Focusing on what's important.
We rely on the effective management of a wide range of resources including our physical assets, our technology platforms, our financial capital, our people and their knowledge, our many relationships and the natural resources we use to generate electricity and value.
We want to report openly, responsibly and objectively on how the resources we've utilised and the decisions we've made have delivered positive changes for the future.
In FY18 we undertook a detailed assessment to identify the issues that our stakeholders recognised as material to our business and therefore of interest in our reporting. To ensure our reporting was relevant to our sector, we undertook a review of the Global Reporting Initiative (GRI) topics. We also reviewed material topics regularly reported by electricity generators and retailers in New Zealand and Australia. And we identified the United Nations Sustainable Development Goals (SDGs) that we believe are most relevant to our business model. Our commitment to making a renewable difference for the future led us to focus on two SDGs – SDG7 Affordable and Clean Energy and SDG13 Climate Action – as these apply to areas where we believe we can make the biggest difference. Finally, we examined Board papers together with those issues that had received media coverage, and our risk register.
Once we had a long list of relevant topics, we prioritised them on the basis of their importance to our stakeholders and their impacts on our business.
We gathered the views of stakeholders through a series of internal workshops that included people in our business who actively engaged with the many groups with which we interacted. The workshops generated valuable insights into who our key stakeholders are, the levels and nature of the impacts we have on them, their importance to us, and the impacts, real and potential, that they have on our business.
We used the outputs from this process in two ways: they fed into the development of our sustainability roadmap; and we used them to consider our stakeholders and what they most want to know from us in preparing our annual report.
Updating our materiality assessment
Each year we update our assessment of the issues that are material to our business, and on what and how we should report. For example, we ask our Board to review the previous year’s report and make recommendations, and we also look at how the matters we’ve raised have been covered in the media.
For FY20 we’ve adjusted the rating of energy hardship, based on the topic’s importance to the Government, as reflected in the Electricity Price Review, and in the context of the global COVID-19 pandemic and its current and potential impact on New Zealanders. We’ve also added two new material topics – dam safety and information security.
For more information on what matters to us and our stakeholders, click here.
In addition, we’ve again been assessed for inclusion in the Asia Pacific Dow Jones Sustainability Index and we’ve responded to the Carbon Disclosure Project (CDP). The CDP is a not-for-profit that runs a global disclosure system for investors, companies, cities, states and regions to be transparent about their environmental impacts. We use feedback from these assessments and our assurance processes to continually improve our disclosures.
We plan to undertake another full materiality assessment in FY21.