Network Tasman Chairman Steps Down

Network Tasman Chairman Steps Down

Long serving chairman of Network Tasman Ltd, Ian Kearney, has announced his intention to step down at the end of his current term as a director.

Mr Kearney has chaired the board of the local electricity distribution network since its formation in 1993, and was chairman of the Tasman Electric Power Board for the year prior to that.

He said the first task of the original board designate was to decide on the best ownership structure for the new company.

“We had to argue hard for consumer trust ownership with the government of the time, but it has proved to be a very successful ownership model,” he said. “Just last year the consumers of the Tasman region benefitted by $13 million in discounts from the company and payments from the Network Tasman Trust; and we’re also proud to say that our distribution charges are among the lowest in the country.“

Over the past 15 years consumers have received over $160 million through line charge discounts and dividends.

Mr Kearney said that the book value of Network Tasman Limited had grown from $30 million in 1993 to over $200 million today; making the company now "a very substantial asset providing real benefits to its consumer owners".

Mr Kearney is also the chairman of the Cawthron Institute and of a number of other companies. He said he was not stepping down from these, but was prompted to make the decision regarding Network Tasman Ltd as his term as a director was up for renewal.

“Rather than commit for another three years, I decided it was time to give someone else the opportunity,” he said. “Twenty years is long enough and I’m leaving the company in good heart, with a very good board and excellent management and staff.”

There are two directors whose terms expire this year and the Network Tasman Trust will advertise the vacancies later this month. Mr Kearney’s term will expire in August and the new director(s) will be appointed then.

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