Message from Mike Bennetts, CEO


Message from Mike Bennetts, CEO

In the past quarter two important documents have been released by Z.  These are our 2017 Annual Report and the third edition of the Z Why.

An annual report is a comprehensive report on a company's activities for the preceding year.  Annual reports are intended to give shareholders information about the company's activities and financial performance.  I’m sure you can all recall lengthy tomes that are full of hard to penetrate facts and figures, copious “Notes to the Accounts” that can make you feel like you require a post graduate qualification and 30 years of accounting experience to be able to read and understand what is actually in there. 

As you would expect, Z does not produce a report like that.  In fact our latest Annual Report conforms to an Integrated Reporting (IR) standard.  IR is a new global standard that results in concise communication about how an organisation’s strategy, governance, performance and future prospects lead to the creation of value over the short, medium and long term.  This allows for Z to bring together its historic financial results with aspects of sustainability reporting, all in a format that makes it far more understandable than past versions.  Of course in doing so we need to comply with local regulations as past reports did. 

Despite this implying a longer report, IR usually results in a shorter, sharper report and that is the case for Z.  Within New Zealand Z is a leader in this aspect of governance and stakeholder accountability, along with NZ Post and Sanford.  The 2017 Annual Report can be accessed through this link and I encourage you to read it to better understand our past, present and future:

One of the foundation documents within Z is the Z Why.  This was first published in May 2011 when we announced the change of brand and essentially put meaningful pegs into the ground for the way we wanted the company to be – both respecting our heritage and charting a course for the future.  It was revised in 2013 leading into our IPO, and has been revised yet again to reflect our merger with Caltex and to take account of the changing internal and external context since the IPO in 2013.

To quote from some of the early pages: “This document tells you all about what matters in Z.  This is the context.  It applies to all of us, individually and collectively, all of the time.  In choosing to work for Z, you are committing to the Z Why.  In order to help you understand the ‘why’, we need to talk to you about the whole picture, our fullest context — our fundamental purpose as a firm, our ambition, our values, our brands, our commitment to customers and workplace health and safety, the choices we have made for our strategy, and so on.  At Z we focus on achieving extraordinary outcomes by setting the appropriate context, rather than by trying to control people. High-performing and talented people will do much better work if they understand the context.”

This document is not just intended for existing employees.  We use it as part of our recruitment for new employees and I reckon it is equally an important part of our relationship with suppliers, business partners, customers and the stakeholder community in its broadest form.  That is why it is freely available in hard copy or you can download a pdf version using this link:

I’d encourage you to read this to better understand why Z chooses to behave the way we do, and why some things matter more to us than they would for the relationships you have with other companies.  To quote from the last page of the Z Why: “If Z is a good match for both your head and your heart, then join us for one heck of a journey.”

 Mike Bennetts, CEO