State-owned enterprise Solid Energy is taking the unique step of inviting shareholders - theoretically 4.3 million New Zealanders - to a public annual meeting.
It is the first of its kind for an SOE and invitations are going out to the energy sector and the meeting in Aucklandon Monday, November 24, will be advertised in newspapers from next week.
SOEs have been criticised for not opening themselves up to the same scrutiny as listed companies, even though they are wholly owned by taxpayers. Solid Energy has also been attacked by environmental groups.
The company's chairman, John Palmer, says in the invitation there had been heightened interest in energy companies this year. "We believe it is appropriate to give all our stakeholders the opportunity to hear more about our business performance, future growth, diversification plans and how we are discharging our corporate social responsibility."
The company recovered from a disastrous first half to notch up an after-tax profit of $34.4 million for the 2007/08 financial year, well down on last year's record $96.4 million.
It has had a sometimes testy relationship with the outgoing Labour-led Government but is likely to be more favourably looked on by the new administration.
A Solid Energy spokeswoman said the post-election timing of the meeting was coincidental.
It would have preferred to have had it around the time its annual report was released in mid-October but there was "too much going on" at the time.
Asked about the threat of disruption from environmental activists she said anyone would be welcome.
Palmer and chief executive Don Elder will make speeches and then take questions.
Murray Wright, executive director of the Crown Company Monitoring Advisory Unit, said the initiative was Solid Energy's, not the result of any policy shift. "Whether others follow remains to be seen."
Solid Energy says it will provide light refreshments following the meeting. The spokeswoman said it would have to "take a punt" on the catering.
