Z’s financial year ends on 31 March, following on from this we produce our Annual Report and hold our Annual Shareholders’ Meeting. Both of these are important milestones for a publicly listed company and you can access our Annual Report through this link: www.z.co.nz/investor-centre/home/announcements-and-reports/
As the opening paragraphs of the Report say, “We’re great believers in non-financial, values-based reporting in addition to reporting our financial performance. We think there’s room for significant change to the reporting of New Zealand listed companies. We believe investors have the right to understand how we operate and why, and how we plan to create economic, environmental and social value over the long term. Such reporting is commonplace overseas.
“We don’t see why New Zealand should be different. Business has widespread impact on people’s lives. We think a business needs to be held to account for more than just financials. It’s about striking the right balance between what gets achieved quarter by quarter and what happens over, and for, the longer term.”
So have a read and learn more about our last financial year with all of that in mind. I’d welcome any feedback you have on the Report so we can get better in the future.
Since I last shared my thoughts with you we have settled our Chevron transaction with the operations of Chevron New Zealand (CNZ) coming into Z’s ownership on 1 June. This was a big deal in itself, but the cutover on 1 June also included a complete transfer of Chevron’s digital and IT activities into Z, i.e. we bought the company but did not get any security systems, mobile phones, laptops, ERP or IT infrastructure.
We had always agreed to that so knew what we were getting (or not getting!) but that did mean we had quite a massive job to do in the days leading up to 1 June to successfully cutover all of CNZ’s business activities into Z’s IT infrastructure and systems.
By default you will know that this went very well because you haven’t read about it in the papers or seen it on TV. As you can imagine, if this hadn’t gone well then we may not have been able to safely and reliably deliver fuel to our customers, invoice them correctly, or pay all of what were CNZ’s suppliers, and so on.
So, it is incredibly satisfying to complete a cutover that involved hundreds of people, four countries, 23 suppliers, and 5,000 lines of tasks and 500 milestones in the project plan. I’m incredibly grateful to all of the Z and CNZ heritage employees, as well as the suppliers we worked with across four countries. This was our equivalent of putting a person on the moon, and safely returning them back to earth!
As much as we are excited by the addition of CNZ to Z, we are also very mindful of the responsibility that the merged company has – to our customers, suppliers and other stakeholders. We are now a much bigger company but you should still expect Z to demonstrate its values in the work we do together. While our scope and scale have changed, what fundamentally matters to us has not and you should hold myself and all of Z accountable for that.
In the meanwhile, keep safe and healthy.
Mike Bennetts, CEO