The Trustees appoint the Directors of Network Tasman Limited (the company). Under the Energy Companies Act 1992, the company is required to operate as a commercially efficient organisation.
In accordance with the Trust Deed, the Trustees are required to monitor the performance of the directors of the company, carry out ownership reviews, and comment on the company's annual Statement of Corporate Intent (SCI) each year, ensuring it is consistent with the obligation of the directors to operate the company as a successful business and in particular to optimise the return on the assets of the company. The SCI outlines the overall intentions and objectives that the company will follow for the next three financial years and includes a forecast of the dividend to be paid to the Trust.
The Trust also receives income from an investment fund arising from the proceeds of the sale of the company's energy retailing division in the 1990's.
The Trust uses the income from the dividend it receives and from the return on the investment fund to:
- Provide an annual distribution to Network Tasman consumers. This distribution is initially paid to your energy retailer who passes it on by way of a credit on your power bill.
- Allocating approximately $250,000 per annum to consumers and community organisations within Network Tasman's distribution area by way of grants and scholarships.
- Meet the running costs of the Trust.
Trustees meet approximately nine times in the year and start their meetings with a 10-minute public forum which is open to end users of Network Tasman's electricity network. Consumers connected to the network are welcome to attend the public forum.
Copies of the Network Tasman Trust annual reports are available on the Network Tasman Ltd website.