The reasons put forward by the trustees in support of their proposal have broadly consisted of negative comments about TECT's investment in Trustpower and future issues they perceive will detrimentally impact on the wider electricity industry, together with positive comments surrounding the proposed TECT Charitable Trust.

By way of example, comments such as ‘the trustees are clear that this is a once-in-a-lifetime transformational opportunity to effect meaningful change in Tauranga and the Western Bay of Plenty' may be well-intentioned but do nothing in terms of demonstrating why the transformation to a wholly charitable trust is in TECT consumers' interests.

The trustees have a fiduciary duty to act in the interests of TECT beneficiaries (TECT consumers).

A reality the trustees must accept is that TECT consumers are the beneficial owners of TECT assets which the trustees wish to seize control of in return for a series of payments that obviously fall well short of the market worth of those assets. Is it any wonder that there is solid opposition to the proposal?

In the absence of a more balanced approach to any such proposal and one that properly takes into account the interests of TECT consumers I intend to vote no and encourage other TECT consumers to do likewise.

B Toxward, Whakamarama.