Top Energy Consumer Trust

There are five Trustees who are appointed under the terms set out in the Trust Deed and who administer the Trust. Their duties include:

• Appointing the directors of Top Energy Limited
• Distributing the benefits of share ownership to the consumer beneficiaries as a group, irrespective of which electricity retailer they may purchase electricity from
• Negotiating with the Company’s directors the Statement of Corporate Intent, which agrees the strategic direction and performance objectives to be achieved by the company
• Monitoring and reporting on the Company’s performance
• Undertaking periodic Ownership Reviews involving a public consultation process, to determine whether the Trust will continue to own the shares in Top Energy Limited
• Comply with the Operating Guidelines (Code of Practice)

Trust ownership

Who should own Top Energy?

Far North power consumers connected to Top Energy’s line network own the company with the shares being held, on their behalf, by the Top Energy Consumer Trust.

Every 5 years, the Trustees consult with local power consumers on their preference for the ownership structure of Top Energy. The requirements are set out in the Trust’s Deed.

How is a review conducted?

The Trust Deed requires Top Energy’s Directors to produce a report which details their analysis of the advantages and disadvantages of various types of ownership structure. It also contains their recommendation in relation to continued ownership. The Director’s Report is supported by a PwC report which provides detailed analysis of past performance and possible ownership options.

Your Trustees are required to review this Directors’ report and to set out any comments on it in a Trustees Report.

Ownership review

The most recent ownership review of the shares in Top Energy Ltd was completed on 6 December 2016. The Trustees of the Trust decided that the shares would continue to be held in trust for the power consumers of the Far North who are connected to the Top Energy distribution system. This position is expected to continue for up to five years from the date the decision was made.