Trust Tairāwhiti (Trust) formerly known as ECT (Eastland Community Trust) and originally Eastland Energy Community Trust. The trust was established in May 1993 to hold the shares in Eastland Energy Limited which had previously been held by the Poverty Bay Electric Power Board.
Trust was established under a deed of trust between the Poverty Bay Electric Power Board (the predecessor to Eastland Energy Limited), the Gisborne District Council and the Trustees.
Trust is not a purely commercial organisation and its decisions have significant public effect. The Trust’s funds will also ultimately revert to Gisborne District Council at the termination of Trust on 7 May 2073.
Despite Council’s power of trustee appointment it’s not a Council Controlled Organisation (CCO) as any other organisation would be where Council appointed the majority of the governance structure. This is because Energy Trusts were specifically excluded from the legislation.
Trust Tairāwhiti is independent of the Gisborne District Council, but it was clearly envisaged at the time of Trust's creation that Council would have a close working relationship with Trust.
Trust Tairāwhiti Statement of Intent
The Statement of Intent is an annual requirement under the Trust Deed and should include, amongst other things:
- The objectives and directions of Trust
- The nature and scope of the activities to be undertaken
- Performance targets and other measures by which the performance of Trust may be judged in relation to its objectives
- The kind of information which is to be provided to the beneficiaries by Trust during the course of the year
- The details of transactions entered into or intended to be entered into with Council.
- Such other matters as agreed with Council.
- The details of any intended acquisitions, investments or divestments of a signification nature including any changes or planned changes in its shareholding in the company.
The Trustees must prepare and deliver to Council a draft statement of intent by 28 February each year.
For the documents go to Trust Tairāwhiti’s website