 11am, where a decision on the ownership review will be made. This meeting is open to the public for observation only (Vaccination Passes are required for entry).
The Northpower Electric Power Trust (NEPT) Deed requires that options for the future ownership of shares in Northpower be reviewed every five years,” says Mr Angelo. “The Trustees of the Northpower Trust must carry out a consultation process with Northpower consumers to determine if the current Trust ownership structure is what consumers want, or if consumers would prefer a change.”
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).
In 1992 the government passed legislation that required Northpower to become a company. When the company was incorporated in 1993, the Trust was formed to hold all the shares in Northpower on behalf of electricity consumers connected to the Northpower electricity network in Kaipara and Whangārei. This resulted in the ownership of the Company remaining in the community.
Trustee responsibilities
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 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.