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Retrieving Data

Statutory Information

Interests Register

The Company is required to maintain an Interests Register in which particulars of certain transactions and matters involving the Directors must be recorded.

The matters set out below were recorded in the Interests Register of the Company during the financial year.

General Notice of Interest by Directors

The Directors of the Company have declared interests in the following identified entities as at 31 March 2011.

Director Interest Entity
Bruce James Harker Director TrustPower Metering Limited
Director Morrison Capital Limited
Director Lumo Energy Australia Pty Ltd
Director Infratil Energy Australia Pty Ltd
     
Richard Hammond Aiken Executive Chairman Beca
Director Beca Group Subsidiaries
Director John Scotts Limited
Director John Scotts Investment Limited
     
Marko Bogoievski Chairman Aotea Energy Holdings Limited
Director Aotea Energy Holdings Limited Subsidiaries
Director Infratil Limited and certain Infratil Limited Subsidiaries
Director HRL Morrison & Co Private Markets Limited
Director Zig Zag Farm Limited
Chief Executive Infratil Limited
Alternate Director Fisher Funds Management Limited
Alternate Director Auckland International Airport Limited
     
Michael James Cooney Trustee Tauranga Energy Consumer Trust
Director TECT Holdings Limited
Partner Cooney Lees & Morgan
Director TrustPower Australia (New Zealand) Limited
Director TrustPower Insurance Limited
Director Tararua Wind Power Limited
Director Cobb Power Limited
     
Ian Samuel Knowles Chairman Localist Limited
Chairman Unlimited Realities Limited
Chairman Government ICT Council
Director Wellington Venues Limited
Director Angel HQ Inc
Director Xero Limited
Trustee Te Omanga Hospice
Trustee United World College NZ
     
Geoffrey Jon Campbell Swier Director Farrier Swier Consulting Pty Ltd
Director Snowtown Wind Farm Pty Ltd
Director Sellicks Hill Wind Farm Pty Ltd
Director TrustPower Australia Holdings Pty Ltd
Director TrustPower Renewable Investments Pty Ltd
Director Te Maunga Market Services Pty Ltd
   

Information used by Directors

During the financial year there were no notices from Directors of the Company requesting to disclose or use Company information received in their capacity as Directors which would not otherwise have been available to them.

Directors Holding Office and their Remuneration

The Directors holding office as at 31 March 2011 and during the year to 31 March 2011 are listed below. The total amount of the remuneration and other benefits received by each Director during the financial year, and responsibility held, is listed next to their names.

 

Director Remuneration Responsibility Held
Bruce James Harker $145,000 Chairman
Non-executive Director
Member of Audit Committee
Member of Remuneration Committee
Member of Share Buyback Committee
     
Ronald Powell Carter2 $27,083 Independent Director
     
Michael James Cooney $75,000 Non-executive Director
Member of Share Buyback Committee
     
Geoffrey Jon Campbell Swier $140,749 Independent Director
Chairman of Audit Committee
Member of Remuneration Committee
     
Richard Hammond Aitken3 $64,974 Independent Director
     
Ian Samuel Knowles $85,000 Independent Director
Member of Audit Committee
Member of Share Buyback Committee
     
Marko Bogoievski $43,750 Non-executive Director
     
Hugh Richmond Lloyd Morrison1 $31,250 Alternate Director
     

1 Alternate Director for Marko Bogoievski
2 Resigned 30 July 2010
3 Appointed 19 May 2010

Indemnification and Insurance of Directors and Executives

During the financial year the Company paid insurance premiums in respect of Directors' and certain executive employees' liability insurance, as permitted by the Company's Constitution and the Companies Act 1993. The policies do not specify the premium for individuals. This insurance extends to Directors and certain executive employees acting in the capacity of a director or on behalf of a subsidiary or related company.

The Directors' and executive employees' liability insurance provides cover against costs and expenses involved in defending legal actions and any resulting payments arising from a liability to persons (other than the Company or a related body corporate) incurred in their capacity as Director or executive employee unless the conduct involves a wilful breach of duty or an improper use of inside information or position to gain advantage.

The Company has entered into deeds of indemnity in respect of each Director, the Chief Executive, Chief Financial Officer and Company Secretary, General Manager Strategy and Growth, General Manager Generation, General Manager Commercial Operations and General Manager Trading whereby each such Director and executive employee is indemnified against the types of liability and costs described above, as permitted by the Company's Constitution and the Companies Act 1993.

Subsidiary Company Directors

Set out below are details of the Directors of TrustPower's subsidiaries as at 31 March 2011.

 

Director as at 31 March 2011 TrustPower Group Company
Bruce James Harker TrustPower Metering Limited
   
Michael James Cooney Tararua Wind Power Limited
Cobb Power Limited
TrustPower Insurance Limited
TrustPower Australia (New Zealand) Limited
   
Geoffrey Jon Campbell Swier TrustPower Australia Holdings Pty Ltd
TrustPower Renewable Investments Pty Ltd
Snowtown Wind Farm Pty Ltd
Sellicks Hill Wind Farm Pty Ltd
Te Maunga Market Services Pty Ltd
   
Vincent James Hawksworth1 Tararua Wind Power Limited2
Cobb Power Limited2
TrustPower Metering Limited2
TrustPower Australia (New Zealand) Limited2
TrustPower Insurance Limited2
Bay Energy Limited2
Paehinahina Mourea Geothermal Limited2
Taheke Geothermal Limited2
Waikaremoana Power Limited2
Esk Hydro Power Limited
TrustPower Oamaru Limited2
Te Maunga Market Services Pty Ltd
TrustPower Australia Holdings Pty Ltd2
TrustPower Renewable Investments Pty Ltd2
Snowtown Wind Farm Pty Ltd2
Sellicks Hill Wind Farm Pty Ltd2
 

1 Appointed 24 August 2010
2 Christopher John O'Hara resigned as a director of these subsidiary companies effective 24 August 2010

No Directors' fees or other benefits were paid in relation to these Directorships during the financial year. The remuneration and other benefits received by employees acting as Directors of subsidiaries during the financial year is disclosed in the relevant bandings for employee remuneration.

