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The Mighty River Power IPO was the first of the government’s promised ‘mixed-ownership-model’ asset sales in the energy sector. The Annual Reporting to a very large number of people new to the sharemarket required clear, accessible and transparent reporting.
Mighty River Power’s annual reports need to consider the unsophisticated nature of their 110,000 new investors - new to the market, unfamiliar with corporate language, and generally unaware of the reality of Mighty River Power's business. We suggested that given the readability of traditional annual reports was low, the interest of shareholders - and Mighty River Power – would be better served by taking a portfolio approach. We suggested that the document be split into two: a short, engaging shareholder review to be sent to all shareholders - opt-in or not - with a lower-quality annual report for more financially sophisticated audiences. We supplemented that with an online microsite version of the review, an email newsletter programme to 'push' information to shareholders (to overcome the inertia of shareholders not making the effort to search for the report online), and a fact book for analysts.
The shareholder review was the core storytelling and corporate profiling document, designed for high impact and cut-through, utilising meaningful imagery and easily understood diagrams and infographics, and written in layman's language. This portfolio of integrated online and offline components was designed to meet the requirements of a carefully considered audience matrix, allow for regular communication to reinforce the Investor Brand through the year, and build a relationship with shareholders to enable other opportunities. Mighty River Power are now using this established communication platform to launch customer offers, with the aim of cross-selling energy products to those invested in them.