New Zealand Post is a company with over 170 years of history. Since 1987, it has operated as a State Owned Enterprise (SOE) with the NZ Government as the 100% shareholder.
Long standing history
The history of New Zealand Post dates from 1840 with the establishment of the first Post office in the Bay of Islands.
By 1984, New Zealand Post Office was a monopoly Government provider of telecommunications and postal services, and also provided a Post Office Savings Bank service, but had suffered from under-investment. The postal side was losing $20m a year and forecasts were that this would increase in the future.
In 1986, the SOE Act led to the creation of New Zealand Post Limited, Telecom Corporation of New Zealand and PostBank Limited on 1 April 1987. Telecom and PostBank were later privatised but we remain 100% NZ Government owned.
Competing in deregulated markets
In 1989, a Deed of Understanding between New Zealand Post and the Government was first established, setting out certain social, price and service undertakings to be met by New Zealand Post. The Deed of Understanding was most recently reviewed in 2013 and now requires New Zealand Post to provide a basic postal delivery service offering 3 day per week delivery to the majority of delivery points and 5 day per week delivery to the majority of rural delivery points. It also includes undertakings in relation to the size of New Zealand Post’s network of service points.
Over the years, New Zealand Post has faced several major strategic challenges. In response to each of these we've focused on doing what we do better and more efficiently. However in the 2020s, we know we will have to adapt more rapidly in order to successfully meet the expectations of our customers.
Where we're going
The way New Zealanders use and access services is changing.
At New Zealand Post we’re changing too to better meet our customers’ needs. That means giving our customers more choice about where, when and how they do business with us and delivering different things in different ways. It also means simplifying how we work and lowering our costs.
We are committed to growing our mail and logistical and financial services business and maintaining our place as a leader in what we do.
The Board of the New Zealand Post Group currently comprises of six non-executive Directors. The two Shareholding Ministers – the Minister of Finance and the Minister of State Owned Enterprises, on behalf of the Crown, appoint the Directors considering the balance of competencies and experience on the Board and through consultation with the Chair, Rodger Finlay.
The Board is responsible to the shareholding Ministers for directing and monitoring the management and affairs of the New Zealand Post Group. Under the State Owned Enterprises Act 1986, New Zealand Post is required to operate as a successful business and specifically to achieve the following objectives:
to operate an efficient, effective and profitable business and provide to the owners a commercial return on the capital employed;
to be a good employer; and
to exhibit a sense of social responsibility by having regard to the interests of the community in which it operates and by endeavouring to accommodate or encourage these when able to do so.
The Board establishes objectives and sets strategies to achieve those objectives and monitors management’s performance against these. The Board has delegated the day-to-day management to the Chief Executive, David Walsh.
The Chief Executive, David Walsh, has appointed a senior management team to lead the organisation. This Executive Leadership Team, represents all parts of the organisation and bring to the team a wide range of experience - both internal and external to the Group. They meet together regularly to manage the execution of strategy set by the Board.
“Despite the ongoing impact of COVID-19, these strong earnings are a result of both continued growth in our parcel business and our share of an excellent Kiwi Group Holdings performance,” says NZ Post Chief Executive David Walsh.
“This volume growth, and the increasing trend of New Zealanders shopping online, shows that NZ Post has a successful and exciting future. NZ Post’s previously announced investment in our network will help set us to be more efficient and continue to meet our customers' needs and help New Zealand businesses grow,” NZ Post Chief Executive David Walsh says.
NZ Post has announced a net profit after tax of $6 million following a financial year of “two halves”, with a strong operational performance in the first part of the 2019/2020 financial year, before the COVID-19 response and resulting lockdowns materially affected revenue streams.
NZ Post has this morning announced a $35 million increase in revenue due to a strong operational performance for the 2018/19 financial year and a record-breaking 12 months for its parcel delivery business, balanced against a writedown on mail assets.
View the annual and half year reports from the year 2016 and the latest investor presentations and financial updates.
Our financial year ends 30 June. All New Zealand Post Group annual reports are tabled in Parliament. The New Zealand Post Group also publishes a Half Year report covering the first six months of the financial year.