Who Can We Trust? Sheldon Nesdale. Elect Onto TECT

Hi, my name is Sheldon Nesdale and I am standing for election onto TECT.

If you are a Trustpower customer in the Western Bay of Plenty (Tauranga, Katikati, Te Puke etc), then you’ll get a voting pack in the mail.

I believe I have the skills and experience to be a very effective trustee and I’d love to serve you in this way.

Can I count on you to vote for me and help spread the word that I am the candidate others should vote for?

Q: “What’s the timeline For The 2018 TECT Election?”

  • Fri 4 May 2018 Candidate Nominations Opened
  • Fri 1 June 2018 Nominations Close at 12 noon
  • Mon 25 June 2018 Voter Packs Mailed
  • Fri 20 July 2018 Postal Ballot and Online Voting Closes at 12 noon
  • Fri 20 July 2018 Preliminary Election Result Declared at 4.00pm

Q: “Why should we vote Sheldon Nesdale onto TECT?”

For 9 reasons:

  1. Qualified. Sheldon has an MBA (Masters in Business Administration) from Waikato Uni. Sheldon has run his own business consultancy since 2009
  2. Diligent. Sheldon loves to read, he will turn up to every meeting fully prepared with all the required reading done
  3. Future thinking. Sheldon has 3 young boys at home so he thinks about the
    future and the legacy we will leave behind
  4. Leader. You may recognise Sheldon’s name from the events he has brought
    here: TEDxTauranga, Tauranga StartUp Weekend, The Dry Dock Breakfast Club
  5. Not wealthy. Sheldon knows what it feels like when the TECT cheque arrives just in time to make a real difference to his family’s finances
  6. Grateful. Sheldon knows what it’s like to run groups and events with little or no money and is grateful that TECT is able to support so many organisations
  7. Public Service. Sheldon is an active volunteer and has put in 8 hours per week for 8 years into projects that serve and benefit the public
  8. Considered. Sheldon does not leap to conclusions but reads available documentation and reports, and seeks out expert opinion before making a critical decision
  9. Listens. Sheldon Nesdale has visited 6,780 homes in the Tauranga area to connect with residents and listen to their ideas and concerns

Q: “Why do we get the TECT cheque in the first place?”

  • 1923
    • The first Tauranga Electric Power Board is established to deliver electricity to homes and businesses for the first time
  • 1992
    • The NZ Government passes the Energy Companies Act of 1992
    • The Act deregulated New Zealand’s electricity industry, permitting the formation of energy retailers and requiring regional electric power boards, or municipal electricity departments, to become commercial entities
  • 1993-1994
    • The Tauranga Electric Power Board becomes Trustpower and is listed on the New Zealand Stock Exchange
    • TECT (Tauranga Energy Consumer Trust) is established and receives half of the shares to hold on behalf of local consumers for generations to come. Hooray!
    • The other half are available to the public and Infratil Limited becomes a major shareholder
    • Did you know that are more than 20 similar energy trusts were created during this period including TECT (Tauranga Energy Consumer Trust) and Rotorua Energy Chartiable Trust?

Q: “Where do TECT funds go?”

  • 80% of TECT’s net earnings go back to consumers (Trustpower Account holders in Tauranga City + Western Bay of Plenty District) in the form of the annual TECT cheque ($28M)
  • The remaining 20% of earnings is available as grants for community organisations ($8M)

Q: “What do TECT trustees do?”

  • Decide on where to invest TECT’s assets (with advice from Financial Advisors)
  • Make grants and donations to non-profit organisations
  • Trustees usually meet on the third Tuesday of every month for about 4.5 hours + other meetings when required

Q: “How would you have voted on the TECT proposal in Feb/Mar 2018?”

I was invited to a special announcement on Wednesday 24 Jan 2018 for the following morning, Thursday 25 Jan 2018. We weren’t told about the content until we arrived. It was the proposal to end the TECT cheque within 5 years and from that point forward only distribute TECT funds via Grants.

At the time, I was persuaded by the information presented in the seminar and publicly supported the proposal via Facebook.

I heard that there was a risk that in the future of the government may change the rules and that this step would protect the funds for decades.

I was tempted by the $2500 payout later that year, and had already started spending it in my mind.

And, as I have had a lot of involvement with community groups, I knew how hard it was raising funds and the thought of tripling the TECT grants for community organisations sounded wonderful.

I had become used to the TECT cheque every year but I felt philanthropic by voting to give away my future rights to the proceeds of TECT’s investments.

But I have since changed my mind.

  • I have a renewed appreciation of how the current system benefits both consumers and community organisations
  • I now have more empathy for middle and low income families and the difference that annual cheque makes just before Christmas
  • Looking back at the proposal, several components were confusing and the options and alternatives were not clearly explained
  • The proposal had an alarming immediate impact on TrustPowers share price, on which TECT largely depends
  • The original purpose of the trust was to benefit consumers. Deciding to no longer benefit consumers runs contrary to it’s founding purpose

I think it’s important not to close my mind to the idea, or variations of the idea in the future, but I will certainly think long and hard if I’m successfully elected and the option comes up again.

The Mar 2018 referendum results:

  • Of the 9000 submissions received using the TECT submission form:
    • 50% supported the proposal
    • 50% did not support the proposal
  • Of the 12,000 submissions received using the Trustpower submission form:
    • 15% supported cancelling the cheque
    • 73% did not support the TECT proposal
    • 12% wanted to change the distribution ratio

I’m listening, so:

Join Me On Facebook

2 thoughts on “Who Can We Trust? Sheldon Nesdale. Elect Onto TECT

  1. What are your thoughts on the museum? For or against? Why? If the museum goes to Cliff Road as per Tangata whenua’s preference, what does the council plan to do to accommodate this???

Leave a Reply

Your email address will not be published. Required fields are marked *