Growing and enhancing our community asset for the sustainable benefit of the Trust’s beneficiaries now and in the future.
Established in 1993, the Waitomo Energy Services Customer Trust (WESCT) holds 100% of the shares in The Lines Company Limited (TLC) on behalf of eligible TLC customers. The Trust was the result of government reforms at the time. Customers benefitted the most if a single Trust owned The Lines Company shares on their behalf, rather than fragmented ownership if the shares were issued directly to customers.
During the 1992 deregulation of Power Boards, Trust ownership was considered the best answer to the ownership of “inter-generational” assets. The electricity distribution system had been developed in a co-operative sense by generations of consumers. The argument was that the then owners had no more right to the assets than the preceding generations or the generations to come.
A Trust ownership structure benefits customers by creating a monitoring control system to strive for maximisation of beneficiary benefit, the security of supply and quality service to customers within the District.
Six trustees manage the Trust on behalf of eligible customers of The Lines Company, who are the Trust’s beneficiaries.