TECT announce special $21 million distribution
The TECT Trustees have agreed to distribute an unexpected windfall of $21 million to consumers.
This distribution is in addition to TECT’s regular annual rebate and has been made possible through a special dividend from its Trustpower shareholding.
Whilst the policy for normal distributions sees approximately 80% go direct to eligible consumers and the balance go towards the grants programme, given this unique opportunity, the TECT Trustees are seeking feedback on three potential distribution options targeted at providing long-lasting significant outcomes that will make a transformational difference in our community.
The options include:
Option 1: $16.8M to eligible consumers ($295 each), $4.2 million to top up current grant funds
Option 2: $13.65M to eligible consumers ($240 each) $7.35 million towards transformational grant initiatives
Option 3: $0 to eligible consumers. $7.35M to towards transformational grant initiatives. $13.65 million to top up current grant funds
The options include putting funds towards new transformational grant initiatives, which would provide multi-year funding towards significant areas that keep our community safe, healthy and thriving.
The transformational grant initiatives would support the emergency services like the rescue helicopter, the first 1000 days of life, safe and healthy homes and environmental sustainability.
TECT General Manager Wayne Werder says that the special distribution offers a unique opportunity to make a real difference in the community.
“We have not had the opportunity to make a special distribution of this scale in the history of TECT. This offers us the chance to explore making a greater and long-lasting impact in our community, now and for many years to come.”
An information pack was sent out to TECT consumers this week detailing the three potential options, and further information on these can be found on the TECT website. TECT consumers who wish to provide feedback on the special distribution are invited to by 4.00pm, Monday 20th May 2019.