Annual meeting of beneficiaries of the Eastland Community Trust

Transcription

1 Annual meeting of beneficiaries of the Eastland Community Trust NOTICE IS HEREBY GIVEN of the business to be transacted at the Annual Meeting of Beneficiaries of the Eastland Community Trust commencing at 5.30 p.m. on WEDNESDAY, 16 th AUGUST 2017 at the offices of Eastland Community Trust, 260 Gladstone Road, Gisborne. P McLeod Secretary Note: Only beneficiaries can vote and beneficiaries are defined in the Trust Deed under clause 1.3 as being: A natural person domiciled in the district and any other person (whether corporate or unincorporate) conducting an activity or carrying on business in the district i. Whose name appears on the residential electoral roll of the Council; or ii. iii. iv. Whose name appears on the ratepayer electoral roll of the council; or Whose nominee s name appears on the ratepayer electoral roll of the council pursuant to Section 7BG of the Local Elections and Polls Act 1976; or Who at any time is listed on a roll of voters entitled to vote at an election of councillors of the Council, or v. Who, on a date which is 30 days prior to the date of distribution to or for the benefit of that person of any payment pursuant to this Deed, is listed in the records of the Company as a person connected to the Company s electricity distribution system. Beneficiaries has a corresponding meaning

2 Agenda 1. APOLOGIES Proposed Motion: that the apologies be accepted. 2. CONFIRMATION OF THE MINUTES Proposed Motion: that the minutes of the Annual Meeting of the Trust held on the 17 th August 2016 as circulated be confirmed as a true and accurate record. 3. MATTERS ARISING 4. CHAIRMAN S REPORT 5. EASTLAND GROUP PRESENTATION 6. ANNUAL REPORT AND STATEMENT OF INTENT DISCUSSION 7. MOTIONS 1. Financial Statements and Annual Report Proposed Motion: The Eastland Community Trust and Group Financial Statements and Annual Report for the year ended 31 March 2017 be received and noted. 2. Appointment of Auditor Proposed Motion: The recommendation of the trustees to reappoint Deloitte as the Trust s auditor for the period from the conclusion of this Annual Meeting until the conclusion of the next Annual Meeting be approved. 3. Auditor Fee Proposed Motion: The remuneration of the Auditor for the period from the conclusion of this Annual Meeting until the conclusion of the next Annual Meeting, having been estimated at $25,000 plus GST and disbursements for Eastland Community Trust and $297,000 plus GST and disbursements for the Group, be: i. In the case of ECT, fixed by trustees, and ii. In the case of Eastland Group Limited, fixed by the directors of Eastland Group Limited and approved by trustees in their capacity as shareholders 4. Statement of Intent Proposed Motion: That the Statement of Intent for the 2017/18 year be received and noted. 8. GENERAL BUSINESS 9. CLOSE OF MEETING 10. REFRESHMENTS

3 DRAFT MINUTES FROM THE ANNUAL MEETING OF BENEFICIARIES OF THE EASTLAND COMMUNITY TRUST Held on Wednesday 17 August 2016 at 5:30 p.m. at Eastland Community Trust offices 260 Gladstone Road, Gisborne. PRESENT: Trustees: Michael Muir (Chairman), Philip Searle, Paul Reynolds, Matanuku Mahuika, Meng Foon and John Clarke. IN ATTENDANCE: Staff: Leighton Evans, Phil McLeod, Yvonne Berry, Audine Grace-Kutia, Kerry Donovan. Beneficiaries: 43 beneficiaries as per the attendance record. Quorum The Secretary confirmed after reviewing the attendance record that a Quorum was present and the meeting could commence. Welcome Michael Muir opened the meeting and welcomed those in attendance. 1. APOLOGIES Vicki Thorpe, Diane Murphy, Josh Wharehinga, Pat Seymour, Selwyn Parata, Terry & Kathy Sheldrake, Andrew Gaddum, Kathy McVey, Ben Gibson, Trevor Deed, Judy Campbell, Brent Sheldrake, Fraser Brown, Jim Green. Moved by Michael Muir, seconded Joe Martin. That the apologies be accepted. 2. MINUTES Copies of the Minutes of the Annual Meeting held 19th August 2015 having been provided to all attendees, it was: Moved by Brian Wilson, seconded June Hall. That the minutes of the Annual Meeting of the Trust held on the 19th August 2015 as circulated be confirmed as a true and correct record. 3. MATTERS ARISING Acknowledgement was made that there was an oversight at last year s Annual Meeting in that beneficiaries did not fix the fees and expenses of the auditor or determine the way in which the auditor s fees and Annual Meeting of Beneficiaries of the Eastland Community Trust 16 August Page 1 of 5

