Trustpower is reviewing its processes to ensure it has the appropriate checks and balances to make sure the company's conduct and culture is as strong as the board thinks it is.
Chair Paul Ridley-Smith told shareholders at today's annual meeting in Mt Maunganui that ANZ Bank New Zealand's recent issues, where disputed expense claims by former chief executive David Hisco led to his early exit, is a reminder that the board and management's role is to spend and invest shareholders money as best they can.
Conduct and culture go beyond simply monitoring expenses, encompassing the company's social licence, that it operates within the law, honours contracts, and treats customers and staff fairly, he said.
"I have every confidence that Trustpower deserves your full trust. Vince and his senior team work hard on creating a positive culture at Trustpower and that is the surest way to avoid adverse conduct issues," Ridley-Smith said, referring to chief executive Vince Hawksworth.
"But it's also important to have appropriate checks, balances and policies and we're reviewing these to make sure that we're doing as well as we can."