Sky Announces Full Year Results

Sky New Zealand
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand

T. +64 9 579 9999

sky.co.nz



24 August 2023


Sky delivers solid result while investing in future growth

Sky Network Television Limited (Sky) delivered a solid result for the 2023 financial year,
characterised by customer and revenue growth and a continuing strong focus on costs and margin
improvement while investing for the future.
Revenue, EBITDA
1
and net profit after tax (adjusted for one-off items
2
) were all delivered in line with
the guidance ranges provided, with capex slightly above as Sky invests in the new Sky Box and Sky
Pod.
Key points of today’s announcement:
• Customer relationships rose above 1 million to 1,015,125 (+2.5%).
• Revenue grew by 2.4% to $754.1m, driven by growth in customers and increased average
revenue per user (ARPU) across Sky Box, Streaming, Commercial and Broadband products.
• Strategically important rights were secured.
• The expected lift in programming costs was contained to a reported net increase of $21.3m and
with continued strong focus across all cost lines.
• Adjusted for one-off items, NPAT was up by +15.2%.
• A final dividend of 9 cents, with a total dividend of 15 cents or 89% of adjusted free cash flow.

Commenting on the results, Chief Executive Sophie Moloney said: “I am pleased to be sharing a solid
set of results with you, following a year of significant transformation and the delivery of major
initiatives at Sky. They demonstrate that we are continuing to deliver today while also investing in
the areas that will see us benefit in future years. We have invested in new products and the content
that customers value, and our organisational changes and outsourcing to specialist partners are
transforming the way we operate.”

“The launch of our new Sky experience was a key milestone, and after only three months of
promotion we have around 35,000 new Sky Boxes and 13,000 Sky Pods in use in customer homes.
This is pleasing progress, as is the positive feedback we have received from many customers
enjoying the new experience. That said, we acknowledge that there were early teething problems
with the rollout for some customers, and we have confidence that these are being rapidly addressed
by the team. The benefits of the new Sky Box, particularly the enhanced content discovery and easy
user interface, far outweigh these early issues, and we are accelerating the rollout of the new Sky
experience in FY24 so that more customers – both existing and new – can take advantage of them.”


1
EBITDA is a non-GAAP measure. Sky uses this measure when discussing financial performance as the Company believes it
provides useful information on Sky’s performance.
2
FY23 Revenue, EBITDA and NPAT adjusted for the impact of Organisational changes announced 29 March 2023 and the sale of
RugbyPass completed 10 October 2022 as these items were excluded from FY23 guidance. FY22 EBITDA and NPAT adjustments
largely relate to the gain on sale of the Mt Wellington properties and a provision release for Holidays Act compliance.

“Our business has remained resilient against a backdrop of inflation and high interest rates
impacting on household budgets, thanks to our strategy of meeting New Zealanders where they are,
in ways that work for them. Our unrivalled content offer, our multi-platform approach across
satellite, streaming and free-to-access (including the launch of our new free-to-air channel Sky
Open), and our 100% coverage across the country, continues to be a key competitive advantage.”

Customers
Sky’s customer relationships grew by 2.5%, led once again by strong gains in Streaming, with Sky
Sport Now up 37% to 150,000 customers and Neon up 8% to 318,000. The Sky Box customer base
continued to stabilise, despite the delay in new product delivery, with losses slowed to 2.7%. Over
18,000 Vodafone TV customers migrated to their chosen Sky Product during the second half, with
17,000 choosing the full Sky experience via the Sky Box or Sky Pod and over 1,500 streaming
subscriptions added. Broadband customers closed at 26,000, up 45% and with an attachment rate
to Sky Box of 5%, while Commercial customer numbers were stable at over 6,500.
Content
Sky secured a number of strategically important and disciplined rights wins during the period,
including a new rights agreement for Formula 1 and a long-term partnership with World Rugby, and
the recently-announced renewal with Warner Bros. Discovery that was achieved on more favourable
commercial terms.
Sophie commented: “Our rich data capability means we are building deeper insights into what our
customers value, which in turn informs our investment decisions. These insights were invaluable in
securing key targeted rights in FY23 and are already delivering against the customer acquisition and
retention objectives we set. It also means we have a robust understanding of what we don’t need to
hold or where exclusivity is not required, giving us confidence about where we are prioritising our
investment.”
Financial
Revenue growth of 2.4% to $754.1 million was driven by strong increases in Streaming and
Broadband, continued stabilisation of Sky Box and positive uplift in Commercial and Advertising
revenues.
Streaming revenue growth of 10.6% to $103.2 million included an impressive 50% increase for Sky
Sport Now and a very healthy 19% increase for Neon. It was also achieved despite a net $6.1 million
impact from extending the availability of the VTV platform until 31 March 2023, masking like for like
growth of 16%. Continued improvement in Sky Box saw a net revenue decline of 0.8% - a significant
improvement from the 3.4% decline in FY22. Broadband revenue grew 123% and achieved a
positive contribution in FY23, whilst Commercial revenue returned to pre-Covid levels, up 13%.
Advertising delivered pleasing growth of 9% against market decline of 5%, an encouraging sign as we
begin to lean into this opportunity.
Carefully considered pricing increases were made during the period, reflecting the increased value of
content delivered and contributing to higher average revenue per user across Sky’s products.
Operating costs were held to an increase of $15 million as cost management initiatives totalling $33
million (including $13 million of programming savings) largely offset expected cost increases.

The expected step up in programming costs largely stemmed from previously-announced content
wins and renewals, including the NRL which was secured in 2021 but came into effect from 1 January
2023, and new rights for Premier League and Formula 1. It also reflected increased production costs
following the return of home games for New Zealand teams post Covid, including the Warriors,
Phoenix and Breakers.

Increased spending associated with the cost of growth in Sky Broadband and Streaming products
was $13 million, which in turn delivered a revenue and margin benefit. And one-off costs of the
organisational change announced in March 2023 are expected to deliver an additional $6 million of
annualised savings from FY24.

Capex of $77.4 million was slightly above the guidance range and with growth-focused capex at 61%
of the total, as Sky invested in Sky Box and Sky Pod inventory in readiness for delivery to customers.

Underlying EBITDA adjusted for one-offs grew by 1.8% to $156.4 million, and above the midpoint of
guidance. NPAT, while down at a reported level, grew by 15.2% to $56.7 million when adjusted on
the same basis.
Capital Management and dividends
Chairman Philip Bowman said: “Sky’s Board has continued to adopt a disciplined capital
management strategy that places a high value on returning surplus capital: including the $70 million
return completed in November 2022, the initiation of a share buy back of up to $15 million in March
2023, and delivering appropriate returns to shareholders by way of ongoing dividends.”
“The Board has declared a final FY23 dividend of 9 cents that, when added to the 6 cent interim
dividend paid in March 2023, brings the total dividend for FY23 to 15 cents per share, representing a
payout of 89% of free cash flow adjusted for one-off items.”
Outlook and Guidance
Sophie added: “While we remain conscious of economic pressure on households, Sky is expecting
continued growth in customers and revenues – including through new revenue streams - and will
maintain the strong focus on costs.”
“The 2024 financial year will see a strong focus on the three priority areas of: Employee
engagement, new revenue streams (including the opportunity in advertising), and bringing the new
Sky experience to more New Zealanders.”
In this regard, FY24 will see Sky accelerate its investment in the rollout of the new Sky experience to
customer homes, supported by a strong investment case that includes the increased ability to
demonstrate value in a customer’s subscription through superior content discovery, and a
significantly lower cost to serve. This will lead to a steeper but shorter period of elevated capex over
FY24 and FY25 before returning to the long run target range in FY26.
Sky has released guidance for FY24 including Revenue of $765 to $795 million, EBITDA of $150 to
$165 million, NPAT of $45 to $55 million, and Capex of $75 to $90 million
3
.


3
Excludes one-off satellite mitigation capex. Sky issued a separate announcement on 24 August 2023 regarding a variation to the Optus
agreement that provides Sky with security of supply over satellite capacity through to the end of the current term in November 2031.

In determining the approach for FY24 dividend guidance the Board has confirmed its intention to
exclude one-off capital expenditure associated with satellite mitigation and the accelerated portion
of investment in the new Sky Box and Sky Pod rollout when determining adjusted free cash flow
available for FY24 dividends (in accordance with Sky’s policy to pay out between 60% to 90% of free
cash flow, excluding one-offs). On this basis, Sky has provided FY24 dividend guidance of at least 15
cents per share.
“This approach reflects the Board’s confidence in future cash flow generation and the strength of
Sky’s balance sheet which has the capacity to fund both significant capital investment as well as
maintain dividends to shareholders.”
Sophie said: “While there are clear economic headwinds in the current financial year, we are looking
with confidence to FY24 and beyond, and positioning the business to capture the opportunities that
are firmly within our sights. We are determined to execute on our strategy, and have the team and
plan in place to deliver. With this in mind, we have updated and refined our three-year targets to
the end of FY26:
• Revenue growth (CAGR) of +3-4% p.a.
• EBITDA margin of 21-23%
• Programming as a percentage of revenue of 47-49%
• Capex returned to 7-9% of revenue
• Employee Engagement (NPS) +14pts
• Customer NPS +19pts
• Double the FY23 dividend.

ENDS
Authorised by Kirstin Jones, Company Secretary

Sky will hold a webcast briefing at 10:00am (NZT) to discuss the results. Details on how to participate
are available here: https://www.nzx.com/announcements/415420

Investor queries to: Media queries to:
Andrew Hirst Chris Major
Interim Chief Financial Officer Chief Corporate Affairs Officer
Andrew.Hirst@sky.co.nz Chris.Major@sky.co.nz

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer Sky Network Television Limited
Reporting Period 12 months to 30 June 2023
Previous Reporting Period 12 months to 30 June 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$754,100 2.4% increase
Total Revenue $754,100 2.4% increase
Net profit/(loss) from
continuing operations
$50,754 18.3% decrease
Total net profit/(loss) $51,013 18.0% decrease
Final Dividend
Amount per Quoted Equity
Security
$0.09
Imputed amount per Quoted
Equity Security
$0.035
Record Date 8 September 2023
Dividend Payment Date 22 September 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$ 0.9038 $1.1124
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further explanation refer to the financial commentary and
audited financial statements attached.
Authority for this announcement
Name of person authorised
to make this announcement
Andrew Hirst
Contact person for this
announcement
Andrew Hirst
Contact phone number
+64 21 621 114
Contact email address Andrew.Hirst@sky.co.nz
Date of release through MAP 24/08/2023
Audi
ted financial statements accompany this announcement.

---

Distribution Notice

Updated as at June 2022



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Sky Network Television Limited
Financial product name/description Ordinary Shares
NZX ticker code SKT
ISIN (If unknown, check on NZX
website)
NZSKTE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 08/09/2023
Ex-Date (one business day before the
Record Date)
07/08/2023
Payment date (and allotment date for
DRP)
22/09/2023
Total monies associated with the
distribution
$12,946,725
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.12500000
Gross taxable amount $0.12500000
Total cash distribution $0.09000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.01588235
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.03500000
Resident Withholding Tax per
financial product
$0.00625000

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Andrew Hirst
Contact person for this
announcement
Andrew Hirst
Contact phone number +64 21 621 114
Contact email address Andrew.Hirst@sky.co.nz
Date of release through MAP

24/08/2023

---

ANNUAL REPORT 2023
Your way.
Anywhere,
anytime.

Sky is in the
hands of Kiwis
in ways that
work for them,
right across
the country.
Everywhere
you are

Sky / 2023 Annual Report
/ 1
Welcome to Sky’s
Annual Report
for 2023
Contents
FY23 at a glance 3
Chairman’s Letter 6
Chief Executive’s Letter 8
Delivering Sky 12
for all NZ

Our Customers 14
Sky Box, New Sky Box 15
and Sky Pod
Streaming 18
Our free-to-air offer 20
Sky Business 22
Sky Broadband 23
Sky Sales 25
Our Content 26
Our People 30
Sustainability at Sky 36

Board of Directors 42
Leadership Team 44
Corporate Governance 47
Statement
Company Information
63

Our 2023 Financials 71
Financial overview 72
Financial statements 79
Independent 122
Auditor’s report
Directory 127

© 2022 Paramount Pictures

© 2022 Paramount Pictures
2/

Sky / 2023 Annual Report
/3
Customer
TOTAL CUSTOMER RELATIONSHIPS
1,015,125
 2.5%
STREAMING CUSTOMERS
467,516
SKY BOX CUSTOMERS
514,982
FY23 at a glance
Financial
REVENUE – $M
754.1
 2% (ADJUSTED UP 2%)
NPAT – $M
51.0
 18% (ADJUSTED UP 15%)
RETURNED TO SHAREHOLDERS OR
UTILISED IN THE SHARE BUYBACK – $M
95.9
EBITDA – $M
148.5
 12% (ADJUSTED UP 2%)
DIVIDEND (CENTS PER SHARE)
15
 105%

4/
1M+
Customer relationships
Sky Box
Only box solution in market
Leading
Content aggregator for
customers and partners
#
1
In Sport across Box,
Streaming and free-to-air
Largest
High ARPU media
company customer base
Most
Global and local
partners across sport
and entertainment
Sky reaches over
1 in 3
New Zealanders each
month across our
multi-platform services
Only provider with
1 0 0 %
Coverage to all of
New Zealand
Market leader in paid
sport and entertainment
We connect New Zealanders
with the sport and entertainment
they love, in ways that work for
them, right across the country.
Our Services
Sky Box / Sky Pod
Streaming
BroadbandCommercial
Free-to-airAdvertising

