New Zealand’s largest dividend distribution kicks off today, with dividends of $345 making their way to over 320,000 Entrust beneficiaries, contributing more than $110 million to the Auckland economy.

Beneficiaries in the Entrust (formerly Auckland Energy Consumer Trust) district which encompasses Auckland, Manukau, northern Papakura and eastern Franklin, will start receiving their dividend from today.

The dividend distribution, which is New Zealand’s largest, comes from Entrust’s majority (75.4%) shareholding in Vector, and has contributed more than $1.2 billion to Auckland since AECT was formed in 1993.

Entrust Chairman William Cairns says the dividend continues to make a difference to the Auckland community with a significant portion of the money being spent with local businesses across the city.

Mr Cairns said he was delighted that even though beneficiary numbers continued to grow as the population increased in the Entrust district, the dividend payment amount had been kept steady at $345.

“We know those receiving the dividend appreciate it, and there is strong support across all of Auckland for Entrust,” he said.

Fifty percent of beneficiaries will receive their dividend by direct credit this year following the mid-year communications by the Trust which gives all beneficiaries the ability to select their preferred method of payment.

Entrust beneficiaries will start receiving their dividend from Thursday 22 September via direct credit, via cheque to the name of the person on the electricity bill or via credit to the customer’s electricity account.

Mr Cairns says if people have any queries about their dividend they should call Entrust on 0508 ENTRUST (0508 368 7878).