Corporate responsibility policy 13 06 2014

Corporate Responsibility Policy 1.0

Purpose

In conducting our business, we are guided by principles promoting ethical and responsible decision-making. Mighty River Power’s Corporate Responsibility Policy reflects core values that are integral to our business and a vital foundation for our commercial sustainability and future growth.

Mighty River Power recognises that our operational and financial results, and success in creating long-term value for our shareholders, depend on maintaining confidence in: how the Company acts and conducts its business; our approach to harnessing natural resources and meeting environmental standards; our health and safety culture and practices; the service we provide for our customers; the employment experience we offer our people; the relationships we have with our business partners and the communities within which we operate; and broader measures of economic, environmental and social performance.

Our approach to corporate responsibility acknowledges the complex inter-relationships between economic performance, community expectations and changing social and environmental aspirations. Mighty River Power’s commitment begins with compliance with laws, regulations and consents, and acting in accordance with the general expectations of our stakeholders. This commitment extends to looking forward, to anticipate changing commercial circumstances and shifts in society’s views and expectations.

The Human Resources Committee is responsible to the Board for administering this policy to ensure the Company adopts and implements the Corporate Responsibility Principles, including by building awareness among its employees and supporting appropriate decision-making processes in the business.

The Principles, along with supporting policies are actively promoted throughout the business, embedded in communications and reinforced by the Chief Executive and management – both directly with the Company’s employees, and through commercial partnerships, business and stakeholder relationships.

Mighty River Power will report to shareholders and other stakeholders, through the Company’s Interim and Annual Reports, significant initiatives during the period.

3.0

Corporate Responsibility Principles

As an integral part of our focus on delivering sustainable growth and returns for our shareholders, Mighty River Power makes the following commitments to Corporate Responsibility: 3.1

Being Responsible –

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We believe that the consistent application of these principles will help us meet our sustainable growth objectives – benefiting our shareholders, lenders, customers, employees, business partners and the communities in which we operate.

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The Corporate Responsibility Principles of this policy are supported further by Company policies including: – – – – – – – –

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Board and Nominations Committee Charters Human Resources Committee Charter Stakeholder Communication Policy Market Disclosure Policy Trading in Company Securities Policy Code of Ethics Health & Safety Policy Remuneration Policy

3.2

Sustainable Development –

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Governance and Responsibilities

The Company’s Board and individual directors are required to achieve the highest standards of corporate governance, acting at all times ethically and in line with Mighty River Power’s values– which promote the TEAM philosophy: Trusted, Enduring, Authentic, Motivated.

MIGHTY RIVER POWER CORPORATE RESPONSIBILITY POLICY APPROVED BY BOARD 8 MAY 2014

3.3

We will operate our business in accordance with best practice and endeavour as a minimum to act at all times in compliance with laws, regulations, consents and contractual obligations.

We assess the implications of our business decisions for our stakeholders and aim to balance social, environmental and economic impacts accordingly.

We are honest, keep our promises and demonstrate our commitment to the Company’s values in all that we say and do.

We will harness natural resources in a sustainable and efficient manner to deliver growth and maximise value for our shareholders and business partners over the long-term.

We will secure and develop reliable, economic, renewable fuel sources to support New Zealand's sustainable energy future.

We understand the vital role electricity plays in our society and are diversifying and expanding our generation portfolio where this is supported by demand.

Respecting the Environment –

We are committed to understanding, managing and mitigating the environmental impacts of our activities.

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3.4

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We will aim to provide consistently high levels of customer experience.

We value our relationship with customers and seek to continually improve our service experience for customers.

As a provider of an essential service, we will as a minimum meet applicable industry standards around consumer safety and well-being.

Procurement / Supply Chain Engagement – –

4.0

We manage the sourcing and awarding of contracts in a commercial, sustainable and non-discriminatory manner and treat suppliers fairly and with integrity.

We recognise that in doing work on the Company’s behalf, our suppliers and business partners are an extension of our business and therefore must be expected to adhere to acceptable social, environmental and business performance standards – and operate in alignment with Mighty River Power’s corporate responsibility principles.

Policy review

The Board will review this policy annually.

Community and Stakeholders –

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3.6

3.7

Customer Experience –

3.5

We implement recognised environmental management systems in our business operations and office sites.

We use resources responsibly in our day-to-day business operations, and aim to improve our environmental performance.

We recognise that good relations and long-term commercial partnerships with stakeholders and business partners are fundamental to our sustained success.

Wherever we operate, we seek to develop enduring relationships with the communities we operate in based on trust, respect and understanding.

We recognise that Maori are important stakeholders and partners who may have culturally different views from the Company’s. We respect those views and take them into account in our decisionmaking.

We participate in public policy development and relevant forums and consultations on key industry issues – respecting the interests and views of others.

We maintain dialogue with regulators, consumer and industry organisations to inform our decisionmaking.

Employment Experience – –

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We work to attract and retain people with the right knowledge, skills and attitude to contribute to a high-performance culture.

We provide all employees with opportunities to enhance their skills and capabilities, enabling them to develop fulfilling careers and to maximise their contribution to our business.

We value workforce diversity and treat our employees with respect and consideration, maintaining a work environment free from any form of discrimination or harassment.

We are committed to excellence in the management of our work environment and the provision of health and safety systems for all employees, contractors and visitors.

MIGHTY RIVER POWER CORPORATE RESPONSIBILITY POLICY APPROVED BY BOARD 8 MAY 2014

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