/5
Sky / 2023 Annual Report

6/
Philip Bowman
Independent Chairman
Welcome to Sky’s
Annual Report for 2023.
The company achieved a solid operational and
financial performance this year. FY23 Revenue,
EBITDA and NPAT (adjusted for one-off items)
all delivered in-line with the guidance ranges
provided. Capex was slightly above guidance due
to additional investment in the new Sky Box and
Pod to position us for accelerated customer
roll out in FY24.
Under Sophie and her team’s leadership,
Sky continues to deliver on its strategy whilst
adapting to the ongoing change in our sector
and the challenges in our economy. In particular
we established critical new capabilities, secured
strategically important content rights, and
strengthened the customer offering that will
play out in the years ahead.
We remain ambitious for Sky and believe in the
company’s continuing ability to play a unique role
in New Zealand’s evolving media sector.
Our macro environment
It is pleasing to deliver on our targets in a
year when New Zealand’s economy dipped into
recession, with inflation and high interest rates
adversely impacting many household budgets.
The business has remained relatively resilient
against this backdrop, and I believe this reflects
the value of our always-on, everyday relationship
with our customers.
Rapid change and growing complexity continue
to shape the global media sector. Nowhere
is this more evident than in the international
subscription video on demand (SVOD) space,
as providers feel the pressure of needing to
generate meaningful financial returns in the face
of significantly increased costs, market saturation
and customer fragmentation. Subscription prices
continue to rise as studios strive to make their
streaming operations profitable.
Closer to home, the market was impacted by
uncertainty through the year with the proposed,
and subsequently abandoned, merger of TVNZ
and Radio New Zealand. In addition, New Zealand
saw a weakening advertising market, impacted in
part by a decline in government advertising as the
high spend on COVID-19 comes to an end.
Extreme weather events in the early part of
calendar 2023 also had a significant impact
on the economy, and sadly on a number of
our customers. These events also adversely
impacted our cost base.
Looking ahead
Sky remains uniquely positioned given our
ability to deliver an exceptional array of content
wherever and however customers may choose,
right across the country. As we continue to grow
our customer numbers and maintain a healthy
average revenue per customer, the value of our
role as a multi-platform curator of premium
content for New Zealand audiences is
increasingly evident.
Chairman’s
Letter

Sky / 2023 Annual Report
/7/ 7
Making it easier for customers to navigate the
amount of content available to them continues
to be a priority for us, and our new Sky Box
has delivered an important step forward in
addressing this. As Sophie sets out in her
shareholder letter, we intend to accelerate
the Sky Box rollout in FY24.
In an environment of constant change, we have
maintained a strong market position, continued
to be an attractive partner for our content and
advertising partners, and offer the biggest
bundle of sport and entertainment content in
New Zealand. We made progress in moderating,
and in some cases reducing, the cost of rights
renewals during the period, and going forward
see ongoing opportunities to continue this
welcome trend.
Capital Management
We have continued to adopt a disciplined capital
management strategy that places a high value
on returning surplus capital and delivering
appropriate returns to shareholders by way of
ongoing dividends. In FY23 this saw us deliver
a $70 million capital return, and declare a final
FY23 dividend of 9 cents that, when added to
the 6 cent interim dividend paid in March 2023,
brings the total dividend for FY23 to 15 cents
per share, representing a payout of 89% of
free cash flow adjusted for one-off items.
In providing dividend guidance for FY24 of at
least 15 cents per share, the Board has excluded
one-off capital expenditure needed for satellite
mitigation, as well as the accelerated portion of
the investment in the new Sky Box and Sky Pod
next year, when determining normalised free
cash flow for the purposes of assessing FY24
dividends under Sky’s current policy of distributing
between 60% and 90% of free cash flow. This
position reflects the Board’s confidence in future
cash flow generation and the strength of Sky’s
balance sheet which has the capacity to fund the
additional investment from cash reserves.
A $15 million on-market buy back was initiated in
March 2023, with 1,720,695 shares having been
purchased to date at a cost of approximately
$4.5 million, reducing the number of shares on
issue by some 1.2%. Up to a further $10.5 million
of shares can be acquired under the programme
before 31 March 2024.
Board matters
Your Board continues to work diligently and
effectively. As part of the Board refreshment
process, we have worked hard to create a Board
where all directors are fully independent and
where we have the relevant skills needed to
accelerate the transformation of Sky.
Belinda Rowe was appointed to the Board with
effect from 1 March 2023, augmenting the existing
skills on the Board. Belinda is an experienced
Director and her previous executive experience in
advertising, communications, and digital media
has been a welcome addition. Belinda will address
shareholders to seek support for her election at
the annual shareholder meeting in November.
I wish to thank all of my Board colleagues for their
ongoing strong commitment to challenge and
support Management in the pursuit of generating
value for shareholders.
I also wish to thank Sophie for her strong and
focused leadership through the year. Sophie and
her strengthened executive leadership team
have led the business through significant and
important change that has improved efficiency
and restructured technology delivery and customer
service that will underpin our future success.
Many challenges and opportunities remain but
the Board is confident that Management is well
focussed on addressing these.
Finally, my thanks to you, our investors, for
your continued support of Sky. I look forward
to providing further updates at our annual
shareholder meeting in November.
Philip Bowman
Independent Chairman
We have maintained a strong market position, continued
to be an attractive partner for our content and advertising
partners, and offer the biggest bundle of sport and
entertainment content on offer in New Zealand.

8/
Sophie Moloney
Chief Executive
Dear Shareholders,
As I write this letter, the FIFA Women’s
World Cup 2023™ is coming to a close here
in Aotearoa New Zealand, breaking football
viewership records on Sky, Sky Sport Now and
Prime and involving an innovative partnership
with news website Stuff. It is fantastic to see
the buzz this event has created and to see our
strategy coming to life in such a visible way.
We want to meet New Zealanders with our superb
sport and entertainment content wherever they
are – be it watching via the Sky Box, free-to-air,
streaming or through our partners. Our unrivalled
content offer, multi-platform approach and 100%
coverage across the country is what sets us apart.
The FIFA Women’s World Cup 2023™ is just
one example of how this approach is opening
up new audience opportunities for us and
our partners, and growing New Zealanders’
access to the content they love to watch. I
am excited about the work we have planned
in this space and look forward to sharing
more updates with you in the coming year.
Delivering on our strategy
FY23 was a busy year of transformation and
the delivery of key initiatives. We demonstrated
that we could continue to deliver today while
also investing in the areas that will see us
benefit in future years.
We worked hard to deliver great sport and
entertainment to our customers, who now
number over 1 million relationships.
We strengthened our position as New Zealand’s
leading content aggregator through strategic
rights renewals while maintaining a disciplined
approach to securing the key content that
resonates with our customers on commercial
terms reflective of our market.
Chief
Executive’s
Letter
FY23 was a busy year of transformation and the
delivery of key initiatives. We demonstrated that we
could continue to deliver today while also investing in
the areas that will see us benefit in future years.

Sky / 2023 Annual Report
/9 /9
The launch of our new Sky experience was a
key milestone, and after only three months of
promotion we have around 35,000 new Sky
Boxes and 13,000 Sky Pods in use in customer
homes. This is pleasing progress, as is the positive
feedback we have received from many customers
enjoying the new experience and improved content
discovery. That said, I acknowledge that there
have been early teething problems with the rollout
for some customers, and I am confident that
these are being rapidly addressed by the team.
What is highly valuable with the new platform is
that we can deliver enhancements and upgrades
with ongoing software updates, which enables
continuous improvements without customer
disruption. Rest assured, we will continue to
listen to customer feedback and make the
experience even better.
The benefits of the new Sky Box, particularly the
enhanced content discovery and easy user interface,
far outweigh the early issues, and we aim to
accelerate the rollout of the new Sky experience
in FY24 so that more customers – both existing
and new – can take advantage of them.
In addition to launching the new Sky Box, we also
welcomed former Vodafone TV customers to Sky,
with many choosing to take up our new Sky Pod
product which offers the Sky experience delivered
via the internet only.
Our streaming services continued to go from
strength to strength, with an impressive 37%
growth in customer numbers for Sky Sport Now,
and 8% growth for our entertainment service
Neon. We expanded our Neon subscriptions to
offer a new ‘basic’ tier for our cost-conscious
customers, and implemented an upgrade to our
Sky Sport Now platform with new features.
In our advertising business, I am pleased to report
some ‘green shoots’ of progress, with the team
bucking the trend and achieving 9% growth (on a
like for like basis) in a market that contracted 5%.
I have made no secret of my view that we should
be securing a greater share of the advertising pie
than we have previously done, and with excellent
new leadership and a highly motivated team we
are excited by the opportunities ahead.
It is testament to the work and relationships of
our Sky Business team that we have returned to
pre-COVID levels in terms of customer numbers
and revenue. Sky Business partners with over
6,500 commercial clients to bring our superb
content to customers in pubs, clubs, motels,
hotels, gyms, sports clubs and rest homes
across Aotearoa New Zealand.
And in Sky Broadband, alongside the good growth
in customers numbers to 26,000 nationwide, I am
particularly proud of the team for achieving the
“Most Satisfied Customer” award in the Canstar
Blue Broadband Category.
Behind the scenes, we have been transforming
the way we operate, including partnering with
external specialists to enable us to be more
effective and efficient.
Projects such as partnering with Pacificomm,
a specialist in warehousing, freight and logistics,
enable us to despatch Sky products to customers
more efficiently and to support our transition to
greater self-service to make our customers’ lives
easier. Our partnerships with Tata Consulting
Services (TCS) and Probe CX also have efficiency
and enhanced customer outcomes at the centre,
with the Probe partnership enabling a 40%
increase in staffing across specialist teams here
in New Zealand and in the Philippines. The positive
impact on call wait times alone has been extremely
impressive, enabling the team to now focus on
the qualitative aspects of that service into FY24.
Achieving strong results
We are mindful that we are operating in an
economic environment that is increasingly
tough for many New Zealanders, and we are
alive to the strains on household budgets. Our
business continues to demonstrate good signs
of resilience, reinforcing our strategy to deliver to
all New Zealanders in ways that work for them.
The launch of our free-to-air channel Sky Open
this week is an important part of that strategy
and demonstrates our confident approach to free-
to-air and free-to-access, to maximise our content
investments by opening up new revenue streams
and to meet New Zealanders where they are.
We were pleased to see growth in our customer
relationship numbers which rose by 2.5% to over
1 million, in our revenue which grew by 2.4% to hit
$754.1 million, and in the higher levels of ARPU
we’re seeing across all subscription products.
These results are even more striking when
you consider that the new Sky Box was only
delivered in April 2023, which impacted on
our acquisition and revenue targets, along
with the costs associated with extending
the Vodafone TV platform and migrating
customers to their chosen Sky product.
Continued over page...

10/
We achieved permanent savings across multiple
cost lines which helped to partly offset the
expected step-up in programming costs following
recent content rights wins. After removing
the impact of one-offs, this meant operating
expenses of $600.2 million were contained to
2.5% higher than the prior year.
After adjusting for one-offs (which included the
gain on sale of the Mt Wellington properties in
FY22 and costs associated with organisational
changes and sale of RugbyPass in FY23), the
underlying EBITDA of $156.4 million was 1.8%
higher than last year.
Similarly, after removing the impact of one-off
expenses, adjusted profit after tax of $56.7 million
was 15.2% higher than 2022.
Unrivalled content and a
disciplined approach
As the biggest aggregator of sport and
entertainment in New Zealand, the breadth
and depth of our content portfolio is unrivalled.
Two essential ingredients drive our competitive
advantage: securing and creating the programming
we know our customers want, and maximising the
value of that content across our variety of platforms.
A key area of progress through the year was further
strengthening our approach to rights renewals.
Our growing data capability means we are building
deeper insights into what our customers value,
which informs what we need to value. These
insights were crucial in our approach to securing
the rights to Formula 1, our partnership with World
Rugby and the renewal of our partnership with
Warner Bros. Discovery, the parent company of
several of our popular channels and HBO content.
With our new Sky Box and Sky Pod platform, we
are excited about the opportunity to engage in a
different way with our partners and customers,
given the ability for apps to be available alongside
our enriched Sky services.
We are clear that we do not want or need to
have everything available to us. We know what
customers value by what they watch and we
prioritise our investment based on this existing
and forecast viewership profile.
Formula 1 is a great example of this in action.
We know there is a new audience for this sport off
the back of the popular Netflix documentary series
Drive to Survive and we chose to secure the rights
with the available addressable market in mind,
on apposite commercial terms. We are seeing
great viewership of Formula 1 across our channels,
and are particularly pleased with the uplift for
our standalone streaming service Sky Sport Now.
Accessing capability and capacity
We implemented a significant programme of
organisational change this year to improve the way
we access the capability and capacity we need to
deliver on our longer-term strategic priorities.
We entered this with a focus on taking care
of our people and I am proud of the way we
worked together to achieve this, despite it
being a difficult process.
These changes are covered in detail in the
People section of this report. I am pleased
with the progress we have made since these
changes were implemented. Having strong
partners alongside us helps us to deliver key
business processes – including customer service –
in a simpler, faster and more efficient manner.
We also made some changes at the Executive
team level this year and welcomed Lauren
Quaintance to the new role of Chief Media and
Data Officer, and Jennifer Sepull to the role of
Chief Technology Officer. Lauren and Jennifer
bring vast experience to these roles, which are
critical areas of focus for our future strategy.
I am also grateful for the excellent support and
leadership of Andrew Hirst as our Interim Chief
Financial Officer as we continue our recruitment
for this vital role.
We want to meet New Zealanders with our superb
sport and entertainment content wherever they are –
be it watching via the Sky Box, free-to-air, streaming
or through our partners. Our unrivalled content offer,
multi-platform approach and 100% coverage across
the country is what sets us apart.

