I congratulate the trustees of TECT on a very elegant solution to the long-standing difficulty surrounding the distribution of the dividend income from their Trustpower investment. It has always seemed a poor use of money that could dramatically impact our charitable sector for the good of all. It is a given that some of the current beneficiaries have a need for those funds and that is the beauty of the TECT proposal. Many of these beneficiaries receive less than the median distribution of $460 pa from TECT, which equates to less than one fifth of the sum recommended for distribution later this year.
All qualifying Trustpower users will also receive $360 pa for another five years. Many of these beneficiaries will receive nine years of current distributions, while enabling TECT to focus its distribution into resourcing the charitable sector.
There is a strong and justified belief that Trustpower consumers could source their electricity on more favourable terms from alternative suppliers. Many consumers incorrectly believe that Trustpower is TECT and so the annual distribution is a rebate from Trustpower. This misconception has benefitted Trustpower over the years. The beauty of the TECT proposal is that it gives Trustpower five years to review its marketing strategy and align its tariffs.
I totally support the proposal in its current form as it ticks all the boxes for me.
K Wearne, Mount Maunganui (Abridged).