Director unplugs from Vector board

By CHRIS DANIELS energy writer

Vector director Wayne Boyd has resigned, citing a potential conflict of interest as making his presence on the board unsustainable.

"The position is that I gave them notice a month or so ago and said 'look, I think there's a potential conflict, I'm concerned about it'," he said.

A Vector strategy meeting is scheduled for Monday, where the future of the company and future operations of the board are to be discussed.

"I'm just not prepared to sit through a meeting like that and then come and tell them towards the end of next week maybe, or sometime in the near future, that I'm not going to be part of it.

"It's really just me following my ethics, no more than that."

He said the potential conflict had yet to "become actual" but would not elaborate further.

"There's a likelihood of a conflict and I just don't think it's proper to be sitting through planning meetings that are about to start at Vector."

He was appointed to the Vector board at the end of 2002, following its acquisition of UnitedNetworks.

He is the chairman of Auckland International Airport, Freightways and Ngai Tahu Holdings Corporation. He is also an independent director of Forsyth Barr and a director of Vulcan Steel and Tru-Test.

Vector chairman Michael Stiassny said the contribution and experience of Boyd had been invaluable and he would be missed.

Vector has been talking to listed gas transmission company NGC about possible mergers or joint operations and is also keen to expand its telecommunications business, possibly through a partnership with TelstraClear.

As always with Vector, its future status as a trust-owned company is an issue, with some advocating it should be partly floated and listed.

One option on the table is the formation of a subsidiary company, 51 per cent-owned by Vector, but listed on the NZX and pursuing more aggressive, less regulated business opportunities.

The company's monopoly powerlines businesses in Auckland and Wellington would stay within the parent company.