Sky / 2023 Annual Report
/11 /11
Making a difference in
Aotearoa New Zealand
Along with the financial and operational results
that we report to you today, I am proud of the
ongoing contribution that we make to our country
and community, as a New Zealand company with
deep roots and relationships throughout Aotearoa.
As we set out on pages 36–41, we recognise
the privilege we have in delivering the moments
that form part of our nation’s shared memories
and experiences. With that privilege comes
responsibility, and we’re committed to making
a positive contribution to our customers,
our partners, our communities, our crew,
our shareholders and to our environment.
Looking ahead to FY24
We have three key priority areas of
focus in the business in FY24:
1. Employee engagement
2. New Sky experience
3. New revenue streams
Our team is the key enabler to achieving our
goals. Employee engagement is always a focus
for us, but in FY24 we will be putting more energy
into lifting our leadership capability along with
engagement across the business.
The new Sky experience will see us accelerate
the rollout of the new Sky Box and Sky Pod.
The increased investment in these products
is supported by a strong business case that
includes an increased ability to display the value
of our content investments, with a much richer
user-interface and superior content curation
and navigation for customers, along with a
significantly lower cost to serve.
With this strategy in play, we expect to see a
steeper but shorter period of elevated capex
spending than previously anticipated.
At the same time, we will continue to build
out new revenue streams, particularly through
advertising. As noted, while we acknowledge
the advertising market dynamics we continue
to believe we have a significant opportunity in
this space, maximising the value of our content
while maintaining a premium environment for our
advertising clients and subscription customers.
Three Year Targets
Being cognisant of the significant investment
profile in FY24, we are excited to share our new set
of three-year targets (to the end FY26), in particular
the ambition to double our dividends in that period.
Targets
Revenue growth (CAGR)+3–4%
EBITDA margin21–23%
Programming costs
as a % of revenue
Between 47–49%
CapexReturns to 7–9%
of revenue
Customer NPSUp 19 points
Employee engagementUp 14 points
DividendDoubled by FY26
These targets demonstrate the confidence we
have as a management team, with the support
of the Board, concerning the future free cashflow
generation of this business as we keep executing
on our strategy.
As we close another busy year for our team,
where we have experienced all the highs and lows
of being a thriving media business in New Zealand,
I wish to thank Philip and the wider Board of
Directors, and my executive team colleagues,
for their ongoing commitment and support.
I also want to thank the Sky crew. We are
extremely fortunate to have such a dedicated
and talented group of people working across
our business and I am grateful for the way the
team has continued to deliver day in and day
out for our customers this year.
And, of course, it is a big thank you to our
shareholders for your ongoing support and
loyalty to Sky. We remain excited about the
opportunities in front of us and look forward
to delivering on our goals in FY24 and beyond.
Sophie Moloney
Chief Executive

12/
Sky brings you the best in
Everywhere
you are.
Anywhere,
anytime.
global and local sport and entertainment

/13
Sky brings you the best in
In the hands of
Kiwis, in ways that
work for them, right
across the country.
global and local sport and entertainment

14/
Our Customers
Whether it’s via satellite,
streaming or free-to-air –
at the pub, the gym or on
the couch – we connect our
customers to great sport and
entertainment in ways that
work for them.

Sky / 2023 Annual Report
/15
OUR CUSTOMERS
Sky Box, New Sky Box
and Sky Pod
At Sky we look to meet our customers’
needs in ways that work for them.
Giving them the freedom to enjoy great
sport and entertainment however,
wherever and whenever they want.
From the full Sky Box experience in
the home, to our digital platforms,
our companion streaming app
Sky Go, and free-to-air, we are
where New Zealanders are.
This year has seen the introduction of
two innovative new products – our new
Sky Box and the Sky Pod, which bring
a new experience and more choice for
our customers.
Sky Box
Sky Box customers make up over half of our total customer
base and contributed 68% of our total revenue in FY23.
Much of our Sky Box customer base is built on long-term
relationships, with 79% of Sky Box customers having been
with Sky for more than five years, with very low churn of
7% for this cohort.
Meeting and exceeding the needs of these customers is
a key area of focus for Sky, including delivering the content
we know they want, improving our approach to customer
service, and enhancing programmes like Sky Rewards which
continues to offer special events and channel rewards.
Hundreds of thousands of New Zealanders currently enjoy
the ease and convenience of watching what they love on
the Sky Box, and its special features including My Sky and
access to our companion app Sky Go continue to be popular
with our customers.
Sky’s premium packages have also performed well in FY23,
in particular our Sport package which fulfils a year-round
appetite of sport from basketball to boxing, football, rugby,
golf, tennis, cricket and supercar racing, to name a few.
Our customer acquisition strategy continues to focus on
efficiency and effectiveness including digital targeting and
more sustainable customer offers. Our growing digital focus
is helping us to identify and connect potential subscribers
with the content and packages most tailored to suit them.

16/
New Sky Box
The launch of our new Sky Box in April
2023 was a major milestone. As a ‘hybrid’
box, it combines the best of satellite TV
and streaming, and is changing the way
our customers engage with our content.
The new Sky Box is the most significant technological
change undertaken for our customers since the launch
of My Sky in 2007. It was a challenging project at times
and we have learned a lot about how we can improve our
approach to technology change through this rollout.
Our primary goal with the new Sky Box is to enhance
our customers’ experience – and feedback indicates that
we have achieved this, with the superb new image-rich
homepage making it much easier for customers to find
and enjoy new content, fulfilling our promise of ‘less time
searching, more time viewing’.
Customer centricity was at the core of the project since its
inception. In 2020, we consulted with 6,000 of our customers
(via our Sky Nation panel) on what they would want from
a newly created product. From further in-depth interviews,
with current and potential customers, we gained valuable
insights into their home entertainment preferences and any
barriers Sky needed to overcome to become their primary
entertainment solution. Customer data and design thinking
methods played a crucial role in shaping the new Sky Box.
Customer feedback continues to play a crucial part in
the roll-out. The detailed feedback from customers gives
valuable insights into the features and experience that
they are loving, and areas for improvement.
The positives include the excellent content navigation and
discovery through our new image-rich homepage.
Areas for immediate improvement are enhanced recording
functionality, pay per view functionality, and closed captions
which will be released in August.
A key benefit of the new Sky Box operational model is that
it allows us to move at pace on development and upgrades,
with a carefully-planned software release roadmap for
ongoing improvements in place.
In FY24 we will be bringing the new Sky experience to more
customers as we accelerate the roll-out of the new Sky Box.
About the new Sky Box
•The new Sky Box uses the combination of
satellite and IP to deliver entertainment into
customers’ homes.
•Customers can now record up to five shows
while watching another live programme,
thanks to the 1TB hard drive.
•The all-new voice remote enables users to
search for content and access the homepage
simply by using voice commands.
•The redesigned homepage provides a seamless
and unified viewing experience, allowing
customers to watch and stream their favourite
Sky TV channels, along with the free-to-air
channels and on-demand content using a
single remote.
•Android-powered device which only requires an
HDMI port via the TV, a Wi-Fi network or LAN
connection, and satellite dish.
•4K-HDR enabled for future deployment.
Sky Pod
We also launched our new Sky Pod
in FY23. Offered to our Vodafone TV
customers in the first instance, the
Sky Pod marks a first for Sky – providing
access to the Sky experience (with the
exception of recording capability)
without the need for a satellite dish.
For some customers, especially those who may not be
able to install a satellite dish, the Sky Pod is an ideal
solution for accessing the full suite of Sky content
through the internet, along with the ability to access
other favourite apps in one place.
Initially offered to Vodafone TV customers in February
2023 (upon the closure of the VTV service) this compact
IP-only device will be made available to new customers
later this year.
The Sky Pod is easy for customers to set up and install at
home themselves, with a fully digital sign-up and activation
process. We expect the low cost to serve on this product will
support our financial objectives in FY24.

/17
Sky / 2023 Annual Report

18/
OUR CUSTOMERS
Streaming
Our streaming services continue to
strengthen, tailored to the needs of Kiwis
who love choice and flexibility. We provide
access to premium entertainment and
sports content with an ever-improving
product experience.

Sky / 2023 Annual Report
/19
Neon, Sky’s premium entertainment
streaming service, is well-known for being
the home of zeitgeist pop culture content
in Aotearoa New Zealand. These global
conversation-generating programmes
underpinned Neon’s content strategy
and steady subscriber growth this year
(increasing by 8% in FY23).
Neon benefits from Sky’s vast studio relationships allowing
our kiwi team, who deeply understand New Zealand’s
entertainment lovers, to select and deliver to Neon’s
customers in ways that work for them. There have been
some stand-out titles this year including Top Gun Maverick,
Yellowstone, House of the Dragon, The Last of Us and
The White Lotus. Trends in consumer behaviour show
consideration of the Neon brand continues to increase,
as does positive media sentiment, with Neon performing
strongly against its entertainment streaming competitors.
Average weekly unique viewers and viewing hours have seen
growth, indicating wider audience reach, and engagement
with movies increased by 18% year-on-year, highlighting
the success of our curated movie selection. Additionally, we
expanded our device compatibility, including launching our
Neon app on PlayStation 5, Amazon Firestick, Hisense TVs,
and the Android TV interface on the New Sky Box.
Acknowledging the cost-of-living considerations for price-
conscious customers, in August we introduced a new Basic
pricing tier, as an alternative to our existing Standard and
Annual packages. At the same time increasing prices on
Standard and Annual, reflecting the value and quality of
Neon content. Our total revenue has seen marked growth
increasing by 19% since last year, reflecting the success of
our product and growing subscriber base.
Neon’s win back strategy has increased the number
of customers returning to our service, showcasing the
effectiveness of our targeted digital approach and strong
content offering. Retention remains crucial, and key to this
is customer experience – over the last year we have made
improvements to our onboarding and personalisation process.
Neon has also trialled new digital acquisition channels to tap
into potential customers, such as Uber, Twitch, and Spotify.
Ensuring New Zealanders never
miss a moment of sporting action,
our standalone sport streaming app
Sky Sport Now is there for our
customers, wherever they are.
A focus on maximising customer growth in the first
half of FY23 through championing key content proved
successful, with our customer base increasing by 37%
this year to 150,000 New Zealanders. The last quarter of
the calendar year anchored by the FIFA Men’s World Cup
2022™ also saw sustained customer loyalty for Sky Sport
Now, during a traditionally challenging period for sport
streaming retention.
The All Blacks Northern Tour, Birmingham Commonwealth
Games, Premier League and FIFA Men’s World Cup 2022™
all saw solid viewership numbers, with the Ireland Tour
of New Zealand achieving record viewership and a surge
in growth. The agile nature of streaming also means
we are able to offer bespoke event passes for specific
tournaments, such as the Birmingham Commonwealth
Games, in addition to our core subscription tiers. These
passes have proved particularly popular with more
casual and diverse audiences, whose fandom is on
a more ad-hoc basis.
In August, with our technology partner Endeavour, we
introduced a new platform for Sky Sport Now, migrating our
existing customers from the previous version. This improved
platform offers better Video On Demand (VOD) catalogue
presentation and discoverability for customers, and also
the option to watch Live content from the start of an event
(a valued feature when a customer tunes in after an event
has begun). These additions to functionality have been
well-received, as well as the improved streaming quality.
Access to the Sky Sport Now app has also been extended to
LG and Hisense TV devices. While this upgrade was largely
successful, we acknowledge that a small number of users
experienced some platform migration issues.
Sky Sport Now has achieved impressive revenue results
this year, with earnings up by 50% to $44 million, compared
to FY22. Customers have the choice of weekly, monthly
or annual passes to suit their viewing needs and this year
saw a record number of week passes sold. There was also
an increase in Pay Per View revenue, most notably with
programming that skews to a younger demographic,
such as Ultimate Fighting Championship (UFC) events.
The price of the monthly pass for Sky Sport Now was
increased in FY23, along with the removal of the free trial,
as we continue our investment in bringing customers the
local and global sport they love throughout the year.

20/
As an important part of our strategy to deliver
great content to all New Zealanders in ways
that work for them, our free-to-air offering
plays a key role in our Sky ecosystem.
OUR CUSTOMERS
Our free-to-air offer

Sky / 2023 Annual Report
/21
Sky Open
As recently announced, Prime is changing to
Sky Open. We welcome all of New Zealand
to an entertaining, informative and refreshed
local channel, showcasing world-class sport,
uniquely Kiwi stories and global entertainment.
Sky Open will play an important role in building
audiences and engaging more New Zealanders
in the great sport and entertainment content
we have to offer on Sky, with a bold and
distinctive channel identity that is directly
connected to Sky. Sky Open is a key part of
our strategy to deliver superb content to
New Zealanders in ways that work for them.
You can read more information at:
sky.co.nz/-/sky-open-comes-to-all-
of-aotearoa-new-zealand
Free-to-air Rugby snapshot
Confirming we are a nation of devoted rugby
lovers, Prime’s audience reach for Super Rugby
Pacific grew 32% year-on-year. Prime also had
live coverage from every round of Sky Super
Rugby Aupiki, including all playoff matches,
as well as coverage of every Moana Pasifika
fixture (live and delayed).
In FY23 our free-to-air channel
Prime delivered world-class sport,
must-watch global entertainment,
and award-winning Kiwi storytelling
to every TV home in New Zealand.
In FY23 our free-to-air viewers enjoyed the action of the
All Blacks and the Silver Ferns and the flair of the FIFA
Men’s World Cup 2022™, through to the opulence of The
Gilded Age and the diverse voices in Rūrangi: Rising Lights.
Over the year, Prime has been watched by over 3.3 million
New Zealanders
1
(cumulative reach). Our free-to-air offer
and reach reinforces Sky’s credentials as a strong partner
for rightsholders, delivering audiences right across Aotearoa
and appealing to new fans as well as existing ones.
It plays an important part in maximising the value of
Sky’s expansive content offering, bringing top-tier sporting
events, premium drama, insightful documentaries, and
entertainment to new audiences.
Local storytelling is a key part of Sky’s free-to-air promise,
and our Sky NZ Originals commissioning team works closely
with Kiwi creatives and funding bodies to bring these
narratives to our screens. Central to this commissioning
strategy is our long-standing relationship with New Zealand
On Air, who have supported and funded a number of
Prime shows this year.
In FY23 our local highlights included:
•Rūrangi: Rising Lights
•The Black Ferns: Wāhine Toa
•Brave New Zealand World
•Topp Class
Prime’s viewers enjoy a wide range of entertainment,
most notably across factual entertainment, documentaries
and news. And, of course, there is sport.
In FY23, more than 2.8 million New Zealanders watched
free-to-air sport on Prime. More than 1,000 hours of sport
were showcased on the channel, including over 25% of
coverage dedicated to women’s sport.
Highlights of our free sport on
Prime in FY23 included:
•Birmingham Commonwealth Games
•Rugby Championship, Bledisloe Cup, Challenge Cup and
Steinlager Series
•FIFA Men’s World Cup 2022™
•Wimbledon, Australian Open
•Constellation Cup, Cadbury Netball Series
•NRL 2023 Telstra Premiership,
including 21 Warriors matches
•Super Rugby Pacific, Farah Palmer Cup,
Sky Super Rugby Aupiki
1. Source: Nielsen TAM data, 1 Jul 2022 – 24 Jun 2023, consolidated data up to
18/06/2023. Based on Prime AP5+ cume reach.

