Reporting Policy

In this integrated annual report 2023, Stedin renders account for its financial and non-financial performance and the value that it creates for stakeholders in the short and long term. Stedin issues half-year and annual reports for each calendar year. This annual report of Stedin relates to the period of 1 January 2023 to 31 December 2023.

The financial information of Stedin Holding N.V. for the full year 2023 and comparative figures for 2022 are presented and accounted for in the financial statements. The accounting policies are set out in the financial statements.   

In the Report of the Board of Management, figures for 2023 and comparative figures - where available - are presented and Stedin renders itself accountable in this respect to its broad group of stakeholders. The reporting principles and process relating to the Report of the Board of Management as well as information on external assurance in the case of non-financial information are set out below. 

Reporting principles for the Report of the Board of Management

The Report of Stedin’s Board of Management has been prepared in accordance with the provisions of Part 9 of Book 2 of the Dutch Civil Code. 

The Global Reporting Initiative (GRI) Standards are applicable to our non-financial performance, at comprehensive level. The GRI standards used are set out in the GRI index. Stedin also complies with the Non-Financial Reporting Directive (NFRD) and thus reports in accordance with the Disclosure of Non-Financial Information Decree and the requirements under the EU Taxonomy.

The Corporate Sustainability Reporting Directive (CSRD) requires companies to report on the impact of business activities on the environment and society, and vice versa, on the basis of the binding European Sustainability Reporting Standards (ESRS). Stedin, as a public interest company, must comply with the CSRD as of the annual report for the 2024 financial year. Stedin took steps in 2023 to prepare for this obligation, including adapting our governance and reporting organisation, carrying out a double materiality assessment and seeking assurance for our non-financial figures from our external auditor. We learnt a lot from this, including that the data collection, processing and management process still needs a lot of attention and awareness to take it to a high maturity level. The definitions and calculation methods used in 2023 are set out in the connectivity table. These definitions and units may change in 2024 as a result of the further steps we still need to take.

In its value creation model, Stedin presents both its long-term impact on its material topics and its impact on the Sustainable Development Goals (SGDs) of the United Nations.

Stedin uses an Impact Model to show its positive and negative impact on society and the living environment. The Impact Model is based on the International Integrated Reporting Council’s (IIRC) ‘six capitals model’. Impact is quantified by estimating, in monetary terms (euros), the sum of individual effects on welfare and well-being. Stedin uses ‘welfare’ as a broad term that includes the most relevant identified effects on welfare. The methods for calculating impact are based on techniques commonly used in scientific or social practice. These methods are set out in the Guide to Measuring Impact for Infrastructure Companies (Handboek Impactmeting Infrabedrijven).

The Stedin subsidiaries are consolidated in the non-financial information, unless indicated otherwise. Discontinued operations are included for the period in which they were part of the group.

Finally, Stedin applies the Corporate Governance Code on a voluntary basis with any deviations explained in this annual report.

Reporting process 

The Board of Management is ultimately responsible for the integrated annual report. The strategy, including strategic material topics arising from the double materiality assessment, the strategic risks and opportunities and the key performance indicators (KPIs) form the starting point in determining the content of the annual report. The Board of Management has delegated its preparation to a steering group. A project leader is responsible for the composition of the report. Responsibility for the content lies with various business units. The financial and non-financial strategic KPIs are an integral part of the planning and control cycle. The results are discussed in the regular business reviews. 

Specifically for the non-financial figures that fall within the scope of the assurance report, non-financial control (part of Finance) in close cooperation with the organisational units and business control is carried out to verify the supporting information and compile the files for verification by the external auditor. The external auditor reviews these files and provides assurance as described in its report.

External assurance of non-financial information

Stedin wants its non-financial information to be relevant, clear, complete, objective, measurable and explainable. This year, we sought assurance for the non-financial figures that we use to shed light on 2023 from our external auditor.