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Background to the Trust

In May 1993, as a result of various government directives and statutes, a new company came into existence for the purpose of receiving the assets of the old Franklin Electric Power Board (established in 1924).

That new company was called Counties Power Limited - a name it has retained.

The Company's main business is that of supplying a network of electricity lines throughout the Franklin District and part of the Papakura district. (More information on the Company can be found at www.countiespower.com)

The ownership of this new company was settled on men and women who accepted the positions as the Trustees of the Counties Power Trust, (later resettled as the Counties Power Consumer Trust).

At all times the affairs of the Trust and all Trustee resolutions are governed by a Deed of Trust.

What the Trust Deed requires of the Trustees

Basically, the Deed requires the Trustees hold the shares of the Company (in trust) for the beneficiaries of the Trust (the consumers of Counties Power Ltd) for an indefinite period of time (not exceeding 80 years) and that they must ensure those shares increase their value.

In 1993 those shares had a value of $30,797,000. As at 31 March 2010 (under NZ IFRS accounting policies) that value is now $148,793,000.

Additionally there have been benefits (discounts and pay-outs) to consumers from the company totalling $111,697,689 up to 31 March 2010.

There are numerous duties the Trustees are required to fulfil, but they are all motivated by the overriding requirements that while the Trust retains ownership in the company, the value of the company must grow.

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