22/
Sky Business partners with over
6,500 commercial clients to bring
our superb content to even more
Kiwis in licensed premises, hotel
and motel rooms, rest homes,
gyms, sports clubs and other
venues the length of New Zealand.
Having supported licensed venues during the COVID-19
pandemic, Sky’s commercial business has returned to
pre- COVID levels and it is pleasing to report revenue
growth in this area.
Sky continues to be a leading content provider, delivering
entertainment that draws customers into venues.
The All Blacks, NRL and Super Rugby Pacific consistently
attract patrons, with the addition of the English Premier
League and FIFA Men’s World Cup 2022™ also proving
popular in FY23. These tentpole sports events, combined
with an ever-increasing Ultimate Fighting Championship
(UFC) fanbase, have all contributed to strong revenue
growth within this sector.
Sky’s market share of hotel and motel rooms in New Zealand
held at 80%, with further opportunities on the horizon due
to a regeneration in the development of new hotels. With the
return of international tourists, our focus is on meeting the
evolving needs of this market. In response to these needs,
85% of Sky’s hotel and motel rooms are fully digital, with an
increasing number also offering a compendium service with
over a dozen Sky channels and secure casting capabilities.
There is also notable growth in grassroots sports clubs, with
the introduction of membership size-based tiering providing
opportunities for communities of all sizes to engage with
their local sports clubs.
This year, Sky’s quiz events company, Believe it or Not
(BION) was delighted to bring TV personality Shaun
Wallace to New Zealand. Shaun has become a brand
ambassador for BION, bringing his well-honed quiz master
skills to a number of Believe it or Not charity quizzes across
the country, which included an event in Hawkes Bay to raise
money for cyclone relief.
The introduction of the new Sky Box and Sky Pod present
an opportunity to innovate in these sectors. Following the
customer rollout of these devices, Sky Business will develop
solutions leveraging these devices for existing customers
and new market opportunities.
OUR CUSTOMERS
Sky Business

/23
Sky / 2023 Annual Report
Sky Broadband has delivered
a steady performance in FY23,
growing to 26,000 customers
nationwide. Our broadband offer
continues to be an important
service within our broader
entertainment offering and
continues to bundle seamlessly
with other Sky subscriptions.
In FY23 we achieved an attachment rate to Sky Box of 5%,
with a 10% attachment rate on new Sky Box acquisitions.
We’re delivering great speeds to and
throughout the home.
Our Fibre Pro (1Gbps) offer remains our most popular
product and our superior WiFi6 devices, included in plan prices,
continue to deliver exceptional broadband experiences.
A key achievement during FY23 was becoming the
preferred broadband partner for seven Summerset
retirement villages, achieving a conversion rate of 76%.
We will continue to explore opportunities for growth in
high-demand facilities like these in the future.
We were also delighted to receive the number 1 position
and highest rating for customer satisfaction in consumer
comparison service Canstar Blue’s Broadband Category in May
2023. Sky Broadband was the only provider to achieve a five-
star rating in the Overall Satisfaction rankings in this survey.
This was the first time our service had been rated in the
Canstar Blue comparison tables and we were pleased to see
our positive broadband customer experience reflected in this
result. Our own net promotor score echoes this sentiment
and also pegs our service above other industry ratings.
Looking ahead, our focus in FY24 and beyond is to continue
to grow uptake across our own subscriber base and through
partnership opportunities.
OUR CUSTOMERS
Sky Broadband

© 2023 Viacom International Inc. All Rights Reserved.
24/

/25
Sky / 2023 Annual Report
Growing our revenue from
advertising continues to be a
strategic priority. We built the
foundations for longer-term growth
in FY23, with a focus on the people
and capability we need to have in
place to deliver on our goals.
Advertising
The advertising market has experienced reduced demand
through the second half of FY23 as Government advertising
returned to more normal levels post-COVID-19 and with
economic headwinds building. Standard Media Index (SMI)
data shows a decline in national linear television advertising
spending of 9.03% in the 10 months to May 2023 compared
to the same period in the previous year.
Despite this challenging macro-environment, we continue
to believe we have a strong opportunity to grow our
advertising market share in the coming years through
a focus on more innovative advertising products and
partnerships. We expect to start FY24 in a strong position
with the FIFA Women’s World Cup 2023™ and Rugby World
Cup as early highlights on our viewing calendar.
During the year we welcomed Lauren Quaintance as
our Chief Media and Data Officer. In this role, Lauren is
leading the growth and innovation strategy for advertising
sales, including the introduction of advertising onto Sky’s
streaming platforms.
We are reshaping the advertising sales function more
widely and have increased resources for FY24 to support the
growth strategy, including the appointment of a new Head
of Advertising Sales, Ben Gibb, who has commenced in the
role with a clear mandate for growth and innovation. We
have also created a number of new roles that specifically
address the need for capability in trade marketing, content
integration and branded content, and will be welcoming
these new team members over the coming weeks.
A key part of our focus in FY24 will be exploring brand-
funded content opportunities for advertisers, creating
integration and sponsorship opportunities in key sporting
properties, delivering collaborations with complementary
media partners, and introducing advertising on our
streaming platforms.
The strategic use of high-quality data will be critical
to our future success in advertising. Our growing data
capability will enable us to generate deep insights about our
audiences and build meaningful and engaging opportunities
for advertising partners. We look forward to progressing
these strategies in FY24 and connecting quality brands to a
highly engaged audience across our platforms.
Sky Sales

26/
As New Zealand’s largest aggregator of sport
and entertainment content, the breadth and
depth of Sky’s content portfolio is unrivalled.
Two essential ingredients keep us ahead
in this space: securing and creating the
programming we know our customers want
and making it easy to view this across our
variety of platforms.
Our Content

Sky / 2023 Annual Report
/27
To deliver the sport and entertainment
that resonates with our varied
customer demographics, we focused
in FY23 on growing our capability in
the use of data and insights to deeply
understand what Kiwis are watching.
This is enabling us to sharpen our
focus on showcasing the channels and
programmes that matter most to our
customers, and it informs our content
rights and partnerships strategy as
we continue to evolve our approach.
Our partnership approach includes regularly exploring
mutually-beneficial opportunities within the New Zealand
media landscape. A great example of this is our partnership
with Warner Bros. Discovery to sublicense Game 1 of State
of Origin in both 2022 and 2023 to their New Zealand
free-to-air channel, Three.
The partnership helped us deliver on our commitment
to grow interest in rugby league, and it also presented
an opportunity to lift visibility and engagement with our
Sky Sport package and Sky Sport Now digital offering.
In FY23 Sky Sport achieved a 37% year-on-year increase
in audience for the first game of State of Origin (all 5+
Sky Sport channels), with Sky Sport Now attracting
34.5k viewers.
We also optimise the use of our own free-to-air channel
to deliver the moments that matter to all New Zealanders.
As we set out on page 21, Prime showcased more than
1,000 hours of live and delayed sport in FY23, driving
greater engagement in and awareness of the sports
in the Sky world.
Our content strategy is underpinned by our unique
ability to maximise access to our content across multiple
platforms: satellite, streaming and free-to-air. This ability
helps us drive value for both our customers and our
partners, and to make sound investment decisions.
© 2022 UNIVERSAL TELEVISION LLC. ALL RIGHTS RESERVED.

28/
Super Rugby Pacific snapshot
Over 1.8 million Kiwis watched Super Rugby Pacific across
Sky Sport and Prime in 2023, a 10% year-on-year increase
on 2022, with 728,000 viewers watching the final game
across our channels. Super Rugby Pacific VOD saw a 28%
viewership increase on Sky Go for the year, powered by
stronger engagement with the Highlights programme.
There was a 31% lift in viewers across Sky Sport Now
compared to the previous year, with customers keen to
watch live matches, as well as replays, highlights, and
content on-demand in general.
Sport
Aotearoa New Zealand is a nation of
proud sports-lovers and at Sky we
match that level of passion.
In FY23 we delivered world-class sporting action from across
the globe including the Birmingham Commonwealth Games
2022, FIFA Men’s World Cup 2022™, ICC Men’s and Women’s
T20 World Cups, Fast5 Netball World Series, HSBC World
Sevens Series, State of Origin, Supercars Championship,
Premier League, Formula 1, UFC, NBA, Super Bowl LVII,
Tour de France, tennis grand slams and golf majors.
We celebrated local teams with coverage of the
All Blacks, Black Ferns, Silver Ferns, Black Caps, White
Ferns, All Whites, Football Ferns, New Zealand Warriors,
Sky Sport New Zealand Breakers and Wellington Phoenix.
Fan favourite competitions include Super Rugby Pacific,
Super Rugby Aupiki, NRL Premiership, ANZ Premiership
netball, Men’s and Women’s A-League, ASB Classic tennis,
New Zealand Open Golf, Bunnings NPC, Farah Palmer Cup,
Sal’s NBL and Tauihi Basketball Aotearoa.
Aside from showcasing the best in local and international
tournaments, we’ve also been working hard to ensure that
we secure the rights to New Zealand’s favourite sports for
years to come. In a significant announcement in October,
we confirmed we had secured the rights to the Rugby World
Cup (both men’s and women’s) until 2029, in a wide-ranging
partnership with World Rugby. We also secured a multi-
year deal with Formula 1 for Sky Sport and our free-to-air
channel, in a sport that is enjoying renewed viewer interest.
Sky’s commitment to women in sport remains as strong as
ever, helping girls and women to ‘See the Possible’ through
a variety of sport content across Sky platforms. The past
12 months have seen the likes of the Black Ferns, White
Ferns, Silver Ferns, Football Ferns and Sky Sport Tall Ferns
represent New Zealand at some of the world’s biggest events
in their respective codes. Off the field, we expanded our
content offering with The Women’s Game, which kicked off in
February 2023. This brand-new in-studio series put women’s
sport at the forefront of the action. Made by women, for
women, it featured an array of familiar female Kiwi sporting
figures, building the presence of women’s sport on Sky.
Formula 1 snapshot
Renewed consumer interest in Formula 1, off the
back of a popular Netflix docuseries, has played
a pivotal role in exposing the sport to a new and
younger audience base beyond the traditional
motorsport fan. This, combined with the current
driver grid also being much younger than previous
years, means we are excited about the potential
of a growing audience for this sport.
Formula 1 has also taken a bold approach,
by bringing races to new cities as part of their
continued effort to grow the appeal of the sport
beyond traditional markets.
Our Formula 1 coverage has seen strong viewership
across both our linear and digitals platforms:
•13% of all New Zealanders (aged 5+) watched
Formula 1 across Sky Sport and on free-to-air
Prime in 2023.
•We’ve seen a 77% increase in linear reach since
Sky previously screened Formula 1 in 2018.
•40% of the viewers are within the 25–54 age
group demographic.
•There is strong interaction from Sky Sport Now
customers to Formula 1, with subscribers using
Video On Demand (VOD) catch up, replays
and highlights to keep up to date with the
latest races.

/29
Sky / 2023 Annual Report
Entertainment
Engagement in premium television
shows no signs of abating. In FY23
we welcomed dragons, post-
apocalyptic worlds, Kiwis navigating
their coming-of-age moments,
luxury resort dwellers, corporate
family sagas, newly crowned
monarchs, and much more.
While passion reigns supreme in the
sporting world, we know fandoms within the
entertainment genre excite our customers
just as much. Our well- established strategy
of delivering international content as soon
as possible to New Zealand audiences (often
simulcast), is essential for helping Sky customers
be part of a global viewing experience.
The White Lotus and Succession returned for
seasons two and four respectively. Both series
delivered global talkability and form part of the
content slate derived from our rights agreement
with Warner Bros. Discovery. In July 2023 we
announced that Sky had secured a new multi-year
deal with the company, continuing our access to
HBO, Max Originals, Warner Bros. movies titles,
in addition to eight entertainment channels
including Discovery, Living and CNN.
British content continues to be popular with our
audiences, and we delivered a Death in Paradise
pop-up channel on BBC UKTV alongside other
engaging new content in FY23. Elsewhere, we
welcomed a Quantum Leap reboot on Sky 5 and
critically-acclaimed dramedy Funny Woman on Vibe.
The passing of Queen Elizabeth II and Coronation
of King Charles III were two major global television
events in FY23. Sky customers were able to curate
their coverage of these events via our strong
selection of news and current affairs channels,
including BBC News.
Sky remains committed to sharing more diverse
stories through our Sky Originals NZ commissioned
programmes, Sky Arts and Rialto. In FY23, we
renewed our partnership with the New Zealand-
owned and operated Rialto Channel, and Sky Arts’
Semele won Best Entertainment Programme at
the New Zealand TV Awards.
Greater content choice for customers drives
increased engagement. Our Sky customers enjoy
over two and a half hours of linear television
programming per day, compared to just over
an hour of viewing for non-Sky subscribers.
Over 800,000 Sky customers engaged with at
least one Sky channel every day in the last 12
months, with nearly 700,000 tuning into at least
one of our entertainment channels.
© SKY STUDIOS LIMITED 2022. ALL RIGHTS RESERVED.
© BBC/RED PLANET PICTURES/DENIS GUYENON

30/
Our crew are critical to the success
of our business and we have had
a strong focus on them in FY23.
We have invested in our people and cultural
capability, reshaped the business to align
our organisational design with our strategic
priorities and progressed key initiatives to
make Sky a great place to work.
Our People

Sky / 2023 Annual Report
/31
At Sky, we value diversity of thought and
innovation which comes from having a team that
comes from all walks of life. At 30 June 2023, our
crew included 679 permanent employees, with
294 women, 376 men, nine people who are gender
diverse or prefer not to say their gender. 59% of
our people are aged under 45 years.
Organisation design
We undertook significant change in FY23 to sharpen
our focus on strategically important opportunities.
We rebalanced our operating model to ensure clear
accountabilities for our leaders and better cross-functional
working across our teams. This included creating two new
roles in the Executive and changes in our operating model
to drive improvements in our technology, customer care,
warehousing and logistics, and content operations teams.
These changes were made to help us better access
the right technology, capacity and capability we need
to deliver on our strategic priorities. We also needed to
improve service levels in our Contact Centre and how
we get new products to market.
The key changes included:
•A new leadership structure at Executive Team and
senior leader level.
•Outsourcing our Warehouse, Logistics and Repairs
operations to Pacificomm enabling the introduction
of direct-to-consumer services.
•Outsourcing some of our work in technology and
content operations to experienced international
provider Tata Consultancy Services (TCS).
•Adopting a hybrid model in our Contact Centre
through our existing partner Probe CX Group,
which has seen the creation of new customer
care teams based in the Philippines to further
supplement our New Zealand-based care team.
Through these changes, around 190 employees were made
redundant in FY23. We retained 128 team members in our
New Zealand Contact Centre and added 228 front line roles
and 33 supporting and leadership roles in the Philippines,
leading to a boost in customer service capacity by 50%
across the two teams.
These changes were complex to deliver and we are very proud
of the way our crew worked together through the process.
Our approach was grounded in care for our affected
team members. We took steps to ensure people had
access to practical support (with a 100% participation
rate). We held a career fair on site, where affected team
members had the opportunity to meet with prospective
employers. This, in part, helped 89% of impacted team
members step into new roles.
Sky Executive Team

