The core business of MainPower New Zealand Limited is the distribution of electricity, focused principally in the North Canterbury and Kaikoura regions.
100% of the ordinary shares are held by MainPower Trust.
The Trust was established on 24th October 1995.
The Trust was established to hold ordinary shares in MainPower NZ Ltd on behalf of its beneficiaries.
An ordinary share gives usual shareholder rights to the Trustees, including voting rights.
Qualifying Customers hold preferential "rebate" shares which have no voting rights but do entitle the holder to a rebate from MainPower NZ Ltd that reduces the charges payable for MainPower's distribution line services.
The Trustees are Richard Allison, Kevin Brookfield, Catherine McMillan, Tony Hall (Chair), Jo Ashby, Quentin de Hamel and Jim Abernethy. Trustee elections are held every three years, and prior to each election up to three Trustees will retire (generally the longest serving), although they can stand for re-election if they wish. In certain circumstances a special election may be required. The Trustees are elected by the qualifying customers.
The beneficiaries are customers referred to as Qualifying Customers and, when established, the MainPower Foundation.
In general terms, anyone who is a customer of MainPower NZ Ltd with premises connected to the MainPower NZ distribution network. The one exception to this, is those customers with premises that were previously supplied by the Kaiapoi Electricity network.
You will currently receive ‘benefits' in the form of a rebate on the cost of MainPower's line distribution services. This is normally shown on the monthly power account.
The MainPower Foundation, when established, will be a charitable trust carrying out activities for the benefit of the community supplied by MainPower NZ Ltd.
The Trustees appoint the Directors of MainPower NZ Ltd and monitor their performance.