The recent announcement from TECT appears to have caused loss in value of its share investment in Trustpower. For obvious reasons, the announcement (not yet confirmed) has sent shudders through the share market as the price/share plummets. Perhaps the consequence was overlooked?

The result: the plan lacks meaningful substance because if approved the proposed pay-out is less-than 20 per cent of the total assets held.

In the future, how are trustees voted in/out? What rules will govern any future ‘charitable' pay-outs? To whom and when is TECT accountable?

Obviously the current situation is untenable. TECT's pay-outs are used by Trustpower as a marketing tool to potential customers who pay higher rates for power, hoping to get some of the excess back.

To date, the record of accomplishment of TECT appears questionable. Many payments approved are not to ‘charities' so a considerable improvement in management processes would be needed.

What shareholder (TECT) returns its investment income (dividends) back to the customers of Trustpower? That is a very strange arrangement indeed!

History shows us clearly that TECT is a Tauranga community asset, not a Trustpower customer asset. Perhaps that may be a better direction to head going forward?

I Stevenson, Tauranga.