Chief Executive Officer

Chief
Customer
Officer

Chief Media
& Data
Officer

Chief Content
& Commercial
Officer

Chief
Operating &
People Officer

Chief
Technology
Officer

Chief
Corporate
Affairs Officer

Chief Financial
Officer

Consumer customer
(subscription revenue)
Product management
Marketing & Brand
management
Commercial
(Sky Business)

New non-subscription
revenue including
Advertising
Free-to-air product
management
Data management

Content insights &
strategy
Content acquisition
Partnership
management
Content creation &
production

Sales & Service
channels
CX improvement
Operations
management
People team
Property management
Health & Safety

Broadcast & media
technology ops
Technology platforms
– engineering, testing,
developers
IT application
development &
management
Cyber Security
Technology
Architecture

Communications
External Affairs &
relationships
Legal
ESG
Public Relations
Privacy

Finance Operations
Commercial Finance
Risk
Business Planning
Investor Relations
Procurement


Who we are

32/
Increasing our capacity
and capability
Customer Service
Following our disappointing call centre performance in late
2022 and early 2023, due to the difficulties in recruiting
sufficient quality staff, the changes we have made are
delivering early benefits as a result of the increased
capacity in our call centres.
Response times are improving significantly, with a five-fold
improvement in the time that calls are answered. We know
there is more to be done in this area, and we have identified
further opportunities for continued improvement in service
and support delivered through the call centre. The team is
working proactively to achieve this.
With the launch of the new Sky Box in early 2023, we also
recognised that we needed to support our in-field technicians
with a direct-to-customer self-service model. We chose to
partner with Pacificomm, a specialist in 3PL warehousing,
freight and logistics, to provide these services on Sky’s behalf.
Building our technology capability
We are growing our technology capability to help us deliver
excellent experiences for our customers across all our
products and services.
Jennifer Sepull joined Sky as Chief Technology Officer in
March 2023. Jennifer is an accomplished executive with
over 25 years’ experience in technology leadership roles and
a strong track record of delivering high quality technology
solutions and leveraging technology to drive innovation.
A key priority for Jennifer and her team is collaborating well
with our international partner, Tata Consultancy Services.
Key roles such as a Head of Architecture were recruited in
FY23 as part of this.
Fostering an
inclusive workplace
As part of our commitment to making Sky
a great place to work, in FY23 we formed an
Inclusion Working Group, which helps us foster
an inclusive, diverse workplace for our colleagues
and ensure that we are “walking the talk”.
The group is focused on raising awareness,
engagement and support across: Pride,
Women in Sport, Pasifika and te ao Māori.

Sky / 2023 Annual Report
/33
Strengthening our connection
to Aotearoa
This year we piloted several initiatives to
increase our understanding of how te ao
Māori (the Māori worldview) can enhance
employee engagement and business
performance, including:
•Kuaka Māori Leadership Programme for kaimahi Māori
(Māori employees).
•Te Kaa Cultural Capability Programme for senior leaders,
including the Executive Team.
•Sports Production Mahere (strategy) which focuses
on Te Reo Māori (The Māori Language), Tikanga
Māori (Māori practices), Kanohi Ora (Supporting
our On Air Presenters).
We engaged a strategic advisor to help us develop Kia Rere,
a strategy to weave te ao Māori throughout the organisation
in a culturally appropriate, safe and meaningful way.
As we head into FY24, our commitment is to ensure the
appropriate, accurate and safe execution of te reo Māori
me onā tikanga (the Māori language and its practices) for
our people, through our broadcasts and in the community.
Core to this commitment is continuing to partner with Māori
as a trusted and valued media partner and broadcaster.
Demonstrating Pride at Sky
Our Sky Pride Network
continued to grow in FY23.
The network led company-wide celebrations in February
to mark the start of Pride Month. A Rainbow flag
was installed permanently at our Mt Wellington site
to support our celebration of Pride at Sky. As part
of Pride month, we adopted Pride email signatures
and supported our Crew to learn how use pronouns
correctly. We held an all staff ‘Pink Shirt Day’ event in
May 2023 that coincided with our monthly Sky Kōrero.
Igniting cultural confidence
In FY23, 24 of our executive, senior leaders and
Māori staff participated in Te Kaa, a dedicated
programme to build a base level of understanding
of te ao Māori (the Māori worldview). The
programme introduced our people to key concepts
of te ao Māori, improved te reo Māori pronunciation
and concluded with a cultural experience at Ōrākei
Marae. Te Kaa is delivered by Maurea.
Our Māori leadership programme Kuaka was
also introduced to support these aspirations.
Kuaka unlocks and enhances the leadership
potential and capability, grounded in a Māori
world view. The program is delivered by partners
Indigenous Growth Limited.

34/

Sky / 2023 Annual Report
/35
We regularly conduct our
‘Life at Sky’ culture and
engagement survey to hear
directly from our crew.
The surveys help us target our culture
and capability investments, and track
employee sentiment, progress and
performance. In FY23, our survey pointed
to our top strengths as being:
•Leaders demonstrating care and support for their people.
• Enabling a strong work/home balance through our
flexible working approach.
The survey also provided us with good direction on
where we need to keep improving in FY24, particularly
in areas such as enablement, learning and development,
and leadership.
We were disappointed to not see an uplift in engagement in
FY23 and improving this will be a key priority for Sky in FY24.
Investing in our leadership
In FY23 we invested in the growth of
our leadership capability and added
two new roles to the Executive team
(Chief Technology Officer and Chief
Media and Data Officer).
These appointments reflect our focus on recruiting and
retaining talented leaders to deliver on our strategic goals
and saw us achieve a 50/50 gender balance on
our Executive team for the first time.
We have also invested in key leadership roles across the
wider Sky leadership group, particularly in the areas of
operations, technology, marketing, advertising sales,
and organisational development and culture.
Leadership Boost
Sky piloted a leadership development programme in FY23
with good feedback from participants.
We are rolling this programme out to all (100+) people
leaders. Leadership Boost is a 10-month programme that
provides leaders with a common set of practical skills and
tools. It combines classroom training sessions with practice
and ongoing peer support.
Health, safety and wellbeing
We have a strategic focus on
safeguarding the wellbeing of
our crew by providing a safe and
inclusive workplace, fulfilling all
safety obligations and committing
to continual improvement and
organisational resilience at all levels.
We are pleased to report we achieved a zero Lost
Time Injury Rate (LTIFR) with permanent crew
for FY23. We worked with contracting partners
on continuous improvement safety initiatives and
carried out 474 field audits.
A significant step forward for crew wellbeing in
FY23 was updating our paid parental leave policy
to provide three months at full pay or six months at
half pay for the primary caregiver, with Kiwisaver
contributions continuing during the parental leave.
We also offer additional family support including
providing flexible working arrangements and
offering our crew ‘special circumstances’ leave to
care for family members where there is significant
change in the household.
In FY23 we also commenced an initiative to enable
Sky crew to give back to their communities through
a paid volunteer day, and we look forward to
supporting this initiative with our Sky for Good
partners in FY24.
Remuneration
Sky continues to place a strong focus on
pay equity and in FY23 we undertook a
remuneration review to ensure identified
inequity is addressed.
This has been particularly important in a year where
the macro-economic picture has continued to present
challenges for New Zealand households.
In FY23 we opted to weight salary increases towards
employees on lower salaries, with an 8% increase for
those in the lowest salary band compared to an increase
of 4% for those in the top band (and an average of 6.4%
across the company).
We made a commitment that no employees would be
paid less than the living wage, and we maintained this
commitment in FY23.
Life at Sky

36/
Sky’s business is grounded
in Aotearoa New Zealand.
Our work entertains, informs
and inspires – delivering
moments that form part of
our nation’s shared memories
and experiences.
Sustainability
at Sky

Sky / 2023 Annual Report
/37
Environmental
Responsibility
Sky is committed to playing our
part in caring for the environment.
This year that has seen us stepping
up our efforts to measure our
impact and establish a path
towards reducing our footprint.
It’s also seen us embrace
opportunities to innovate and
look for meaningful ways to
make a difference.
Sky’s Greenhouse Gas (GHG)
emissions profile
One important step in taking action to
reduce our environmental impact has
involved working closely with our suppliers
and expert advisors to understand and
measure Sky’s GHG emissions inventory.
Through this process we’ve established
baseline data from which we are setting
science-based targets and will be able to
measure the progress of our reduction plans.
As we expected, our Scope 1 and Scope 2 emissions – such
as the fuels we use directly in company owned vehicles and
indirect emissions from imported electricity that powers our
workplaces – are relatively low.
When it comes to measuring the indirect upstream
and downstream emissions sources where we have less
control, the team has worked hard to capture a significant
portion of our value chain. This includes freight, staff
commuting, business travel, waste and use of Sky products
– our Sky Boxes, Sky Pods and Sky Broadband routers –
in customer homes.
Over the past year we’ve continued to use
our platform for good in the community,
we’ve worked with Toitū Envirocare to
understand how we can contribute to the
environmental challenges being faced
globally and locally, and in everything we
do we’ve endeavoured to stay true to the
ethical foundations that underpin a long-
term sustainable business.
We recognise there will always be
more to do. We will continue to evolve
our approach as we progress on our
sustainability journey – including
completing our materiality matrix as part
of Sky’s overall sustainability framework.
We are privileged to hold this
position and we recognise
the responsibility that comes
with it – to our customers, our
partners, our communities, our
crew and to our shareholders.
We’re committed to making
a positive contribution.

38/
Life-cycle management
providing opportunity
Sky has been taking a responsible approach to
managing the lifecycle of our Sky Box decoders for
many years through a comprehensive repair and
refurbishment programme that has prevented
needless waste and extended the useful life of the
decoder fleet – creating a positive environmental
and financial outcome. And when the time came,
considering end-of-life outcomes has also been
an important part of our approach.
With the rollout of the new Sky Box, our recycling
efforts are stepping up to a whole new level. The
refresh of our decoder fleet is providing a unique
opportunity to create one of the largest scale
recycling programmes in the country as we retire
the Pace decoders that have served our customers
well over many years.
Working with our partners at IT Recycla we have
begun an ambitious recycling programme that will
ensure the components of these boxes are able to be
put to further use. By stripping the boxes down into
their component parts – steel, plastic, copper etc. –
a staggering 97% of each box is able to be recycled
and put to an alternative use.
In total we’ve recycled close to 40,000 boxes during
FY23 and in the last quarter alone 32,500 boxes
were recycled, diverting 108,900 kilograms of waste
from landfill and avoiding 48,265 kg of greenhouse
gas emissions.
Scope 1, 2 and measured Scope 3
Emissions (tCO2e)2
Scope 1: 136
Scope 2: 1,007
Scope 3: 10,338

As well as establishing our baseline data, the process
of capturing our 2023 emissions inventory has uncovered
opportunities that will now be used to set our science-
based reduction targets to achieve carbon neutrality
by 2050 – a process we are working through with
Toitū Envirocare.
As an example, we have a unique opportunity to accelerate
our reduction plan through the rollout of our new Sky Box
and Sky Pod. The improved efficiency of these products
will have a direct impact on reducing Scope 3 electricity
emissions – an outcome that’s good news for our
customers and the environment.
The work we’ve been doing to identify and track our
emissions and develop our reduction plans will also form
part of our response when we report against the Aotearoa
New Zealand Climate standards for the first time in FY24.
Reducing and avoiding waste
Responsible packaging
The rollout of Sky’s new products has led to a number
of opportunities to innovate for a better environmental
outcome. One of these involves the dispatch process, where
we’ve prioritised environmentally friendly packaging options.
We have taken steps to keep the use of plastics to a
minimum by designing snug, reusable cardboard packaging
to protect new Sky Boxes in transit to customer homes.
Rather than using plastic or polystyrene fill, this has meant
we’ve been able to introduce a paper void option. And while
we are using a recyclable soft plastic dispatch bag for
inter-island deliveries, we have been able to avoid the need
for more intensive bubble options through this approach,
and our deliveries to North Island homes are able to be
completed without the need for a plastic bag.