General Notice of Interests by Directors of Subsidiary Companies

 

Director Interest Entity
Bruce James Harker*
Michael James Cooney*
Geoffrey Jon Campbell Swier*
Vincent James Hawksworth Chief Executive TrustPower Limited
     

*Refer General Notice of Interests by Directors

Information used by Directors of Subsidiaries

During the financial year there were no notices from Directors of subsidiary companies requesting to disclose or use subsidiary company information received in their capacity as Directors which would not otherwise have been available to them.

Employee Remuneration

During the financial year the number of employees or former employees (including employees holding office as Directors of subsidiaries) who received remuneration and other benefits in their capacity as employees of the Company, the value of which was or exceeded $100,000 per annum was as follows:

 

Remuneration Ranges Number of Employees Remuneration Ranges Number of Employees
$100,000 – 109,999 13 $230,000 – 239,999 1
$110,000 – 119,999 13 $240,000 – 249,999 -
$120,000 – 129,999 6 $250,000 – 259,999 -
$130,000 – 139,999 7 $260,000 – 269,999 2
$140,000 – 149,999 4 $330,000 – 339,999 1
$150,000 – 159,999 1 $340,000 – 349,999 1
$160,000 – 169,999 1 $420,000 – 429,999 1
$170,000 – 179,999 2 $430,000 – 439,999 1
$180,000 – 189,999 1 $460,000 – 469,999 1
$190,000 – 199,999 1 $540,000 – 549,999 1
$200,000 – 209,999 2 $550,000 – 559,999 -
$210,000 – 219,999 1 $560,000 – 569,999 1
$220,000 – 229,999 1 $570,000 – 579,999 1
       

Directors' Transactions and Relevant Interests in Securities of the Company

The relevant interests of Directors in securities of the Company as at 31 March 2011 are listed below together with transactions by Directors in securities of the Company during the financial year.

 

Director Number Acquired/
(Disposed)
$ Amount
Paid/
(Received)
Date Class of
Security
Number
Held at
31 March 2011
Number
Held at
31 March 2010
BJ and JS Harker Family Trust (beneficial) - - - Bonds 203,000 203,000
4,501 32,500 25 May 2010 Shares
4,862 36,258 18 November 2010 Shares 26,112 16,749
             
RP Carter
Family Trusts
(non beneficial)
- - - Bonds 250,000 250,000
2,597 18,750 25 May 2010 Shares
Shares 12,260 9,663
             
RH Aitken
(beneficial)
1,676 12,500 18 November 2010 Shares 1,676 -
         
MJ Cooney (beneficial) 2,250 16,250 25 May 2010 Shares
2,514 18,750 18 November 2010 Shares 14,138 9,374
MJ Cooney
(non beneficial)
- - - Bonds 150,000 150,000
MJ Cooney
(non beneficial)
- - - Shares 103,878,838 103,878,838
             
IS Knowles
(non beneficial)
- - - Bonds 100,000 100,000
IS Knowles (beneficial) 2,250 16,250 25 May 2010 Shares
2,850 21,250 18 November 2010 Shares 13,474 8,374
             
HRL Morrison
(non beneficial)
- - - Shares 159,215,388 159,215,388
Hettinger
Nominees
Limited

(beneficial)
2,250 16,250 25 May 2010 Shares
2,095 15,625 18 November 2010 Shares 12,719 8,374
         
Swier
Family Trust
(beneficial)
3,905 28,199 25 May 2010 Shares
4,221 31,303 18 November 2010 Shares 22,356 14,230
             
M Bogoievski
(non beneficial)
- - - Shares 159,215,388 159,215,388
M Bogoievski (beneficial) 418 3,125 18 November 2010 Shares 418 -
             

The non beneficial shares recorded for MJ Cooney are held in his capacity as a Director of TECT Holdings Limited.

The non beneficial bonds recorded for MJ Cooney are held in his capacity as Trustee for an estate and a private trust.

The shares held beneficially by MJ Cooney include shares held in own name and via a family trust.

The non beneficial shares recorded for HRL Morrison and M Bogoievski are held in their capacities as directors of Infratil Limited.

HRL Morrison is a shareholder of Hettinger Nominees Limited.

The interests disclosed for RP Carter relate to non beneficial interests held through three family trusts.

Also, the non beneficial holding of bonds for RP Carter as at 31 March 2010 and for the prior year was incorrectly disclosed in last year's annual report at 150,000. The correct number should have been 250,000 held as at 31 March 2010 and for the prior year.

The interests disclosed as bonds for IS Knowles are in relation to a power of attorney held by IS Knowles.

The Company was not advised of any other security transactions by any Director during the year.