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Vector appoints three new directors to replace those ousted last year

Tuesday 16th April 2019

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Vector has at last found replacements for three of its directors ousted last year amid turmoil within its 75.1 percent shareholder, Entrust.

Alison Paterson, who replaced long-serving chair Michael Stiassney last November after Entrust withdrew its support for him, announced that Tony Carter, Paula Rebstock and Bruce Turner are joining the board with the blessing of Entrust.

They replace James Carmichael, who lost his position as an Entrust trustee in an election in November, and David Bartholomew and Sibylle Krieger who both also left the board in November after Entrust said it wouldn’t support their re-election.

Paterson says in a statement that Vector is “privileged to have three business leaders of this calibre” and that they “are outstanding appointments who bring with them wide-ranging commercial and governance experience to complement the capability already in place around the Vector board table.

“We look forward to their contribution as we continue towards our goal of creating a new energy future,” she says.

Rebstock and Turner are joining the board immediately; Carter’s appointment takes effect on May 1.

Rebstock chairs ACC, Kiwi Group Holdings, Ngati Whatua Whai Maia and the NZ Defence Force Board and is also a director of Auckland Transport. She formerly chaired the Commerce Commission.

Turner is director of central portfolio management at dairy giant Fonterra and has previously held leadership roles in the energy industry both in New Zealand and overseas, including at Vector. He is currently a member of the electricity industry's security and reliability council.

Carter, a former managing director of Foodstuffs, currently chairs Fisher & Paykel Healthcare and Air New Zealand and sits on the boards of Fletcher Building and ANZ New Zealand.

(BusinessDesk)

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


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