✨ Corporate Financial Disclosures
4116 NEW ZEALAND GAZETTE, No. 140 23 NOVEMBER 2012
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
25. Related parties
Transactions with key personnel
The Transpower Lines Business did not conduct any business with key personnel.
Key personnel compensation
Key personnel received the following compensation for their services to The Transpower Lines Business.
| 2012 | 2011 | |
|---|---|---|
| $M | $M | |
| Directors' fees | 0.5 | 0.5 |
| Key management personnel | 4.8 | 4.3 |
| Defined contribution schemes | 0.2 | 0.2 |
There were termination payments made to key management personnel in 2012 of $0.4 million (2011: none).
Government-related transactions
Transpower, being a State-Owned Enterprise, transacts with other government-related entities.
The most significant transactions and balances are as follows:
| 2012 | 2011 | |
|---|---|---|
| $M | $M | |
| Meridian Energy Limited - revenue | 101.3 | 95.5 |
Meridian Energy Limited (Meridian), is a State-Owned Enterprise which is an electricity generator and retailer.
Meridian pays Transpower primarily for the transportation of electricity across the national electricity grid.
Transpower also settles its income and indirect tax obligations with the Inland Revenue Department.
Some directors of the company may be directors or officers of other companies or organisations with which
Transpower may transact. Such transactions are carried out on an "arm's length" and independent commercial basis.
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NZ Gazette 2012, No 140
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Transpower New Zealand Limited Financial Statements
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