''We have come up with a proposal that we think is a good one - tell us that you think,'' Holland said.
The deal to cease payments at the end of 2022 would see each Trustpower consumer receive a one-off $2500 cheque later this year plus a further five annual TECT cheques worth $360 each.
Holland disagreed that the $2500 cheque was a sweetener for consumers to back the direction sought by TECT's six trustees. He said they were effectively winding up a trust and they had to look after current and future beneficiaries.
Trustees believed it was an appropriate level of compensation even if some consumers might say that the equivalent of five years worth of the current average TECT cheques was not enough, he said.
''Some will say it is too much and some too little.''
Trustees decided not to go down the track of compensating consumers according to how long they had been Trustpower customers. Holland said it was decided that $2500 was an appropriate landing point for everyone.
He said the proposal was being driven by uncertainty in the energy sector, including technology changes like household solar power units, industry structural changes like company acquisitions and politicians making regulatory changes.
''We think there is uncertainty. We are not worried about Trustpower - it is more about the whole sector,'' he said.
Holland said they could not guarantee TECT cheques into the future because they did not know what the future could bring.
He estimated that the amount donated to community organisations would more than triple under the proposal to reach $24m to $25m a year. This was after deducting the one-off cheque payouts and the final five annual cheques.
''It would be transformational. We would be in a position to be a cornerstone funder for far more community projects - Western Bay community groups would be delighted.''
Holland said the trustees unanimously backed the new direction.
As for the traditional lure that the TECT cheques had on Trustpower customers joining and staying with the company, he said there was still five years of cheques to go.
''I would hope they would stay with Trustpower - it offers a very good service.''
On the threat of the proposal becoming an election issue when three trustees stood for re-election in the middle of this year, he said trust decisions needed a majority to be overturned and three opposing new faces was not a majority.
Holland said if the proposed change was voted in, TECT would move from being a consumer trust to a charitable trust. A referendum yes vote would see trustees seek validation from the High Court.
TECT's income streams and beneficiaries
- $650m shareholding in Trustpower (26%)
- $170m diversified investment portfolio
- 58,000 Trustpower consumer cheques
- 194 community group donations (2017)
