“Vector and our 320,000 owners - majority owned by our community”
We are proudly New Zealand owned and firm advocates for an effective infrastructure sector. We are committed to being the country's best infrastructure company.
Entrust (formerly known as the Auckland Energy Consumer Trust or AECT) is Vector's majority shareholder. It owns 75.1% of Vector and is a consumer trust. It holds and manages its majority shareholding on behalf of its beneficiaries (electricity customers in the old areas of Auckland City, Manukau City and parts of the Papakura District). Private investors hold the balance of the shareholding.
It's not a major change, just a simple combination of energy and trust – Entrust. They have made this change to help everyone understand who they are and what they do.
They are a private-sector trust whose purpose is to look after their investment in Vector and pay consumers in the Entrust area their share of the Entrust dividend every year. As a private trust, they are set up to do this until 2073 and will keep doing this under their new name, Entrust.
Vector delivers consistent returns to shareholders and under our ownership model we also return more than $100 million annually to Entrust. Our shares are publicly traded on the NZX under the ticker code VCT.
What Entrust is doing to help
As the majority owner of Vector, Entrust has an agreement that commits Vector to spend at least $10.5 million every year on projects in the Entrust district.
This fund has historically been used for underground projects in the Entrust district and has recently been extended to include new technology such as EV charging stations, solar and batteries.
So far, over 135 undergrounding projects have been completed, and power lines have disappeared from 108km of streets in neighbourhoods all over Auckland, Manukau and northern Papakura.
To view information about these projects including when they were finished, how many people they benefited and what the project covered, click here.