Sharechat Logo

James Miller joins MRP board, leaves Vector

Tuesday 20th March 2012 1 Comment

Text too small?

One of the country’s most experienced electricity industry analysts and governors, James Miller, has been appointed to the board of MightyRiverPower ahead of its partial privatisation later this year, prompting his departure from the board of network company Vector.

Miller’s appointment was announced this morning by State-Owned Enterprises Minister Tony Ryall, along with the reappointment of Joan Withers as the chair of the first of three state electricity companies to be partially privatised.

Also reappointed for a three year term is professional director Keith Smith, while Tania Simpson, who has served on the MRP board since 2001 will stay for a further 18 months to provide continuity through the listing process.

Ryall said Miller had a “deep understanding of the electricity industry, combined with extensive skills in the capital markets, which will assist MRP as it becomes a listed company.”

Miller is also a director of the sharemarket operator, NZX, and Auckland International Airport, where Withers is also deputy chair, and is a member of the Financial Markets Authority.

Miller’s MRP appointment is due to take effect from May 1 and is subject to gaining an exemption under the Electricity Industry Act allowing him to be a director at AIA, which is a regulated monopoly.  He has resigned from the board of Vector because it is also a regulated monopoly, operating in the same industry as MRP.

He has served on the Vector board since mid-2009.

Meanwhile, Vector was back in the Court of Appeal this morning as the Commerce Commission began its challenge to a judicial review in the High Court last October that overturned the way the commission develops the inputs used to set the so-called “default price path” (DPP) for monopoly assets.

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

On 21 March 2012 at 9:31 am Ivan said:
Watch out customers in MRP, this boy will want to be paid a million plus. What's the bet your power prices will have to go up to cover it.
Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters

IRG See IRG research reports