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Assurance Statement from Deloitte

INDEPENDENT ASSURANCE REPORT TO THE DIRECTORS OF GENESIS POWER LIMITED

 We have been engaged by the Directors to conduct a limited assurance engagement over selected aspects of the Genesis Power Limited’s Annual Report for the financial year ending 30 June 2011 as described below together (the “GRI Content”):

  • Global Reporting Initiative Sustainability Reporting Guidelines (GRI G3.1) Reporting Principles – providing limited assurance whether management’s assertion that the GRI G3.1 Reporting Principles have been applied in defining the report content is fairly stated;
  • GRI G3.1 Application Level – providing limited assurance as to whether management’s assertion that the GRI Content meets the GRI G3.1 application level B+ requirements is fairly stated;
  • GRI G3.1 Profile Disclosures and Selected Indicators - providing limited assurance as to whether information reported under the requirements of GRI Profile Disclosures and Selected Indicator Protocols is fairly stated.

This report is limited solely to the GRI content as described above and is provided solely to the Directors of Genesis Power Limited (the “Directors”) in accordance with our letter of engagement dated 13 June 2011.   Our work has been undertaken so that we might state to the Directors those matters we are required to state to them in this report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume duty, responsibility or liability to anyone other than the Directors for our work, for this independent assurance report, or for the conclusions we have formed including, without limitation, liability for negligence.

Directors’ Responsibility

The Directors are responsible for:

  • The preparation and compilation of the GRI Content, including adherence to the GRI G3.1 principles for defining report content and compliance with the disclosure requirements of the GRI G3.1;
  • The identification of stakeholders and material issues and for determining the objectives in respect of sustainability performance;
  • Establishing and maintaining appropriate performance management and internal control systems from which the reported information is derived; and
  • The fair presentation of the information and statements contained within the GRI Content.

Auditor’s Responsibility

It is our responsibility to independently express an opinion on the reliability of management’s assertions on selected subject matters as outlined above.

We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (New Zealand) 3000: Assurance Engagements Other than Audits or Reviews of Historical Financial Information (‘ISAE (NZ) 3000’).  To achieve limited assurance the ISAE (NZ) 3000 requires that we review the processes, systems and competencies used to compile the information on which we provide limited assurance.  It does not include detailed testing of source data or the operating effectiveness of processes and internal controls.  A limited assurance engagement is substantially less in scope than a reasonable assurance engagement conducted in accordance with ISAE(NZ) 3000 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement.  Accordingly, we will not express an opinion providing reasonable assurance.

Considering the risk of material error, we planned and performed the work to obtain all the information and explanations considered necessary to provide sufficient evidence to support our assurance conclusions.

The evaluation criteria used for our assurance are based on:

  • the GRI G3.1 Sustainability Reporting Guidelines for Level B+ application
  • relevant reporting guidelines and methodologies for selected GRI G3.1 Indicator Protocols as set out in the GRI Content.

Our procedures included:

  • Understanding and analysing the process for  preparing the GRI Content;
  • Assessing the GRI Content against the requirements GRI G3.1 ‘B+’ application level;
  • Interviewing the senior executives and group level business sustainability and public affairs teams responsible for preparing the GRI Content ;
  • Analysing the process of compiling and validating information received from data owners for inclusion in the GRI Content; and
  • Reviewing the GRI Content against the findings of our work and, as necessary, providing recommendations for improvement.

Other than in our capacity as auditors of the statutory financial statements on behalf of the Auditor-General, we have no relationship with or interests in the Company or any of its subsidiaries.  Furthermore, principals and employees of our firm deal with the Company on arm’s-length terms within the ordinary course of the Company’s trading activities.  Other than this limited assurance engagement, the financial statutory audit and arm’s-length transactions, we have no relationship with or interests in the Company, or any of its subsidiaries.

Opinion

Based on the procedures performed, in all material respects, in relation to the GRI Content:

  • GRI G3.1 Reporting Principles – nothing has come to our attention to suggest that Genesis Power Limited’s self declaration of the application of the GRI G3.1 Reporting Principles for defining report content  is not fairly stated;
  • GRI G3.1 Application Level– nothing has come to our attention to suggest that Genesis Power Limited’s self declaration of GRI application level B+ is not fairly stated ;
  • GRI G3.1 Profile Disclosures and Selected Indicators - nothing has come to our attention to suggest that the information provided in the GRI Content to meet the requirements of the GRI Profile Disclosures and the GRI Indicator Protocols identified is not fairly stated.

 

Chartered Accountants

7 October 2011
Auckland, New Zealand


*A signed version of the Assurer’s Report is located in the pdf of the Annual Report

 

This Assurance Statement relates to the Global Reporting Initiative G3 (GRI G3) content within the Annual Report 2011 of Genesis Power Limited for the 12 months ended 30 June 2011 included on Genesis Power Limited’s website. Genesis Power Limited is responsible for the maintenance and integrity of the Genesis Power Limited website. We have not been engaged to report on the integrity of the Genesis Power Limited website. We accept no responsibility for any changes that may have occurred to the Annual Report 2011 since it was initially presented on the website. The Assurance Statement refers only to the Global Reporting Initiatives G3 (GRI G3) content within the Annual Report named above. It does not provide an opinion on any other information which may have been hyperlinked to/from this Annual Report. If readers of this report are concerned with the inherent risks arising from electronic data communications they should refer to the published pdf copy of the reviewed Annual Report and related Assurance Statement dated 7 October 2011 to confirm the information included in the Annual Report presented on this website. Legislation in New Zealand governing the preparation and dissemination of Annual Reports that report on sustainability performance may differ from legislation in other jurisdictions.

Key Themes

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