Unison is wholly owned by the Hawke’s Bay Power Consumers’ Trust (HBPCT). The HBPCT was established following the passing of the Energy Companies Act in 1992. The Act deregulated New Zealand’s electricity industry, permitting the formation of energy retailers and requiring regional electric power boards, or municipal electricity departments, to become commercial entities.
The Hawke’s Bay Electric Power Board became a commercial entity- Hawke’s Bay Power Distribution Ltd – with a retail subsidiary, Hawke’s Bay Power. To ensure the community retained ownership of the retail and distribution of electricity, the Hawke’s Bay Power Consumers’ Trust was established in 1993, and all shares vested in the Trust.
The Trust is made up of five elected Trustees. They act on behalf of all electricity consumers connected to Unison’s electricity network in Hawke’s Bay, by:
Key tasks of the Trust are to:
- Act in the best interests of the consumers, as owners, and exercise their rights as shareholders.
- Appoint Unison’s Board of Directors and monitor their performance and the performance of the Company.
- Determine annually the amount of Trust funds to be paid to consumer-owners as a dividend or in other ways.
- Approve Unison’s annual business goals and financial objectives.
- Manage and account for the financial affairs of the Trust.
- Hold a public meeting each year to report on the operations and financial performance of the Trust.
- Review the ownership of Unison’s shares every five years, through a public consultative process. The next ownership review will be held in 2023.