4 expenses must be fixed. Winston Morton was thanked for bringing this oversight to the Trustees attention. It was Moved by Winston Moreton, seconded Brian Wilson. That the payment of the auditor s fees and expenses for the period from 19 August 2015 to the conclusion of this Annual Meeting of $24,000 plus GST and disbursements for Eastland Community Trust and $308,000 plus GST and disbursements for the Group, be ratified. Winston Moreton spoke to the motion and raised concern at the level of fees of the auditor and noted the auditor was not in attendance. He raised concern over the accuracy of the termination date disclosed in note one of the notes to the financial statements, this will be checked and corrected next year if needed. 4. EASTLAND COMMUNITY TRUST PRESENTATION The Chairman delivered a power point presentation summarising the Trust s distributions, activities and investments for the year. He paid tribute to Richard Brooking and the significant contribution Mr Brooking made to the Trust, thanks was made to Mr Brooking and a certificate presented to him. Thanks were made to fellow trustees and staff. 5. EASTLAND GROUP PRESENTATION The Eastland Group CEO, Matt Todd, delivered a power point presentation brief of the Group s highlights for the year. Mr Todd presented information to help understand the electricity line network charges and the cost of power in the region. He thanked the people of Eastland Group, the Board of Directors, and appreciated the continued support of the shareholder. 6. ANNUAL REPORT AND STATEMENT OF INTENT DISCUSSION The Chairman opened the floor for discussion of the annual report and statement of intent. No questions arose. 7. MOTIONS 7.1. Financial Statements and Annual Report Moved by Te Aturangi Nepia-Clamp, seconded Richard Brooking. That the Eastland Community Trust and Group Financial Statements and Annual Report for the year ended 31 March 2016 be received and noted Appointment of Auditor Moved by Richard Brooking, seconded Matt Todd. Annual Meeting of Beneficiaries of the Eastland Community Trust 16 August Page 2 of 5

5 That the recommendation of the trustees to reappoint Deloitte as the Trust s auditor for the period from the conclusion of this Annual Meeting until the conclusion of the next Annual Meeting be approved. Winston Moreton voted against, and requested it be recorded 7.3. Audit Fee Moved by Joe Martin, seconded Te Aturangi Nepia-Clamp. That the remuneration of the Auditor for the period from the conclusion of this Annual Meeting until the conclusion of the next Annual Meeting, having been estimated at $21,000 plus GST and disbursements for Eastland Community Trust and $310,000 plus GST and disbursements for the Group, be: i. In the case of ECT, fixed by trustees, and ii. In the case of Eastland Group Limited, fixed by the directors of Eastland Group Limited and approved by trustees in their capacity as shareholders 7.4. Statement of intent Moved by Patrick Willock, seconded Larry Foster. That the Statement of Intent for the 2016/17 year be received and noted. 8. GENERAL BUSINESS The Chairman invited questions from the floor. Alan Davidson Noted the Trust was not a consumer Trust, but that the Trust could subsidise power and this should be pursued rather than multi-million dollar investments the Trust has made into economic development initiatives. Michael Muir responded this would be taken to a Trust meeting. Meredith Akuhata-Brown Questioned what could be done around solar energy. Matt Todd responded that Eastland Group has a solar trial program operating to help them learn and understand more about the economics of solar. He believes there is a lot of marketing around solar that doesn t stand scrutiny. He would like to put the right information in front of consumers so they can make informed decisions. Maurice Alford Questioned the possibility of creating micro stations for solar power in small communities. Annual Meeting of Beneficiaries of the Eastland Community Trust 16 August Page 3 of 5

6 Matt Todd responded that it would be economic at the edge of the network, however the legislation does not support this. They are required to keep customers connected to the grid it they want to remain connected. Rick Thorpe Requested an update on Te Ahi o Maui and questioned our view of Contact cancelling their generation plant. Matt Todd responded that Te Ahi o Maui is making good progress with three wells almost complete. He noted that Contact also sees positive demand growth and that the investment decisions for Te Ahi o Maui had been based on a conservative price path. There is also potential to bring energy back to Tairawhiti. Huia White Thanked the Trust for the support they have provided Gissy School Lunches, which has enabled them to provide lunches for needy children. Michael Muir congratulated them on the work they do for these children. Jeremy Muir Questioned Matt around the maximum gearing ratio for the Company and funding for Te Ahi o Maui. Matt Todd responded that Te Ahi o Maui will use existing funding facilities with the expectation that it is on-stream in 2018 where it will have positive Cashflows to service the debt. Absolute gearing will be north of 27%. Patrick Willock On behalf of the Eastland Rescue Helicopter Trust thanked ECT for their continued support. He noted that due to the regions low density there is no large corporate office that would support them and without ECT s support the region would not have the rescue helicopter. Tina Karaitiana Thanked Richard for his contribution to the Trust. She noted that the Trust had been supportive of Te Matatini in the past, and raised awareness that the Tairawhiti Cultural Development Trust/Te Matatini will be seeking support to host the Primary School Kapa Haka Nationals next year. Te Aturangi Nepia-Clamp Thanked the Trust for the support they have given to Tairawhiti Voyaging Trust to provide a floating classroom for the region. Michael Muir thanked him for their work. 9. CLOSE OF MEETING The Chairman thanked the members of the public for their attendance. There being no further business the meeting closed at 6:05 p.m.... Confirmed... Date Annual Meeting of Beneficiaries of the Eastland Community Trust 16 August Page 4 of 5