The MainPower Trust is the organisation which holds the shares of MainPower New Zealand Limited. The Trust has seven Trustees. Trustee elections are held every three years and Trustees are elected by the qualifying customers of MainPower.
The enactment of the Energy Companies Act 1992 required MainPower to become a company with a clear ownership structure and a Company Establishment Plan was developed for this purpose.
The MainPower Trust was established on 24 October 1995 to hold in trust the qualifying customers' and community's entitlement until such time as a distribution was made, and this is the situation right through to the present day. It was agreed MainPower's qualifying customers would be entitled to 80% of the MainPower Trust Fund including the ordinary shares that the Trust held in MainPower. The community as a whole would be entitled to the remaining 20%.
By law, the MainPower Trust must be wound up no later than 25 April 2073. The MainPower Trust assets will, unless there has been a distribution and the Trust wound up at an earlier date, vest in a charitable trust that will be known as the MainPower Foundation.
To learn more about the Trust visit the MainPower Trust website.
Vision of the Trust
The vision of the MainPower Trust is to provide significant benefit to the customers of MainPower New Zealand Limited, who are our beneficiaries.
Purpose of the Trust
The purpose of the MainPower Trust is to manage the shareholding of MainPower New Zealand Limited and other assets, for the benefit of qualifying customers.