About Our Integrated Report
This report has been developed using the integrated reporting <IR> framework and principles. Trustpower adopted this approach in FY20 and intends to improve on this year-on-year. An integrated approach recognises the dynamic complexity of the system we operate in (both natural and man-made), and promotes reporting on tangible and non-tangible aspects that create value for a business and its shareholders.
This report covers activities carried out during FY21 and outlines our prospects and intentions for the future. Material issues have been reported.
- The introductory sections of this report highlight who we are and our key performance metrics for the financial year.
- The Chair & Chief Executive Report reaffirms our strategy and our performance.
- How Trustpower creates value is then depicted through our value-creation model and later through our six capital areas guided by the integrated reporting framework.
- This report also discusses sustainability in relation to strategy and includes our commitments to the Task Force on Climate-related Financial Disclosures (TCFD) Framework. It includes Greenhouse Gas Emissions reporting, as well as governance, strategy, risk management and performance indicators and targets.
- This report ends with all relevant audited financial information required as an NZX listed company.
Our Six Capitals for Integrated Reporting
Integrated reporting uses six capitals to group different areas of business, providing a fuller picture of company-wide value and growth – rather than financial performance alone. We have taken the six capitals of social/relationships, human, natural, manufacturing, intellectual and financial, and renamed them to best suit our business:
Our Relationships – Adding value to customers and community.
Our People – Our employees
Our Environment – Our role of kaitiakitanga, as guardians of the environment for now and the future.
Our Assets & Infrastructure – Tangible aspects/property.
Our Skills & Expertise – Non-tangible skills and knowledge held within the business supporting success.
Our Financials – Our financial information.
Trustpower's Strategic Review
On 28 January 2021, Trustpower announced a strategic review of our mass market retail business. The review is set to test market interest in the strategic value of Trustpower’s retail business.
At the time of writing, this process is still underway and there are many matters to be considered before a decision is reached.
In the meantime, operations at Trustpower continue as normal. Our stakeholders will be notified of any important developments as the outcomes become clearer.
We note that a sale may impact any future targets and business goals outlined in this report.
United Nations Sustainable Development Goals (SGDs)
In this report, we have identified SDGs that most align with our business and where we feel we can make the most impact.
This report contains forward-looking statements about Trustpower’s operations and financial position. These were prepared based on information available at the time and may be subject to change. Some activities may not materialise. Unanticipated events and Trustpower’s strategic review may affect the projected financial results and activities forecasted, and has bearing on the approach and preparation of this report.
PricewaterhouseCoopers (PwC), our external auditor, has audited the financial statements included in this report.
Responsibilities for this Integrated Report
This report was prepared under the supervision of the Chief Financial Officer and Company Secretary Kevin Palmer.
The Board is ultimately responsible for ensuring the integrity of this integrated report, assisted by our external auditors PwC and supported by our Senior Leadership Team.
This report adheres to annual obligations under the NZX Board/market listing rules, Companies Act 1993 and Financial Markets Conduct Act 2013, and is in accordance with <IR> framework and principles.
We welcome your feedback and comments around any information provided in this report. Please send these through to firstname.lastname@example.org