The appointment of a new chairman yesterday signalled a changing of the guard at the Central Lakes Trust, with four of its six trustees retiring this year.
Sir Eion Edgar, of Queenstown, is the new chairman, and Graeme Bell, of Alexandra his deputy.
The two men are the only current trustees able to stand again when the trust election is held in November, the trust's annual meeting was told in Cromwell last night.
Duncan Butcher, of Cromwell, who has been chairman since 2005, Peter Mead, also of Cromwell, chairman from 2000-05, Mike Allison, of Wanaka and Liz Duggan, of Alexandra, have all served three terms, the maximum allowed.
About 40 people attended last night's meeting and Mr Butcher said a change of leadership was a good idea, considering two-thirds of the trust was standing down.
"I can't tell you how honoured I am to take over as chairman of this trust.
It might be the shortest tenure on record, though, if I don't get elected back on in November, " Sir Eion said.
The retiring trustees had given outstanding service and stewardship, he said.
In his annual report, Mr Butcher said the trust's investment portfolio had returned $20 million in the last financial year.
"From a dip down in the graph last year, we've clawed our way back up to a good figure of $155 million [total investment portfolio]."
The biggest grant during the past year was more than $1 million to the Alexandra Community House project.
And more than $2 million had been devoted to computer infrastructure in schools and professional development of information and communication technology teachers during the past three years.
Total grants in the past year totalled $4.5 million, with the largest portion ($1.9 million) going to welfare and social service projects.
The trust fund was established from Otago Central Electric Power Board assets almost 10 years ago and the trust also owns the power company Pioneer Generation.
Trust chief executive Paul Allison said the organisation would celebrate its 10th birthday later this year and would soon reach the milestone of having distributed $50 million in grants since it was established.
Donations to social service groups in the past year included 31 "critical" operational grants.
During the past year, only three out of 100 applications for funding were totally declined, he said.
