New Zealand Post provides an extensive range of mail, parcel, logistics and financial services to communities and businesses.
The Group’s mail business, New Zealand Post, delivers just under 700 million items a year to around 1.94 million delivery points. It provides postal, parcel and bill payment services through a nationwide physical store network, processing more than 19 million financial transactions a year. It also offers paper-based and digital communication services to business clients, including document printing, mail processing and direct mail delivery.
NZPG chose to begin <IR> at a time of significant transformation and integration in our business. A significant benefit was that during this change <IR> allowed the significant intangible value that has been built over our 170 year history to be better articulated and leveraged. We published our first integrated annual report in 2013. Our third integrated report was published in late September 2015.
In order to implement <IR> the Board and executive management were engaged and a cross functional steering group set up. There was strong support from the CFO and finance team which was crucial. For our first integrated report we focused on working with a few key principles of the framework in particular the six capitals and ensuring the reporting was concise and complete. Over the last three years work has focussed on strengthening the materiality process, reviewing KPIs and our stakeholder engagement process. There has also been a strong effort to embed the process through the business with initiatives including producing a business plan using the six capitals, changing monthly business and board reporting to reflect the capitals and increasing board and executive engagement.
There were some significant challenges faced but most have been overcome or are being worked through. These have included initial concerns from some parts of the business, reporting consistently on the two different parts our the Business (mail and logistics and financial), being concise yet complete in the reporting, sharing concepts and benefits with wider staff and having the report assured.
However, the experience of the last three years has been positive with benefits of <IR> reporting including: it highlighted the interconnections across the business; presented a simplified coherent view of our business; an improved understanding of the value of our intangible assets and our impacts on them as we make business changes; facilitated a longer term view of the business; a stronger view of material issues; renewed emphasis on stakeholder engagement; shorter more accessible report and greater ownership of the report across the business.
The next steps in the journey are to deepen alignment with the <IR> Framework and embed integrated thinking further through the business specifically:
Further work will also be undertaken to explore assurance options including
The 2014 IR is available on our website at https://www.nzpost.co.nz/sites/default/files/uploads/shared/annual%20reports/nzpost-annual-review-2014-volume-1.pdf
and the 2013 IR is at