Trust Deed

The Electra Trust emerged from the 1990 dissolution of Power Boards, the split of their functions in 1998, and the replacement by either lines companies or retail companies.

The interim directors and trustees, after consultation with customers, elected to continue with their core business, the lines company, which began in 1922 and continues to expand today in line with the growth of Kapiti and Horowhenua.

The Trust was originally established under the name of Horowhenua Energy Trust in April 1993 but changed in July 2002 to reflect a preference for the trading name of Electra.

The Electra Trust Deed was formalised on 30 April 1993 and consolidated on 5 November 2003 to incorporate the changes required by the Electricity Reform Act.  Apart from the change of name in 2002, the Trust Deed has remained unchanged until July 2012 when an amendment to the Ownership clause was authorised.  This amendment removed the seven year automatic review process and replaced it with a formal provision for discussion on ownership reviews at future Annual Beneficiary meetings at seven yearly intervals, starting in 2019.

The Trusts latest amendment is dated July 2020 to reflect the new trusts act 2019 coming into effect 30 January 2021. The Trustee elections cycle was amended to every two years in order to save costs and three Trustees are to retire on each occasion.  The next election will be held June 2022.

Any changes to the Trust Deed recommended by the Trustees require 75% support from the beneficiaries.