Governance report
Ethical and responsible behaviour Directors and employees are expected to act legally, ethically, responsibly and with integrity in a manner consistent with Vector’s policies, procedures and values. The Code of Conduct and Ethics covers a wide range of areas and provides guidance regarding personal integrity, business integrity, customers and society, people, and assets and information, and outlines the responsibilities of Vector’s people and explains the standards of conduct and ethics. The procedure for advising the company of a suspected breach is set out in the Whistleblower Policy. People at Vector have a range of options to speak up if they notice something that’s not right, including raising a concern with a relevant manager. These options include in person, by phone, email, post and online form and all options can be done anonymously. A comprehensive set of policies has been put in place to assist directors, staff and contractors to act and make decisions in an ethical and responsible manner. The Board has implemented formal procedures to handle trading in Vector’s securities by directors and employees of Vector in the Securities Trading Policy, with approval from the Company Secretary (on behalf of the company) being required before trading can occur. The fundamental rule in the policy is that trading with insider information is prohibited at all times. The requirements of the policy are separate from, and in addition to, the legal prohibitions on insider trading in New Zealand. The policy provides that shares may not be traded at any time by any individual holding “material information” (as defined in the NZX Rules). A blackout period is imposed for all directors, senior officers and certain other people between the day before the end of the half year and full year balance dates and the day after the release to NZX of the result for that period.
Diversity and inclusion The Board’s commitment to creating and maintaining both a diverse workforce and an inclusive workplace for all employees is reflected in its Diversity and Inclusion Policy. A Diversity and Inclusion Council, made up of senior management representatives, provides governance over the implementation of the Policy. Vector has also recently appointed a dedicated resource to drive the Diversity and Inclusion and Wellbeing programme of work. The Board is satisfied with the initiatives being implemented by the Vector group and its performance enabling people to bring their whole and best selves to work, so that Vector can benefit from their thinking, skills and experience; – recruiting people based on merit from a diverse pool of talented candidates that represents the diversity of Vector’s stakeholders, communities and markets; – supporting under-represented groups to find employment opportunities with Vector (initially focused on women, Māori and Pasifika); – normalising flexible employment models to remove barriers to people entering or remaining in our workforce; with respect to the Diversity and Inclusion Policy. Vector is committed to: – finding, encouraging and – continuing to provide support and education to employees and managers to promote mental health awareness and wellbeing; – ensuring that people, culture inclusive, and accommodate the diversity and inclusion needs of all Vector people; – providing an accessible working environment which supports people with physical and neurological disabilities; – developing inclusive behaviour as a core responsibility and capability for all, and especially for our leaders; and management policies, processes and systems are
– demonstrating zero tolerance for discriminating language or behaviour; – delivering equity for workers in terms of career opportunities, remuneration and reward. Vector is committed to equitable pay and this doesn’t start and finish with gender; it also includes age and ethnicity in the scope of annual pay equity reviews. Vector makes adjustments when needed to ensure equity across like-for-like roles. This has become part of business as usual at Vector and the company regularly monitors and adjusts salaries across all three categories (gender, age, ethnicity) if any gaps are identified. Vector reports its gender pay gap through the Mind the Gap programme. This programme defines a gender pay gap as the difference between the median hourly earnings of women and men in full- and part- time work. For Vector, the context behind its pay gap figure is that more senior and managerial roles are currently held by men; and that higher salaries are sometimes commanded for a specific skillset or talent shortages in some areas that are dominated by men. Vector’s reported pay gap is a result of these factors. Its overall diversity and inclusion programme is focused on improving the gender balance across all tiers of Vector with a continued focus on merit-based recruitment and promotion. “Diversity” refers to the characteristics that make us similar to, or different from, one ethnicity, national origin, disability, age, sexual orientation, physical capability, political opinion, family responsibilities, marital status, education, employment status, cultural background and more. Diversity also encompasses a broad spread of experience, culture perspective and lifestyle of those who live in New Zealand, Australia and other countries where Vector does business or has strategic partners. “Inclusion” at Vector is the deliberate act of welcoming diversity and creating an environment that is another. At Vector, diversity encompasses gender, race,
Gender statistics Vector’s gender statistics are as follows:
As at 30 June 2023
As at 30 June 2022
Gender diverse
Gender diverse
Position
Female
Male
Female
Male
Directors
2 (25.0%) 1 (12.5%)
6 (75.0%) 7 (87.5%)
– –
2 (28.6%) 1 (12.5%)
5 (71.4%) 7 (87.5%)
– – – –
Executive team
Direct reports to the executive team 15 (32.6%)
31 (67.4%) 886 (65.1%)
– 15 (30.0%) – 466 (36.4%)
35 (70.0%) 816 (63.7%)
Across the Vector group
475 (34.9%)
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