The latest manoeuvrings by Entrust– which is demanding an extraordinary general meeting of Vector just weeks ahead of Vector’s annual meeting – is a Machiavellian mess which needs cleaning up, says City Vision, who are campaigning for positions as Entrust trustees in the upcoming election.
“Entrust has five trustees all members of the C&R right wing group. A dominant faction of three trustees see the make-up of Vector’s board as their own fiefdom,” said Simon Mitchell, one of the City Vision candidates for Entrust.
“These three trustees are controlling over 75.1% of Vector’s shares. They are desperate to install their preferred board at Vector before the upcoming Entrust elections. Michael Stiassny has announced he is standing down – yet they want to stab him early and get rid of him.
“Rather than acting in the best interests of Entrust’s beneficiaries – over 320,000 households and businesses – they are obsessed with their game-of-thrones-like plotting and scheming.
“This is a Machiavellian mess which needs cleaning up. Vector is a listed company and New Zealand’s largest distributor of electricity and gas. Vector needs trustees giving it the support and direction to enable it to build a sustainable, secure energy distribution system for Auckland – not the squabbling, infighting and backstabbing we are seeing now.”
Simon Mitchell is urging Aucklanders to support the City Vision candidates – a coalition of Labour, Green and community independents who have formed a ticket to change the trustees at Entrust.
“We will ensure there is good governance at Vector. We will protect Vector from any attempts to privatise or sell-down part of the Entrust holding. And we will ensure Aucklanders see the highest possible return from a sustainable power supply company.”
Joining Mr Mitchell as candidates are local board member Glenda Fryer, renewables expert Richard Leckinger, former cabinet minister Peter Neilson, and former First Union secretary Robert Reid.
Entrust’s election will be by postal ballot in October. In general terms, voting papers go to 320,000 households and businesses in the former Auckland, Manukau, northern Papakura and eastern Franklin council areas.