The Hawke’s Bay Power Consumers’ Trust is (HBPCT) evaluating the value of its increased dividend payment from Unison Networks Ltd to individual customers. After three years of dividends of $15.8 from Unison, the HBPCT announced this week that the dividend has risen to $17.25 million.
“It is fantastic for HBPCT and the power consumers we represent to see the dividend increase off the back of a rise in Unison’s net profit after tax for the 2023/24 financial year,’’ trust chair Diana Kirton said. “It is also pleasing to see the rise in income from Unison’s unregulated subsidiaries. Investment in these industry-related businesses contribute strongly to the dividend paid to HBPCT on behalf of power consumers.’’
Kirton says the trustees will now “crunch the numbers’’ and make a further announcement about the consumer dividend in early August. [Editor: The Trust has since announced that this year’s dividend to each power consumer will be $260, up from last year’s $240.]
In the meantime, the HBPCT is in the process of updating its governing document.
Kirton says the Trust Deed needs to be modernised to reflect the provisions of the Trust Act 2019. To assist that, the trust is seeking public feedback on the seven changes that have been proposed:
The date of the next Unison ownership structure review (17 November 2028). The Trust Deed provides for five yearly ownership reviews; this merely confirms the date of the next one.
Removing the requirement for Unison directors to produce a report in respect of each dividend received by the Trustees. Trustees believe this is no longer necessary.
Capping the period that HBPCT will hold unclaimed dividends on behalf of power consumers to three years. If unclaimed beyond this period, monies will be returned to HBPCT for the benefit of all power consumers.
A new clause 4.5 that extinguishes Trustees’ obligations with respect to the dividend income paid to a Consumer, once the Consumer receives the dividend income and that until the Consumer receives the income, the funds form part of the Trust Fund and are able to be used by the Trustees.
Modernising the Trust Deed to reflect the new Trust Act.
Allowing for documents to be made available on the HBPCT website and for public notices to be given on that website.
Extending the life of the Trust to reflect the new 125 year term permitted by the Trust Act. The termination date of HBPCT is being extended to 2117.
The month-long period for public feedback began on July 23.
“We invite power consumers to have their say, either online by visiting www.hbpct.co.nz and following the link, or by sending a postal submission to: HBPCT Trust Deed Update, PO Box 146 Hastings,’’ said Kirton.
“Submissions will be made public on 26 August and submitters are invited to present their feedback at a public meeting on 4 September. Trustees will make their final decision on 11 September.”
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