July 26, 2015 7:00am by David Farrar

Councillors keen to steal dividends off power users

Cameron Brewer says he is pleased the “sacred cow” Auckland Energy Consumer Trust (AECT) is included in the review. Although AECT is not a council asset, under its 80-year deed it will be wound up in 2073. Its biggest asset is a 75.4% ownership of Vector, worth $2.1 billion.

“We owe it to ratepayers to explore the trust, its deed, legislation and the value or potential of its assets, instead of stinging them every year while council debt continues to skyrocket. The shares are owned by Aucklanders, who also pay rates and it remains the biggest and most glaring nest-egg in the region.

“I am sure the Aucklanders receiving a $300 dividend cheque every year won’t mind forgoing it if it means lower rates and the money is ploughed into infrastructure that benefit the region.

I’m damn sure they will mind having their dividend cheques stolen off them by the Council.

The Council should learn to live within its means, not look to steal assets off other organisations.