Vector to sponsor Shareholders group

Bruce Sheppard in full cry at a Contact Energy shareholders meeting in July 2008. Photo / Brett Phibbs.

Vector has joined other corporates in sponsoring the New Zealand Shareholders Association in a two-year deal.

"We recognise the independence of the organisation and the significance of its role in enabling investors to participate in the stock market," said Vector chairman Michael Stiassny.

The association has a handful of major backers, including Telecom, who contribute a total of $50,000 to $60,000. Association chairman Bruce Sheppard said the funding would not affect its ability to do its job.

It had spoken out about sponsors before and would continue to do so.

It would again discuss with Vector a solution to end its ban on media filming its annual meeting.

"It's not about the money, it's about people saying this little thing called the Shareholders Association deserves to survive because its doing something useful."

Other sponsors had wanted to remain anonymous but he urged them to come forward.

"There are others who have done it privately. At some point those of you who have supported us might want to come out of the cupboard."

The association had 1100 grass roots members and with open corporate backing it would increase its political clout dramatically, Sheppard said.

While support from Vector was welcome, sponsorship from Contact Energy - a regular target of association criticism - was not being sought at this stage, he said.