Sky / 2023 Annual Report
/39
Women in Broadcasting
– See Your Possible
Sky has been shining a light on what’s
possible for women in sport in every
facet of the game: athlete, coach,
producer, presenter, commentator,
camera, sound, analyst, governance,
promotion and management.
We’re committed to raising awareness and
participation in sport by girls and women, through
our See Your Possible campaign, across all of
Aotearoa New Zealand, ensuring more people
can see their possible.
As part of this commitment, we broadcast and
stream more women’s sport (local and global) than
anyone else in New Zealand – including free-to-air
and free-to-access. In FY23 that’s included over 290
hours of content on Prime dedicated to women’s
sport, covering a range of sporting codes such as
International Cricket, Football, Golf, Domestic and
International Netball, Domestic and International
Rugby, Rugby League, Rugby Sevens, Tauihi
Basketball Aotearoa and Tennis – as well as the
Birmingham Commonwealth Games.
We recognise that Sky has a
trusted place in the homes and
lives of New Zealanders. We are
committed to honouring that trust
with products and experiences that
reflect and contribute to positive
outcomes for individuals and the
wider communities we serve.
Responsible broadcaster
We take our role as a trusted broadcaster very seriously.
We are committed to upholding broadcasting standards,
including under the Code of Broadcasting Standards
(for our Pay TV and free-to-air content), and the codes
for Commercial Video on Demand (CVOD, for Neon),
and the Advertising Standards Authority – but also in
terms of providing a positive impact on our communities
by reflecting the people and cultures we represent.
In the 2023 financial year:
•We took such care to meet Broadcasting Standards
that we only had four complaints to the Broadcasting
Standards Authority, of which only one was upheld.
For context, the BSA received 185 complaints in its last
reported year about all New Zealand broadcasters.
•We made significant efforts to work towards full
compliance with the new CVOD regime, which we
anticipate achieving by December 2023. No complaints
were made to the Office of Film and Literature
Classification for Neon.
Diversity on screen
Reflecting our audiences through our broadcasting
platform and within our workforce presents a significant
opportunity to fulfil our role as a responsible business.
We are proud to have world-class and globally-recognised
presenters and commentators here in Aotearoa
New Zealand who enable Kiwis to see and hear local
role models that can inspire.
Increasing confidence and capability in te reo Māori me
onā tikanga (the Māori language and its practices) on
air has been a key focus for our sport production team,
working with our partners: iKōrero, Pacific Media Network
and Maurea Consulting. Taking this one step further
in FY23, we have developed a talent and development
strategy that aims to:
•incorporate tikanga Māori into our production
and planning processes;
•increase the use and accuracy of te reo Māori on air; and
•increase the confidence and capability of our presenters
to use te reo Māori safely and accurately on our
sports broadcasts.
Through our Sky Originals NZ commissioning team, and
supported by New Zealand On Air, we have showcased a
range of diverse Kiwi voices through local stories including:
Raised By Refugees, Brave New Zealand World, Not Even,
Rūrangi: Rising Lights, Topp Class, The Black Ferns: Wāhine
Toa, and Waharoa: Art of the Pacific (see page 29 for more
on Sky Originals NZ).
Social Impact

40/
Sky For Good
Sky supports a range of charitable
initiatives aligned with our purpose
and values to enhance the lives
of New Zealanders in need. Our
relationship with some goes back
over many years, including:

Starship, New Zealand’s first hospital built exclusively for
children and young people and their health needs, where
Sky has been a sponsor since 2001. Our support includes
providing free Sky content in all Starship bedrooms, and
giving the Starship Foundation airtime on our platforms
for its campaigns.

Special Children’s Christmas Parties, involving nearly
10,000 Kiwi children with special needs or challenging life
or health circumstances each year, where Sky has been
a sponsor since 2002. Our involvement includes financial
support as well as on-the-ground volunteer help from our
crew at the charity’s party events.
In the past year we’ve added an important new relationship
with Wellington Children’s Hospital, which Sky began
supporting in August 2022. Similar to our agreement with
Starship we are providing free Sky in hospital bedrooms.
Support for Cyclone Relief
In response to the devastation caused by Cyclone Gabrielle,
Sky partnered with New Zealand Rugby (NZR) to support
the New Zealand Red Cross Disaster Fund relief effort.
Sky and NZR pledged $500 for every point scored during
the Super Rugby opening round matches (both Super Rugby
Pacific and Sky Super Rugby Aupiki) featuring Aotearoa-
based teams. Across six matches, this initiative generated
$194,500, which we then topped up to bring the total
amount raised to $250,000.
This significant donation supports communities affected
by Cyclone Gabrielle and will assist with the ongoing
recovery process.
Sky has proudly supported the Halberg Foundation
over many years, with Sky Sport an associate
sponsor of the ISPS Handa Halberg Awards –
the country’s pre-eminent event to honour and
celebrate New Zealand sporting excellence.
The Awards are the major fundraising event for the
Halberg Foundation – which aims to enhance the
lives of young physically disabled New Zealanders by
enabling them to participate in sport and recreation.
This year – following the passing of the much
loved and respected founder, Sir Murray Halberg
– we were honoured to have Sky Sport presenters
Storm Purvis and Karl Te Nana hosting the awards
ceremony and sharing the event with New Zealand
through coverage on Sky Sport and Prime.
Shaun Wallace
Sky’s commercial quiz company, Believe It Or Not,
had an excellent time in May and June 2023,
working with Shaun Wallace of The Chase fame
– also known as The Dark Destroyer – to support
New Zealand causes via a five-city charity quiz
tour. The tour was a success, selling a combined
1,800 seats across the five events, and raising
approx. $110,000 for New Zealand charities
($38k for Sir John Walker’s Find Your Field Of
Dreams Foundation, $33k for Hawke’s Bay
Foundation’s Cyclone Relief Fund, $17k for Life
Flight, $12k for Youthline Southland and $10k for
Kaiapoi Promotion Association).

Sky / 2023 Annual Report
/41
Sustainable governance
Sky places great importance
on upholding the high standards
of corporate governance and
day-to-day business practices
expected of a publicly listed
company.
Governance practices
This year we’ve refreshed our corporate
governance statement to reflect
recent updates to the NZX Corporate
Governance Code.
We have also carried out comprehensive reviews,
strengthened policies and increased the level of disclosure
on key matters of interest to our stakeholders, including
Remuneration and Risk Management.
Our Corporate Governance Statement is available within
this report (beginning on page 47), and copies of our policy
documents are publicly available on Sky’s corporate website.
Ethical procurement
As part of our commitment to ethical
responsible and sustainable business
conduct, Sky filed its second annual
Modern Slavery Statement with the
Australian Border Force (under the
Modern Slavery Act 2018 (Australia)).
We have also taken additional steps to embed our
Supplier Code of Conduct into procurement processes
with the next phase of this work being to further engage
with key suppliers to ascertain their ability to assess and
address their modern slavery risks. The learnings will be
incorporated into our Procurement Policy, processes and
supplier management practices.
Supporting a sustainable
workplace environment
Sky undertook a number of
initiatives during the financial year
to support diversity, cultural and skills
development, wellbeing, health and
safety and equity efforts.
You can read more about these in the People section of
this report (on pages 30–35) and within our Corporate
Governance Statement (beginning on page 47).

42/
Board of Directors
4.5.
2.1.3.
6.

Sky / 2023 Annual Report
/43
Philip Bowman
Independent Chairman
Philip was appointed Chair of
Sky in September 2019. Philip
is a distinguished businessman
who has led several major global
companies and served on the board
of a significant number of public
and private companies. Philip brings
knowledge of the media sector,
including having served on the board
of Sky UK for ten years. Other roles
include Group Finance Director of
Bass, CEO of Bass Retail, CEO of
Allied Domecq, CEO of Scottish
Power, CEO of Smiths Group, senior
non-executive director of Burberry,
Chairman of Liberty, Chairman of
Coral Eurobet, Chairman of Miller
Group, and non-executive director of
Scottish & Newcastle. He currently
sits on the boards of two other
listed companies, KMD Brands and
Ferrovial SA. Philip has a degree
with honours in Natural Sciences
(University of Cambridge) and Master
in Natural Sciences (University of
Cambridge). He is also a Fellow of the
Institute of Chartered Accountants
of England and Wales.
Keith Smith
Independent Director
Keith was appointed to the board in
April 2020. He has a long-standing
record of leadership as a director
and advisor to companies in a
diverse range of industries, including
the energy sector, rural services,
printing, media and exporting.
Keith is a director of listed company
Goodman (NZ) Limited (the Manager
of Goodman Property Trust) and
a director of several other private
companies. He is a past President of
the Chartered Accountants Australia
and New Zealand.
Joan Withers
Independent Director
Joan was appointed to the board in
September 2019. She brings a wealth
of experience spanning a 25–year
career in the media industry, including
CEO positions at Fairfax and the
Radio Network as well as being the
former Chair of TVNZ. Joan’s depth
of governance experience includes
her current roles as Chair of The
Warehouse Group, a director of ANZ
Bank New Zealand, Origin Energy
Ltd and she has previously held Chair
positions at Auckland International
Airport and Mercury NZ Ltd. Joan
is a Trustee of the Louise Perkins
Foundation, and is Chair of a steering
committee working to increase the
percentage of South Auckland Maori
and Pacific Island students taking
up roles in the health sector. She
holds a Masters Degree in Business
Administration from the University of
Auckland. In 2015 Joan was named
Supreme Winner in the Women of
Influence Awards and was named as
Chairperson of the Year in the Deloitte
Top 200 Management Awards.
Belinda Rowe
Independent Director
Belinda was appointed to the board
in March 2023. She has held Global
C Level business leadership roles
in marketing, communications,
digital and media, including with
Publicis Media, Zenith, Mojo
and O2 Telefonica. Belinda also
successfully led the creation of a
compelling content marketing and
sport sponsorship practice across
32 markets. Belinda’s governance
experience includes current non-
executive director roles at ASX-listed
Australian media company ARN
Media Ltd, Temple & Webster Group
and 3P Learning Ltd. She is also on
the board of AFL club, Sydney Swans.
Mike Darcey
Independent Director
With an extensive track record
of strategy and delivery across
television, publishing and technology,
Mike was appointed to the board in
September 2017. A New Zealander,
he has lived and worked in the UK
since 1989. Fifteen of those years
were spent at Sky UK, initially as the
Director of Strategy, then six years
as Chief Operating Officer. He played
a prominent role in most of Sky UK’s
major strategic decisions and its
major commercial and regulatory
dealings during this period. From
2013 to 2015 Mike was CEO of
News UK. Since 2015, Mike has had
a series of non-executive roles and
these currently include Chairman of
British Gymnastics and Chairman of
Arqiva Group Limited (the UK’s main
independent provider of television
broadcast infrastructure). He is
also active as a strategy advisor
to a series of major players in the
media sector.


Mark Buckman
Independent Director
Mark was appointed to the board
in March 2022. Mark is a highly
skilled business leader based in
Australia with a deep background
in technology digital innovation,
marketing, media and broadcasting,
and customer engagement. His
executive career has spanned North
America, UK/Europe, and APAC,
with roles at Foxtel, Telstra, the
Commonwealth Bank of Australia
and McCann. He is a Senior Advisor
to Accenture, and his governance
credentials include the boards of
OzTAM, the Australian free-to-air
television consortium, technology
start-ups and social enterprises.
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Leadership team
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4.5.
7.8.

Sky / 2023 Annual Report
/45
Sophie Moloney
Chief Executive
Sophie is an accomplished
New Zealand media leader who
brings deep international experience
to the Chief Executive role. She joined
Sky UK in 2003 and has held senior
commercial, legal and strategic roles
at Sky New Zealand, Sky UK, Sky News
Arabia, Abu Dhabi Media and OSN.
Sophie returned to New Zealand with
her family in 2018 and, prior to being
appointed Chief Executive, was the
company’s Chief Commercial Officer.
Sophie is proud to lead Team Sky.
She is deeply committed to creating
an environment for talented people to
thrive, no matter their backgrounds,
and to ensuring Sky continues to
thrive as a responsible and sustainably
profitable, Aotearoa-focused business.
Daniel Kelly
Chief Customer Officer
Starting at Sky in October 2020, Dan
was our inaugural Head of Broadband
and quickly made his mark leading the
successful launch of Sky Broadband.
His leadership of Sky Broadband and
later the Sky Box programme saw
him move into the position of Chief
Customer Officer in November 2021.
In this role Dan is responsible for Sky’s
Products and Marketing teams to
deliver the products and services that
matter most to our customers.
Prior to joining Sky, Dan gained a
wealth of experience within Australia’s
telecommunications industry, working
for premier Australian telco’s such as
Telstra, Optus, and Vocus. During his
time there, he achieved several notable
career milestones including leading
the marketing launch of Telstra’s
pioneering IPTV product, played a
pivotal leadership role in managing
the largest consumer broadband
business in Australia and the delivery
of Australia’s largest Wi-Fi network.
Andrew Hirst
Interim Chief Financial Officer
Andrew is a Deloitte Corporate
Finance Partner on secondment to
Sky as Interim Chief Financial Officer.
Andrew is a highly experienced
strategic corporate financial advisor,
and in his 17 years as a Deloitte
partner has advised a wide range of
New Zealand and offshore corporate
clients including a number of NZX and
offshore listed companies. Prior to
joining Deloitte as a partner in 2006,
Andrew had 13 years of investment
banking experience in New Zealand
and the UK with organisations such
as ABN Amro and Deutsche Bank.
Jennifer Sepull
Chief Technology Officer
Jennifer joined Sky as Chief Technology
Officer in March 2023. Jennifer is an
accomplished executive with over
25 years in technology leadership
roles. She has a strong track record
for developing trusted strategic
relationships and collaborating across
all value chains to deliver strong
technology solutions. Jennifer has
significant experience in leveraging
technology to drive innovation, and
leading large and complex teams in
the US, Latin America, Asia, Africa,
Indonesia, India, the Middle East,
and in New Zealand. Prior to Sky,
Jennifer was Chief Digital Officer
at Air New Zealand, CIO at Honda
Motor Co., CIO at Kimberly-Clark,
CIO at USAA Financial Services, and
a member of the Technical Advisory
Group to the London Stock Exchange.
Chris Major
Chief Corporate Affairs Officer
Chris joined Sky in 2013 as Director
of Government Relations and took
on the Corporate Affairs portfolio
in 2017. She is responsible for crew,
media and stakeholder engagement,
legal and government relations, and
Sky’s sustainability work programme,
including our Sky for Good and See
Your Possible commitments.
Prior to Sky Chris was Head of
Communications at The Treasury and
Ministerial Advisor for Rugby World
Cup 2011. She worked in the Beehive
for a number of years and spent five
years at law firm Chapman Tripp as
Head of Business Development. She is
on the board of Blues Rugby.
Jonny Errington
Chief Content and
Commercial Officer
Jonny brings 25 years of media and
legal experience to the Chief Content
& Commercial Officer role. Since
joining Sky over ten years ago, Jonny’s
passion for content and the nurturing of
commercial partnerships has led to him
overseeing the teams responsible for
content strategy, partnerships, creation
and operations. Jonny has negotiated
a number of our key Sport and
Entertainment deals, along with leading
out on strategic commercial activities.
Jonny’s prior experience includes roles
at Warner Bros., Xerox and Spark, along
with legal roles in Europe.
Lauren Quaintance
Chief Media and Data Officer
Lauren joined Sky in March 2023 as
Chief Media and Data Officer. Lauren
is highly experienced at leading teams
and embedding an entrepreneurial
culture in organisations and has
previously held executive roles at
Fairfax Media in Australia where
she was involved in developing new
streams of revenue and accelerating
the shift to digital. As a co-founder of
a content marketing business (later
acquired by NewsCorp) she honed her
understanding of client needs working
closely with major brands such as
IAG, Microsoft and Telstra. Lauren
was recognised as Entrepreneur of
the Year at the B&T Women in Media
Award in Australia. A former journalist,
she has a long-held interest in the
business of media which she studied
on a fellowship at Oxford University in
the UK and while obtaining a master’s
degree from Columbia University in
New York. She is a director on the
Crusaders (Super Rugby) board and
NZX-listed Turners Automotive Group.
Antony Welton
Chief Operations & People Officer
Antony joined Sky in February 2022 as
Chief Operations & People Officer, with
a key focus on continuing to transform
Sky’s ways of working and empowering
our people to do their best work. He is
a highly skilled executive with extensive
experience in operations, people and
strategy, including a number of years
with Vodafone New Zealand. Prior to
joining Sky, Antony was Chief Employee
Experience Officer at Whakarongorau
Aotearoa, a call centre business
providing Telehealth services.
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Your Honor © 2023 Showtime Networks Inc.
46/

