Photo: Florence Charvin

The Hawke’s Bay Power Consumers’ Trust today released the recommendations from the latest ownership review of Unison, presently 100% owned by the Trust.

In the first step, the review is prepared by accounting firm PwC, who provide their analysis to the Directors of Unison. Those Directors consider the PwC report and make their own recommendation to the Trust.

Unsurprisingly, the Unison Directors have recommended continuation of the status quo … no change in ownership structure.

The Unison review and recommendation is now open for public comment and submissions until 16 October. The relevant PwC and Unison Directors’ reports can be found here.

Key dates ahead for the ownership review process:

• 15 September – Public submission process begins

• 15 September – 16 November HBPCT considers Unison Directors’ report and public
submissions

• 16 October – Public submissions close

• 10 November – Public meeting for oral presentation of submissions

• 17 November – Public meeting for the announcement of Hawke’s Bay Power
Consumers’ Trust decision on future ownership structure for Unison

Submissions can be sent either via email to hbpct@bwr.co.nz or via mail to Ownership Review, The Secretary, Hawke’s Bay Power Consumers’ Trust, PO Box 146 Hastings 4156, Note your name, address and property’s ICP number – available from their latest power account.

We’ll have more to say about the reports and recommendations, once fully digested. Stay tuned.

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10 Comments

  1. What a surprise Not.
    In it for you. Yeh right!
    Always hard to get politicians noses out of the public trough, especially when they’ve been in it so long…..

  2. I can’t see any reason to change from the current ownership. I really cannot! Has anyone know of any good reason?

    1. There is no good reason other than feathering existing customer/shareholder pockets IMO. I have yet to receive a response from anyone in favour of a sale, as to why they think they are entitled to the full value of an asset that has been built up by generations beforehand, and no doubt by future generations. Anyone?

  3. The way the N Z economy is steadily going down. I am pretty sure the younger generation will happily sell it off. More especially if they want a lump sum towards a deposit on their own home. No different to central government and local councils that have needed to sell off so called public assets. Likes of our own, the Hawkes Bay Regional Council, that sold off 49% of ratepayers shares in the Port of Napier.
    End of….

  4. To David. This still doesn’t answer the fundamental question of why the current generation should receive the benefit of this over past or future generations. At least with HBRC selling off the port it is arguable that the funds it received to pay down debt and such like will help future generations through service provision and such like. The same can’t be said in this instance. As was clearly conveyed at the recent Unison/HBPCT it is an inter-generational asset and should stay that way.

  5. To Greg,
    The “intergenerational” concept is something invented by the Trustees to try to ensure their continued existence. The Trust Deed does not recognise such a concept. At any of the “ownership reviews” the result could be Trust is wound up. And, if that doesn’t happen beforehand, then it must do so as at 1 January 2072. The HBPCT is not Unison. The Trustees are required by law, to act for the Beneficiaries. But do they? Where is their assessment of the value of the shares that Beneficiaries are entitled to?

  6. Many of us will not be here in 2072 . Having contributed to this Trust and theoretically not allowed to cash in our share ? Tell us the consequences if some want to be paid out and other remain . As said above by Brian.
    Colleen

  7. Intergenerational? Am I confused or was the Trust not formed much more recently? Perhaps just a couple of decades or so?

  8. To Greg.
    As in the future, there is absolutely Nothing to stop the hbrc, flogging off their remaining 51% share holding in the Port of Napier! End of any
    dividend being paid to the supposed owners, us! Used to help keep Our Rates down Not anymore!

    No the only true beneficiaries of the hbpt are the Trustees….money for jam. End of.

    .

    ..

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