Entrust dumps two Vector directors days before annual meeting

Vector chairman Michael Stiassny is also on the way out. Photo / Supplied

Vector majority owner Entrust has again flexed its muscles and dumped two directors appointed earlier this year.

Ahead of Vector's annual meeting on Monday, the company says directors David Bartholomew and Sibylle Krieger have both quit after the recently elected Entrust trustees withdrew their support.

"The resignations follow the decision by Entrust, Vector's majority shareholder, not to support their election at Vector's annual meeting," an NZX notice says.

The two highly experienced directors are both from Sydney and their appointment was seen as a coup for the utilities company.

At the time of their appointment Vector's chairman Michael Stiassny said he looked forward to the a valuable contribution they would make as ''Vector strives to create a new energy future.''

Stiassny is also on the way out after a bust up with Entrust which owns 75.1 per cent of Vector on behalf of Auckland consumers.

Trust chairman William Cairns said, in August, the relationship with Stiassny had irrevocably broken down.

Stiassny had raised the possibility that the $350 a year consumer dividend could be cut.

Stiassny is an insolvency specialist who has held a number of directorships including being on the Vector board for 16 years.

Centre-right Communities and Residents candidates last month won all seats in the election for the Entrust, in an election with a record low turnout.

Four sitting C and R trustees were returned: Karen Sherry, Michael Buczkowski, Cairns and Paul Hutchison. A new member Alastair Bell was also elected.