Vector sticks to AGM media recording ban

Vector chairman Michael Stiassny addresses shareholders at the 2006 annual shareholders meeting. Stiassny has since imposed a ban on taking such photos or recording the company's meetings. Photo /NZPA

The media will be banned from filming or recording Vector's annual meeting next week.

The Auckland lines company is persisting with its policy imposed by chairman Michael Stiassny of barring all recording devices, a spokeswoman said.

"The chairman has a view that the AGM is for shareholders and not for media. Shareholders have said in the past that they are not comfortable with the media at the meeting."

There is expected to be heightened interest in next Wednesday afternoon's meeting as a result of cuts which knocked out power for days to thousands of households and businesses last week. More than 80,000 connections were affected by the cut initially which stemmed from a cable fire at the Penrose substation Vector shares with grid operator Transpower.

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The spokeswoman said she did not know whether there would be more shareholders there as a result of the power cut. About 420 to 450 shareholders usually attend.

While it was possible that some of those attending could record the meeting on phones, she said Stiassny believed media organisations would respect the ban.

Next Wednesday's meeting at the Ellerslie Event Centre will be webcast through the company's website for shareholders and media who sign up in advance. Vector's chief executive Simon Mackenzie would be available for media interview afterwards.

Vector's stand on filming is unusual - most public companies allow media to record proceedings in the room.

The company's meetings were heated during privatisation and ownership controversies about a decade ago but more recently they have been more sedate affairs with questions around meeting times and progress of undergrounding power lines.

Watch: Key: Inquiry needed after power cuts

About 316,000 Aucklanders have an indirect stake in Vector. Through the Auckland Energy Consumer Trust, which represents Vector's electricity customers in Auckland, Manukau and parts of Papakura, they own just over 75 per cent of the company but only direct shareholders can go to the annual meeting.

The trust will hold its annual meeting at 7pm on October 29, also at the Ellerslie Event Centre .

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