TECT consultation on structure changes; rebate protected
Trustpower announced on 28 January 2021, that it is undertaking a strategic review of its retail business, that includes a potential sale.
We wrote to all beneficiaries and valued stakeholders of TECT, to let them know that Trustpower’s decision means that TECT has to change.
Trustees have released a proposal that outlines the changes to TECT’s structure needed to meet the purpose of the Trust Deed, and to ensure that the best interests of the Trust and its beneficiaries are protected. This proposal protects the rebate for existing TECT beneficiaries for approximately 30 years.
You can learn more about the proposal in the video below.
The detailed Notice of Proposal was emailed to all beneficiaries and you can find all additional information below.
All TECT beneficiaries were entitled to make a submission on the proposal. Beneficiaries who wished to comment on the proposal were invited to make a submission in writing by 4:00pm, Monday 22 March 2021. Submissions are now closed.
Hearing of TECT Consumer Submissions
TECT heard submissions on proposed changes to the structure of TECT following a consultation period that was undertaken between 18 February and 22 March 2021.
Approximately 700 written submissions were received by the closing date of Monday 22 March 2021.
Submitters who requested an opportunity to speak to their submissions were invited to speak at a hearing of oral submissions held on Thursday 25th March 2021.
All TECT beneficiaries were invited to attend the hearing, but beneficiaries only had speaking rights if they requested to do so as part of their submission.
TECT Proposal Document Library
Consumer Information Sessions
Trustees held a series of information sessions to outline the proposal and answer any questions on Wednesday 3, Thursday 4, and Sunday 7 March. View the presentations below.