/47
Sky / 2023 Annual Report
Corporate
Governance
Statement

48/
The following disclosures and compliance statements are
provided in accordance with the NZX Corporate Governance
Code (dated 1 April 2023) (NZX Code) and the ASX Corporate
Governance Principles and Recommendations (4th edition)
(ASX Recommendations). This corporate governance
statement is current as at 24 August 2023, and has been
approved by the Board. All key governance policies and
charters referred to below are available on Sky’s website
www.sky.co.nz/investor-centre/corporate-governance.
NZX and ASX Corporate Governance Best Practice Codes
The NZX Code and the ASX Recommendations set standards
for effective corporate governance in New Zealand and
Australia, respectively, and Sky is committed to reporting
against these standards. The Board considers that Sky
has complied with the NZX and ASX corporate governance
best practice codes in all material respects during the 2023
financial year, except where otherwise indicated.
1. A culture of acting lawfully,
ethically and responsibly
Directors should set high standards of
ethical behaviours, model this behaviour,
and hold management accountable for
delivering these standards throughout
the organisation.
Statement of Values
Sky’s values were developed through a collaborative
workshop process, led by Sky Culture Champions and endorsed
by the Board. Collectively, the values “Be Yourself”, “Create
Something Amazing” and “Make Someone’s Day” create
a common understanding of the expectations Directors,
executives and employees have of each other and themselves.
Code of Ethics
Sky has a Code of Ethics which provides a practical set of
guiding principles for a code of ethical behaviours in respect
of various matters including conflicts of interest, gifts and
entertainment, corporate opportunities, confidentiality,
insider trading and dealing with corporate assets, in addition
to emphasising the requirement to comply with applicable
laws and regulations.
The Code of Ethics applies to Sky’s directors, senior executives,
employees and other persons, and is available on Sky’s
website. All potential breaches of the Code of Ethics are to
be notified to Sky’s Chief Financial Officer or Chief Executive
(or the Chair of the Sky Board of Directors if the Chief
Financial Officer or Chief Executive are potentially implicated),
and any material breaches will be notified to the Board.
Sky managers are responsible for providing appropriate training
and ensuring that all Sky employees are aware of and adhere to
Sky’s Code of Ethics.
Sky is in the process of designing a Conduct and Ethics
framework, with input from internal stakeholders to clearly
set out the expectations regarding behaviours of its people
and stakeholders throughout the business. Sky anticipates
that this framework will be adopted during the course of 2024.
Once adopted, Sky’s Code of Ethics will be updated where
necessary to reflect this framework and Sky intends to provide
training sessions to all employees on the new framework and
revised Code of Ethics.
Whistleblowing/Protected Disclosures
Sky’s Protected Disclosures Policy (or Whistleblower Policy)
provides a process for staff and any other persons to report
any serious wrongdoing and gives protection to the person
making the disclosure in accordance with the policy. The policy
outlines types of behaviour that may be considered serious
wrongdoing, when and how a person can make a disclosure
and how they are protected. This includes access to an
independent, third party, qualified to provide comprehensive
advice and access to support.
A thorough review of the policy and underlying processes was
undertaken in 2023 to review and strengthen the framework
and ensure Sky’s procedures continue to reflect best practice
and compliance with the Protected Disclosures (Protection
of Whistleblowers) Act 2022 introduced in July 2022 and
ASX Recommendation 3.3. The Protected Disclosures
Policy is posted on Sky’s website. Any material incidents
reported under the Policy will be notified to Sky’s People and
Performance Committee and/or the Board and this process
is formalised in the Protected Disclosures Policy.
Securities Trading
Sky has a formal Securities Trading Policy, which is posted on
Sky’s website. Sky’s Securities Trading Policy includes robust
procedures to minimise the risk of insider trading. The policy
outlines that directors, officers, employees and contractors
of Sky may not buy or sell securities in Sky, nor may they tip
others, while in the possession of material information which
is not generally available to the market.
Additional restrictions apply to key management personnel
who are prohibited from trading during prohibited periods
(other than in exceptional circumstances) and must at all times
(including outside prohibited periods) obtain written consent
to trade from the Chief Financial Officer, Chair of the Board
or the Chair of the Audit and Risk Committee (as applicable).
Sky’s Securities Trading Policy affirms the law relating to
insider trading contained in the Financial Markets Conduct
Act 2013 and the Australian Corporations Act 2001 (Cth)
and complies with ASX Listing Rule 12.12 (
Content of
Trading Policy).
Corporate Governance
Statement

Sky / 2023 Annual Report
/49
Anti-bribery and Corruption Policy
Sky introduced an Anti-Bribery and Corruption Policy
during the 2022 financial year to specifically set the minimum
standards of conduct expected of Sky (including its directors,
senior managers, employees, contractors and consultants or
any other person who represents Sky or is engaged to carry
out work for Sky and its subsidiaries) to ensure Sky complies
with all relevant anti-bribery and corruption legislation in all
jurisdictions in which it operates or has dealings. This policy
is in line with ASX Recommendation 3.4 and builds on the
existing strong framework established through Sky’s Code
of Ethics to reinforce Sky’s standards, including appropriate
controls around offering and accepting gifts or entertainment.
Breaches of the Anti-Bribery Policy must be reported to the
Chief Executive Officer, and the Board will be informed of
any material incidents of bribery or corruption. No breaches
of the Anti-Bribery Policy were reported during the 2023
financial year.
Modern Slavery
Sky filed its second Modern Slavery Statement covering the
period 1 July 2021 to 30 June 2022 with the Australian Border
Force (under the Modern Slavery Act 2018 (Australia)), with
the next filing due by 31 December 2023.
This year Sky strengthened its measures to reduce
the risk of modern slavery practices across the group’s
operations and supply chain through proactively managing
suppliers identified as being potential risks. In addition,
Sky further embedded the Supplier Code of Conduct into
the procurement process, affirming Sky’s commitment
to ethical, responsible and sustainable business conduct.
The next steps in this work will be to further engage with key
suppliers to ascertain their ability to assess and address their
modern slavery risks. All learnings from this process will be
incorporated into Sky’s Procurement Policy, processes and
supplier management practices.
A review of Sky’s contracting arrangements also resulted
in Sky incorporating contractual clauses in supplier contracts
that place obligations on the counterparty to manage and
notify Sky of their modern slavery risks, thereby setting
expectations and allowing a mechanism for identifying
and addressing issues.
In FY24 Sky’s new Human Resources Information Portal
(ELMO) will provide access to ASX compliant modern slavery
awareness training modules to all staff.
Sky is monitoring the progression of the New Zealand
Government’s Ministry of Business, Innovation
and Employment work to develop modern slavery
legislation for New Zealand.
2. Board composition and
performance
To ensure an effective board, there should
be a balance of independence, skills,
knowledge, experience and perspectives.
Board of Directors – Composition
Sky’s Board is appointed or ratified by the shareholders of
Sky by ordinary resolution. The NZX Listing Rules provide for
a minimum of three directors, and Sky’s constitution provides
for a maximum of ten directors. As at 30 June 2023, the Board
consisted of six directors whose relevant skills, experience and
expertise are outlined in their biographies on page 43.
The Board operates under a written charter (Board Charter),
which sets out the respective roles and responsibilities of the
Board, the Chair and management, and (together with the
delegated authorities policy) those matters expressly reserved
to the Board and those delegated to management. A copy of
the Board Charter is available on Sky’s website.
Nomination and Appointment
The Board gives consideration to the Board’s skills, experience
and diversity when evaluating potential board candidates.
The objective is to have a mix of skills represented on the Board
that are relevant to Sky’s business and strategy. The Board is
also responsible for board succession planning generally.
During the financial year ending 30 June 2023, the Board
appointed Belinda Rowe to Sky’s Board. Sky enters into a
written agreement with each of its newly appointed directors
establishing the terms and conditions of their appointment.
The Board may appoint directors to fill casual vacancies that
occur or add persons to the Board up to the maximum number
prescribed by Sky’s constitution. At each annual meeting
all directors appointed by the Board since the last annual
meeting must retire and seek re-election, if eligible. Directors
must also not hold office (without re-election) past the third
annual meeting following the director’s appointment or
3 years, whichever is longer. Directors’ fees have been set at a
maximum amount of $950,000 per annum since October 2015.
As at 30 June 2023 the Board is comprised of:
Appointed
Philip Bowman (Independent Chair)1 September 2019
Keith Smith (Independent Director
and Deputy Chair)
21 April 2020
Michael Darcey (Independent Director) 19 September 2017
Joan Withers (Independent Director) 17 September 2019
Mark Buckman (Independent Director) 21 March 2022
Belinda Rowe (Independent Director) 1 March 2023

50/
Before appointing directors to the Board, or putting
candidates forward at annual meetings for re-election,
the Board ensures that appropriate checks are carried out
to ensure candidates have the necessary skills to act for
Sky. Material information that is relevant to a decision on
whether or not to elect or re-elect the director is provided
to shareholders. Written agreements are in place with each
Board member and senior executive setting out the terms
of their appointment.
New Board members receive induction training so as to gain
an understanding of Sky’s business and operations including
its financial, strategic and risk management position as
well as a director’s rights, duties and responsibilities, the
role of the Board, the Board committees and the executive
management team. It is expected that all directors will be
required to stay informed of changes to, and emerging issues
in, director duties and responsibilities. In addition, visits to
specific company operations, when appropriate, and briefings
from key executives and industry experts will be arranged.
The Board will periodically review whether there is a need for
existing directors and/or the Board as a whole to undertake
professional development to maintain the skills and knowledge
to perform their roles as directors effectively and to deal with
new and emerging business and governance issues. Sky will
reimburse directors for reasonable costs incurred in attending
appropriate conferences and training courses.
Sky ensures that a majority of its Board are independent
directors and that the role of Chair of the Board and Chief
Executive are separate. At 30 June 2023 all of the directors
of Sky were considered to be independent directors, having
regard to the factors in NZX Recommendation 2.4 and
ASX Recommendation 2.3 (none of which apply to the
directors of Sky). The Chair of Sky’s Board is Philip Bowman,
an independent director (and is not the Chief Executive of Sky).
Role of the Board
The Board oversees Sky’s business and is responsible for its
corporate governance. The Board sets corporate policies and
the strategic direction of Sky and oversees management
with the objective of enhancing the interests of shareholders.
Management is responsible for the implementation of the
corporate policies set by the Board, as well as the day-to-day
running of Sky’s business including risk management and
controls and liaising with the Board about these matters.
Various information reports are sent to the Board in order
to keep them informed about Sky’s business including
reports during the financial year ended 30 June 2023 on
the effectiveness of the management of material legal and
business risks. Directors also receive operating and financial
reports, and access to senior management at Board and
committee meetings.
The Board also established a number of ad-hoc committees
during the 2023 financial year to assist the Board in fulfilling
its responsibilities in relation to specific matters.
Delegations
To enable the effective functioning of the day-to-day business
of Sky, the Board has delegated certain of its powers to Sky’s
Chief Executive and senior management. Those powers are
set out in Sky’s delegated authorities policy (with treasury
management delegations set out in the Treasury Policy)
and relate to how Sky employees are able to authorise any
transaction with a financial implication, or to perform other
functions relating to human resource matters or finance and
legal matters. Specifically, Board approval is required for:
• any action or transaction that exceeds the limits delegated
to the Chief Executive; and
• appointing or removing authorised signatories to bank
accounts, entering into overdraft facilities or similar
credit arrangements, or entering into loans, mortgages,
debentures or other financial instruments.
There is no delegation to any person to raise capital or
to specifically borrow money by any means whatsoever.
Such transactions may only be performed with Board
approval. The Board is responsible for monitoring those
delegations and approving all changes to the delegated
authorities policy and the Treasury Policy from time to
time (the Board may amend or withdraw delegations at
its sole discretion at any time). All delegated authorities are
exercised on the Board’s behalf in accordance with relevant
company policies and procedures.
Meetings
The Board has regularly scheduled meetings and also meets
when a matter of particular significance arises. During the
year between 1 July 2022 and 30 June 2023, there were
10 Board meetings. Attendance was as follows:
Board meetings held
while a director
Attendance at
Board meetings
Philip Bowman
1010
Keith Smith
109
Geraldine McBride
1
54
Michael Darcey
1010
Joan Withers
1010
Mark Buckman
1010
Belinda Rowe
2
22
(1) Geraldine McBride retired from the Board 2 November 2022.
(2) Belinda Rowe was appointed to the board on 1 March 2023.

