How long does the Trust last for and who are the beneficiaries?
The Trust was established for a period of 80 years. It will continue until 2073 unless it decides that the purpose the Trust was established for has been completed.
There are four categories of beneficiary:
Those electricity customers connected to the WEL Networks power lines network and located within the Trust's traditional area
The community located within the Trust's traditional area
The three councils (Hamilton City Council, Waikato District Council & Waipa District Council)
WEL Networks
The capital beneficiaries are Hamilton City Council (63%), Waikato District Council (35%) & Waipa District Council (2%). When the Trust is wound up these three councils will receive the capital in the percentages outlined.
Income beneficiaries are those electricity customers connected to the WEL Networks power lines network in the Trust's traditional area. Here is a map showing the Trust’s district. Within this area reside the electors and beneficiaries of the Trust.
WEL Energy Trust (the Trust) was formed in 1993 for the purpose of holding shares in the newly created WEL Energy Group, and has a governing document effective from this time, the Trust Deed.
The Trust was originally the 1/3 owner of the Group, and the purpose of this shareholding under the Trust Deed is to ensure the Company, now known as WEL Networks Ltd (the Company), operates as a ‘successful company’.
Under the Trust Deed, the definition of a ‘Successful Company’ includes not only profitability but the need to exhibit a sense of social responsibility by having regard to the interests of the community and by endeavouring to accommodate or encourage those interests when able to do so.
In 2000 the Trust became the 100% shareholder of WEL Networks Ltd.
Ultrafast Fibre Limited (UFF) was established by the Company in 2010 in order to fulfil a New Zealand Government initiative to rollout ultrafast broadband (UFB) across eight centres in Central North Island. Interests in fibre are held through Waikato Networks Ltd (WNL) of which WEL Networks Ltd is an 85% shareholder (Waipa Networks owns 15%). In 2020, the Company agreed to sell its shares in UFF, now known as Tuatahi First Fibre Ltd.
WEL Networks Ltd also has a smart box programme. The Top Energy project is delivered through Smart Co Ltd, of which WEL is a 15% shareholder.
As per the Trust Deed, on winding up of the Trust in 2073, the fund will be distributed to Territorial Authorities (Capital Beneficiaries) in specific proportions (Hamilton City Council – 63%, Waikato District Council – 35%, Waipa District Council – 2%).
Rachel is a self-employed businesswoman, an independent Director and Chartered Fellow of the Institute of Directors NZ. She brings more than 20 years of extensive governance leadership experience from the business and Not-for-Profit/Community sectors: social housing, mental health, education, and the wellbeing of women and children.
With husband Aleki, they live an active life with their four young sons in Hamilton East. She enjoys playing golf, cycling (socially) and family walks along the river.
Rachel feels blessed to be serving on the WEL Energy Trust Board.
Natasha is a Chartered Accountant and Chartered Member of the Institute of Directors with close to 20 years of commercial experience and over ten years of experience working in board roles across the Not For Profit sector.
With her husband James and two sons, Natasha enjoys spending busy weekends on the sidelines of a sports field, and spending time with family and friends. She enjoys reading, running and pottering around the kitchen in her spare time.
Natasha is honoured to have the opportunity to support and contribute to the community through being part of the WEL Energy Trust.
Jan is a proud Hamiltonian, and together with her husband John, has raised two children in the mighty Waikato. She has predominantly worked in the Health sector, but has also spent time as a real estate agent where she built strong connections with people across the community.
Jan is currently employed by the NZ Blood Service where she advocates for this essential health provision.
In her spare time, she enjoys watching sport, supporting local theatre and spending time with her two growing granddaughters.
Jan is honoured to be serving the people of the region as a WEL Energy Trust member.
Matt is a born and bred Hamiltonian who lives locally with his wife and two young sons.
He is a Director of Silverton Alexander (Registered Property Valuers) where he specialises in the valuation of commercial and industrial properties. He was previously the Secretary, and then Chairman, of the Waikato Branch of the Property Institute of New Zealand and is currently on the Board of Trustees for Matangi Primary School.
Outside of work, Matt enjoys a wide range of sports (particularly golf), travelling and socialising with friends and family.
Jamie grew up in Hamilton and lives locally with his wife and four children. He believes Hamilton is a great place to live, work, own a business and raise a family.
Jamie is currently the MP for Hamilton East. He has served in this role for six years, attracting Government funding for projects such as the Ruakura SuperHub, Waikato Regional Theatre, Pan Pacific Hub, Te Huia Passenger Rail and the Peacocke Housing Development.
Outside of work, Jamie enjoys playing sports, particularly football, basketball and golf.
The Trust office is generally open between 9.00 am and 3.00 pm, although staff are sometimes in the office outside of these times, and often work remotely, especially on Thursdays and Fridays when they are contactable via phone or email. Because of limited staffing, there also might be times when the office is closed during these hours. The Trust office is closed on public holidays and during the Christmas/New Year period. If you wish to meet with a member of the Trust's staff, we suggest you ring us to make an appointment.
Grants Manager
Trust Administrator
Chief Executive Officer
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