Auckland, July 4, 2019
In the next few weeks, more than 333,000 Aucklanders will have an opportunity to choose how they would like to receive their annual Entrust dividend.
A Press Note said that dividends will be paid in late September and related documents will be posted to all clients shortly.
Entrust, the community trust that owns 75.1% of Vector (a listed company), sends in June payment preference forms to all households and businesses in the Entrust district, connected to Vector’s electricity network.
Entrust Chairman William Cairns said that now is a good time for everyone to check their details and review their dividend payment method.
Easing the process
“We want to make sure everyone gets their dividend as quickly and smoothly as possible. Making sure that there is an exact match between the name on a power bill and a bank account, is a small but very important detail,” he said.
Mr Cairns said that Entrust is keen to make things easy for later in the year.
“We want to hear from people who want to choose or change their payment method, selecting from (a) Direct credit to a bank account (b) Cheque or (c) Credit to their electricity bill. Forms will start to appear in letterboxes soon. The good news is that most people won’t have to do anything if everything matches and they’re happy with how they are receiving their Entrust dividend,” he said.
Largest Dividend Pay-out
The Entrust dividend, New Zealand’s largest dividend pay-out, went to more than 333,000 people last year, contributing nearly $116 million to the Auckland economy.
To make the payment process smooth, two factors are important: (a) Check the name on the Entrust form is exactly the same as the bank account that the cheque or direct credit will be paid into. If it is not, ask your electricity retailer to update your power account name to match (b) To change your payment method update the Entrust form and return it by Tuesday, August 6, 2019.
Mr Cairns said that he encourages everyone living in the Entrust district to check their details.
When we pay the Entrust Dividend later this year, we need your details to be right so your money goes where it’s meant to. So check your mail and follow the instructions in the letter.
Posted by Entrust on Wednesday, June 26, 2019
Entrust (formerly Auckland Energy Consumer Trust) is a private trust that owns the majority of Vector on behalf of its more than 333,000 beneficiaries.
Entrust owns 75. 1% of shares in Vector. The shares are held in trust for energy consumer beneficiaries in Auckland, Manukau, northern parts of Papakura and eastern Franklin who are paid a cash dividend each year. Last year the dividend was $350.
The organisation was created in 1993 to ensure that power lines remained in the control of electricity consumers and was established under a trust deed for 80 years on behalf of electricity consumers in the area that used to be served by the Auckland Electric Power Board.