Marlborough Electric Power Trust newsletter – November 2025

Supplied Content

Two new Directors to the Marlborough Lines Ltd Board

The Trust has appointed two new directors. There was an exceptionally high calibre of candidates which reflects well on the future seen for Marlborough Lines.

Rachael Newsome, based in Nelson, is a qualified lawyer with an extensive executive and governance background in both private and listed entities. Previous executive roles include counsel and risk at NZX, Icebreaker and Jarden as well as governance experience at The University of Auckland and Oyster Property Group. Rachael is also an alumnus of the Future Director Programme at Fisher & Paykel.

Rachael says she is passionate about working with New Zealand businesses that move the country forward, create value, and provide for future generations through sustainable actions.

Luke van Velthooven is known to many in Marlborough for his involvement in a wide variety of public and private entities regionally and nationally. Luke served as an executive with Progressive Enterprises in the grocery sector, before starting APL Property Ltd 30 years ago which now has offices throughout NZ. He has more than 25 years of governance experience including founding member and Chair of Marlborough Stadium Trust, Chair of Marlborough Kaikoura Whale Trail Trust, Trustee of NZ Memorial Museum Trust – Le Quesnoy, and Director of Rowing NZ.

Rachael and Luke’s broad commercial and investment experience and will make them a valuable addition to the Marlborough Lines Board. They will be officially appointed at the Marlborough Lines Annual General Meeting in November.

Current Chair, Phil Robinson has been reappointed for a one year term. Phil, first appointed in 2015, is currently the only director with more than three years’ experience on the Marlborough Lines Board.

MEPT would like to acknowledge retiring director Alex Barton and thank for her service to Marlborough Lines since her appointment in 2019. We wish Alex all the best for her future endeavours.

Annual Reporting Meeting

The MEPT annual reporting meeting is scheduled for 7pm, Wednesday, 26 November 2025 at the Whitehaven Room, ASB Theatre, Blenheim. The purpose of the meeting is to

· Report on the operation of the Trust and Marlborough Lines Limited (the Company) during the preceding financial year and on the financial statements of the Trust and the Company for the financial year ended 30 June 2025.

· Confirm appointment of auditor and set their remuneration.

· Enable general discussion and information to beneficiaries of the Trust.

Copies of the Trust’s Annual Report and Financial Statements for the year ending 30 June 2025 are available to download under the documents section of the MEPT website.

Elections are coming up

The Trust Deed provides for three of the six Trustees to retire on the 1st of April every second year. The next Trustee election is in March 2026.

Timetable

· Nominations open Wednesday 26 November

· Nominations close Thursday 22 January

· Voting opens Thursday 26 February

· Voting closes Monday 23 March

· Public notice of results Friday 27 March

Trustees meet eleven times per year and are required to attend the Marlborough Lines AGM, Annual Reporting Meeting, any special meetings and Energy Trusts NZ conferences.

Interested in nominating yourself or someone else? Here’s some information to help you make an informed decision.

Marlborough Electric Power Trust exists to hold 100% of the shares in Marlborough Lines on behalf of beneficiaries and ensure that the value of the investment is protected, enhanced and applied for the benefit of current and future beneficiaries as defined by the Trust Deed. The beneficiaries are all those with a power connection within the boundaries of the Marlborough Lines network.

Key responsibilities of the Trust are:

• Appointing Directors to Marlborough Lines

• Agreeing the Marlborough Lines Statement of Corporate Intent (SCI)

• Monitoring the performance of the Company against the SCI

• Receiving dividends and distribution of funds to beneficiaries

It is important to note Marlborough Lines is independently governed by its own Board of Directors. MEPT does not have any influence on the operations or day-to-day running of the Company or its subsidiaries.

This is a governance role, not an operational one. Trustees contribute their judgment, experience and local insight to maintain the integrity, performance, and value of this important community-owned enterprise.

Key Responsibilities

· Uphold the Trust Deed and ensure compliance with relevant legislation

· Represent the best interests of Marlborough electricity consumers

· Monitor the performance and governance of Marlborough Lines Ltd

· Oversee dividend policies and consumer distribution processes

· Maintain effective communication with beneficiaries and stakeholders

· Keeping up to date with industry developments

To be an effective Trustee, you will have governance and business experience together with the ability to think strategically and make sound judgments. An understanding of, or interest in, the energy or infrastructure sectors is helpful, as well as a commitment to sustainable, long-term value creation. Integrity, independence and the ability to work constructively as part of a team are vital.

To be eligible, applicants must be:

• A consumer connected to the Marlborough Lines network

• Ordinarily resident within the Marlborough region

• Not disqualified under the Trust Deed or relevant legislation Trustees are appointed for a term of four years (as per the Trust Deed)

Remuneration is set in accordance with community trust standards and reflects the governance nature of the role.

If you are interested in standing in this election – further details can be found on mept.co.nz

ETNZ Conference

The Energy Trusts of New Zealand spring conference was recently held. Much of the time was spent discussing the current energy situation and government expectations, which have been laid out in a letter to all Trusts and electricity distribution boards.

Power outages

Last month, Transpower had a fault on its transmission grid that left all of Marlborough, Tasman, and some of the West Coast without power for over three hours.

Power outages lasting many hours or even days are possible - have you thought about what impact that would have on your home life and/or your business? If not, we strongly encourage that you do.

For more information or to contact us, visit mept.co.nz

For specific Marlborough Lines limited information, please visit their website marlboroughlines.co.nz

Read the 2025 Marlborough Lines Annual Report here.