Central Lakes Trust (CLT) is proud to announce that the total grants awarded since its inception has exceeded the $155 million settled by the Otago Central Electric Power Trust (OCEPT).
This significant milestone comes just a few weeks before the 24th anniversary of CLT’s inaugural board meeting on 6 December 2000.
CLT was born from the 1998 Electricity Reforms Act. OCEPT chose to retain its generation business, selling its retail and lines business. OCEPT’s deed determined that the funds from the sale had to be used for charitable purpose and, instead of paying out the profits to individual consumers which would have required a lengthy rewriting of the trust deed, the OCEPT board proposed the creation of a charitable trust. A poll saw an overwhelming majority of consumers vote in support of the proposal.
"[The] consumers who voted to settle the power company's assets in trust for the benefit of our regional community will undoubtedly feel, with justification, pleased with their foresight" says Peter Mead, chair of the founding board. "CLT, by virtue of prudence and careful management, has delivered and grown in a manner and extent we can all be very proud of."
By settling the profits from the sale as well as the generation business (now Pioneer Energy) to CLT, the OCEPT board created an asset that enhances the community and the lives of the people within.
In addition to the $155.2 million granted to support initiatives across the region, CLT has grown its investment fund to $495 million as of 31 March 2024. This fund underpins the trust's ability to continue its vital work and ensure its longevity.
Current chair, Linda Robertson, highlighted the importance of safeguarding the fund for future generations:
"Our responsibility is to ensure the sustainability of the fund so that we can continue to make a lasting impact on our communities. By maintaining the trust in perpetuity, we ensure that generations to come will benefit from the support and opportunities these grants provide."