The term of the trust’s five publicly elected trustees, Diana Kirton, Barbara Arnott, David Pearson, Kirsten Westwood andJeff Farnworth, was extended by a year to avoid a clash with this month’s general election.
The trustees’ three-year term is up in 2023, but that election will now take place in 2024 in an effort to avoid voter fatigue or confusion.
Lorck’s view, though, is that if any decision should be put on hold, it’s the ownership one.
“Trust chair Diana Kirton needs to explain why her own appointment process is more important than the future ownership of Unison when it comes to an engagement process with consumers,” Lorck said.
“At the very least, the trust should extend the review so that Hawke’s Bay power consumers are given more time to understand and focus on the options to own or sell part or all of Unison.”
The HBPCT holds shares in lines company Unison on the behalf of roughly 61,000 local customers.
Unison’s directors commissioned an independent review into the ownership structure, which became available to the public last month. The ownership model comes up for review every five years.
Lobby group Free The Funds says the ownership options and information presented to consumers are insufficient and prevent them from making an informed decision.
Of particular interest to Free The Funds, who are encouraging the public to make submissions on the ownership structure, is the book and market value of each consumer’s Unison shares.
Free The Funds has calculated the book value of the shares to be $8300, with a market value of $12,000 to $16,000.
Lorck says those figures can’t be ignored.
“It’s critical that every consumer has access to the information, including the valuation of the company and subsidiaries to make an informed decision,” Lorck said.
“If we don’t, it will be another five years before consumers get the opportunity again.
“If shares are worth up to $16,000 per consumer, then people have a right to know what the options are for gaining the best returns on their investment.”
In response, HBPCT chairwoman Diana Kirton didn’t directly address Lorck’s plea for an extension, but expressed confidence in the ownership review process.
Hawke's Bay Power Consumers' Trust chairwoman Diana Kirton.
“Since the public submission period commenced on September 16, we have been receiving submissions in greater numbers than previous five-yearly ownership reviews, so there is absolutely nothing to suggest power consumers are confused by the timing of the review,” Kirton said.
“Power consumers have until October 16 to have their say, and we have a programme of media advertising to make sure people are aware of this.
“As we have said previously, any speculation about share value is just that, and irrelevant to the ownership review process set out in the trust deed.
“Such speculation also risks misleading and confusing power consumers.”
The HBPCT will hear submissions from consumers at a meeting on November 10, before announcing its decision on the ownership structure at a further public meeting on November 17.
Hamish Bidwell joined Hawke’s Bay Today in 2022 and works out of the Hastings newsroom.