Sky / 2023 Annual Report
/51
Directors Skills and Experience
The aim of the Board is to have a mix of skills represented on the Board that are relevant to Sky’s business.
The skills matrix for the directors is set out below:
Primary skills Secondary skills
Skills attribute
Philip
Bowman
Joan
Withers
Keith
Smith
Mike
Darcey
Mark
Buckman
Belinda
Rowe
Pay Television and Media Industry –
including experience in overseas markets
Strategic content partnerships
Customer Experience development
Technology, Data and Innovation
Public Company Governance including
Risk and Sustainability Management
Finance/Accounting and Commercial
including Corporate Transactions
CEO and Executive Experience
People Management and Culture
Board Performance
Board performance, including the performance of Board
committees and individual directors, is reviewed and evaluated
periodically and as the need arises in accordance with the
process set out in the Board Charter. A formal evaluation
exercise was completed during the 2023 financial year.
Executive Performance
Executive performance is reviewed and evaluated on a
continual basis (and in any case at least once every financial
year) by the Board and Chief Executive, and periodically as the
need arises, in accordance with the People and Performance
Committee Charter and the Remuneration Policy, principally
as part of annual salary reviews and through participation in
Sky’s short-term incentive (STI) scheme. The components of
Sky’s STI scheme consider in the first instance a participation
gateway regarding Health and Safety performance.
Assessment criteria include financial performance, employee
engagement and customer satisfaction. A formal evaluation
of senior executive performance for the 2023 financial year
is being undertaken following the completion of that period.
Company Secretary
The Company Secretary is accountable directly to the
Board, through the Chair, on all matters to do with the
proper functioning of the Board. The Company Secretary
is Kirstin Jones.
Independent Advice
Sky has a procedure for Board members to seek independent
legal advice at Sky’s expense (as set out in the Board Charter).
Diversity
Sky recognises diversity and inclusion as a strategic asset
for Sky’s current and future success. Sky values diversity
of gender, age, ethnic and cultural background, sexuality,
experience and beliefs. Sky’s Board and management believe
that an organisation that reflects the diversity of its current
and future customers will be able to deliver more personalised
customer experiences, and customer value, to continue to grow
successfully, and to attract and retain the best talent.
Sky’s Diversity Policy reflects a continuing commitment to
diversity and inclusion. Sky proactively considers diversity in
all recruitment activities, with a particular focus on leadership
roles with the most recent review of the policy reflecting
this commitment. Over the course of the 2023 financial year
Sky has actively considered diversity through recruitment,
promotion and organisational change.
The Board acknowledges the importance of diversity both
on boards and within companies, and as noted in Sky’s Board
Charter, this is one of the characteristics that is considered
when evaluating new director candidates. As at 30 June 2023,
Sky’s Board had two female directors and four male directors.
Sky’s officers (being a person who is concerned or takes part
in the management of Sky and reports to the Board, or to a
person who reports to the Board) includes four female officers
and four male officers. The officers include the Chief Executive
and the members of Sky’s executive leadership team who
report directly to the Chief Executive.
Sky takes a holistic approach to diversity and Sky is committed
to building measurable objectives comparable in market for
all senior leadership roles in FY24.

52/
During the 2023 financial year Sky focused on creating
the foundations to support diversity within the workplace
and ensure a more sustainable holistic solution to creating
meaningful pathways for everyone. This included the
introduction of paid parental leave inclusive of KiwiSaver
benefits, innovative and flexible working arrangements,
consideration of intergenerational family household
circumstances in pay and leave, and paid gender transition
support leave. Sky considers these building blocks are critical
to providing an environment that encourages and supports
inclusivity with a view to more clearly identifying future
meaningful metrics of success.
The chart below represents Sky’s gender and age diversification
as at 30 June 2023:
2023Board LevelOfficers
1
All staff
Women
24290
Men
44372
Gender diverse
001
Prefer not to say
008
Total number
68671
Over 45
100%100%41%
2022
Women
2 2423
Men
45475
Total number
67 898
Over 45
100%86%35%
(1) For the purpose of Recommendation 1.5(c)(3) of the ASX Corporate
Governance Principles and Recommendations (4th edition), “senior
executives” has the same meaning as the “officers” referred to in the
chart above as defined under the NZX Listing Rules.
The table below provides a detailed breakdown of the age
diversification of Sky’s workforce:
Age20232022
<3013%20%
30 - 3930%32%
40 - 4932%28%
50 - 5920%15%
60 - 694%4%
>701%1%
3. Board committees
The Board should use committees
where this will enhance its effectiveness
in key areas, while still retaining Board
responsibility.
The Board has established the following committees to
act for, and/or make recommendations to, the full Board
on certain matters as described below. The Content Rights
Committee was established during 2023 in recognition of the
importance and time commitment required of directors for
this aspect of the Board’s duties.
Audit and Risk Committee
The Audit and Risk Committee is responsible for overseeing the
financial and accounting activities of Sky including accounting
and reporting, external and internal auditors, tax planning
and compliance, treasury and general risk management.
The committee operates under a formal Audit and Risk
Committee Charter which is available on Sky’s website.
The Charter also contains the External Audit Independence
Group Policy, the object of which is to ensure that audit
independence is maintained, such that Sky’s external financial
reporting is viewed as being highly reliable and credible.
As at 30 June 2023, the members of the Committee, who
are independent non-executive directors, are Keith Smith
(ARC Chair, Board Deputy Chair), Philip Bowman (Board
Chair), and Joan Withers.
All directors who are not members of the Audit and Risk
Committee may attend Audit and Risk Committee meetings
without invitation. A standing invitation exists for the Chief
Executive Officer and the Chief Financial Officer to attend
Audit and Risk Committee meetings.
People and Performance Committee
The People and Performance Committee is responsible for
providing recommendations regarding the appointment,
compensation levels and evaluation of Sky’s directors, Chief
Executive and senior executives, overseeing Sky’s people and
performance strategy and policies, including remuneration,
compliance with legislative and listing requirements, and
ensuring the health, safety and wellbeing of all employees.
The Committee also ensures that before appointing
executives, appropriate checks are carried out to ensure
candidates have the necessary skills to act for Sky.
The current members, who are independent non-executive
directors, are Mark Buckman (PPC Chair), Joan Withers and
Michael Darcey. The Committee’s Charter is available on
Sky’s website. Sky management may only attend Committee
meetings by invitation.

Sky / 2023 Annual Report
/53
Content Rights Committee
The Content Rights Committee is responsible for (a) providing
guidance, challenge, strategic input and counsel to Sky’s
management in relation to content rights arrangements;
(b) approving Sky’s pursuit and negotiation of content rights
arrangements; and (c) where applicable authority has been
delegated to the Committee by the Board, approving Sky’s
entry into and modification of content rights arrangements
in accordance with such delegated authority. The current
members, who are independent non-executive directors, are
Philip Bowman (CRC Chair, Board Chair), Keith Smith (Board
Deputy Chair), and Michael Darcey. The Committee’s Charter
is available on Sky’s website. Sky management may only
attend Committee meetings by invitation.
Ad-hoc Committees
The Board established a number of ad-hoc committees
during the 2023 financial year to assist the Board in fulfilling
its responsibilities in relation specific matters. Each such
committee was established by Board resolution (clearly
prescribing the membership of the committee and the role
of the committee) and required to regularly report back
to the Board on proceedings. The Board retained ultimate
responsibility for the relevant matters.
Board Membership
Sky’s Board is responsible for ensuring the balance of skills,
knowledge, experience, independence and diversity of
directors remains relevant to Sky’s business and strategy and
enables the Board to discharge its duties and responsibilities
effectively. The Board gives consideration to these factors
when assessing board succession and in evaluating potential
board candidates.
The Board does not have a formal nomination committee
constituted by a Board committee charter. The Board or a
nominations sub-committee of the Board (which is distinct
from the People and Performance Committee) evaluates
potential Board candidates to be considered for appointment.
To be eligible for appointment as directors, candidates must
demonstrate appropriate qualities and experience. Directors
will be selected based on all of the above factors including
the needs of the Board at the time.
Committee Meetings
During the financial year ended 30 June 2023 attendance at
committee meetings were as reflected in the table below:
Committee meetings
held while a
Committee member
Attendance
at Committee
meetings
Audit and Risk Committee
Keith Smith (Chair)
44
Joan Withers
44
Philip Bowman
44
People and Performance Committee
Mark Buckman (Chair)
1
77
Geraldine McBride (former Chair)
2
22
Joan Withers
77
Michael Darcey
77
Keith Smith
1
Content Rights Committee
Philip Bowman (Chair)
22
Keith Smith
20
Michael Darcey
22
(1) Mark Buckman was appointed to the People and Performance Committee on
1 September 2022 and was appointed Chair on 2 November 2022.
(2) Geraldine McBride retired from the Board 2 November 2022.
(3) Keith Smith is not a usual member of the People and Performance
Committee but attended 1 meeting.
Takeover Protocol
The Sky Board has approved a Takeover Protocol that
outlines the procedures when dealing with takeover offers.
This is available on Sky’s website.

3

54/
4. Reporting and disclosure
The Board should demand integrity
in financial and non-financial reporting
and in the timeliness and balance of
corporate disclosures.
Sky endeavours to provide investors and stakeholders with
financial and non-financial reporting that is clear, meaningful,
timely and balanced. All key governance documents and
policies, as well as all material stock exchange announcements,
interim and annual reports and investor presentations are
available online at www.sky.co.nz/investor-centre.
Financial Reporting
The Audit and Risk Committee oversees the preparation of
Sky’s financial statements, including materiality guidance and
setting policy to ensure the information presented is useful for
investors and other stakeholders.
Sky endeavours to prepare financial statements that are easy
to read by using clear, precise language and by structuring
the report so that it is logically presented, and that policies
and related notes are combined in a format that is consistent
and logical.
Directors, Chair and Board Committees’ Confirmation
of Financial Statements
Each year Sky’s Chief Executive and Chief Financial Officer
confirm in a written statement to the Board that the
financial statements are true and correct, are prepared
in accordance with applicable accounting standards and
present fairly Sky’s financial position. Although the wording
of that statement is not exactly the same as the wording
set out in section 295A of the Australian Corporations Act
2001, in substance the statement meets the requirements
of ASX Recommendation 4.2.
Continuous Disclosure
Sky is committed to keeping shareholders and the wider
market informed of material information relating to its
business, financial performance and strategy to ensure that
trading in Sky’s securities takes place in an efficient well-
informed market at all times.
When Sky provides a substantive investor or analyst
presentation, such as those prepared for investor results
briefings, shareholder meetings, or investor day events, a copy
of the material to be presented is released to the NZX and
ASX ahead of the presentation.
Sky has a Continuous Disclosure Policy that is available on
Sky’s website. The policy sets out the responsibilities of Sky
in relation to its continuous disclosure obligations under the
NZX and ASX Listing Rules and the Financial Markets Conduct
Act 2013. The policy establishes the procedures required to
fulfil Sky’s obligations and details the process to appropriately
identify and determine any material information that may
require disclosure.
In most circumstances, material market announcements are
approved by the full Board prior to their release. Copies of all
material market announcements are promptly circulated to
the Board after they have been made.

Sky / 2023 Annual Report
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5. Remuneration
The remuneration of directors and
executives should be transparent,
fair and reasonable.
Sky’s Remuneration Framework
Sky is committed to being an innovative employer, presenting
fair, market comparable and inclusive remuneration strategies
to ensure the strongest talent is attracted to, remains with
and remains attracted to the future growth of the business.
Sky’s approach to remuneration demonstrates the
intention to ensure clear alignment between remuneration
and sustainable, long-term stakeholder interests. Sky’s
remuneration policy provides detailed information regarding
the company’s remuneration framework and the approach to
Board and key management personnel (KMP) remuneration.
A copy of the policy is available on Sky’s website.
Stakeholder views and interests were considered in the design
of Sky’s remuneration framework to ensure an appropriate
focus on performance which supports the delivery of business
strategy. This is achieved through targeting the delivery of key
performance indicators (KPIs) as a core component of Sky’s
remuneration plans.
The People and Performance Committee is responsible for
providing recommendations regarding the appointment,
compensation levels and evaluation of Sky’s directors, Chief
Executive and senior executives, overseeing Sky’s people and
performance strategy and policies, including remuneration,
compliance with legislative and listing requirements, and
ensuring the health, safety and wellbeing of all employees.
The Board approves Sky’s Remuneration Policy and all
components of remuneration, including Director fees,
fixed remuneration, the quantum and terms of short term
incentives (STI) and the quantum and terms of any long term
incentives (LTI).
Fixed Remuneration
Fixed remuneration includes base salary and benefits,
including KiwiSaver. The salary component of fixed remuneration
is reviewed on an annual basis while benefits are reviewed as
appropriate. Executive KMP fixed remuneration is reviewed
annually and tested against relevant independent external
benchmark data, with any increases approved by the PPC
and the Board.
In considering changes to fixed remuneration during the
2023 financial year Sky’s Board and management were
conscious of the challenging impact of inflationary pressures
and this was reflected in the decision to once again focus
salary increases towards staff at the lower end of the salary
ranges. In FY23, the average salary increase was 6.4%,
effective from 1 October 2022.
Salary range
Percentage of
workforce
Percentage
increase
Up to $100,000
70%8%
$100,001 – $250,000
29%5%
From $250,001
1%4%
Blended increase
6.4%
Employee Benefits
Changes were made to employee benefits during FY23
following employee feedback and consultation.
The revised benefits offering includes a broader range
of benefits:
• The introduction of paid parental leave of 3 months at full
pay or 6 months at half pay with KiwiSaver contributions
included.
• Family support beyond parenting, including flexible working
arrangements above the legislative requirements and leave
associated with intergenerational family units to care for in
the home.
• The ability to give back to the community with a volunteer day.
• More inclusive gender policies and the introduction of gender
transition leave paid.
• Provision of a range of free and discounted Sky services.
Short Term Incentive Plan
Sky’s Short Term Incentive plan (STI) provides a direct link
between delivery of strategic or performance objectives
(both financial and non-financial) and remuneration outcomes.
The Chief Executive, the Executive Team and direct reports to
the Executive Team are eligible to take part in Sky’s STI plan.
The STI framework and specific metrics are considered by the
People and Performance Committee and recommended to
the Board for approval on an annual basis. The Board retains
discretion to deny an award under Sky’s STI plan, where it
would reward conduct that is contrary to Sky’s values or
risk appetite.
The entitlement percentage for the FY23 period was set at
45% of base salary for the Chief Executive and 35% of base
salary for other executives. Other eligible staff are entitled
to 15% of base salary. The STI measures were updated to
include a composite rolling average of Total Company Net
Promoter Score (NPS) rather than Sky Box NPS as the metric
for assessing Customer Satisfaction performance to better
represent company performance for all Sky customers.
In addition, STI metric weightings were changed to better
reflect the strategic importance of satisfying and retaining
customers to the long-term success of the business.
Sky’s STI programme includes an overarching Health and
Safety hurdle whereby the STI will be forfeited in the case of
a successful prosecution under the Health and Safety at Work
Act 2015.
Short Term Incentive (STI) achievement FY23
MeasureWeightingAchievement
Overall
Performance
EBITDA
35%88%
Free Cash Flow
15%0%
Subscriber Nos.
15%75%42%
Customer Satisfaction
25%0%
Employee Engagement
10%0%

56/
Long Term Incentive Plan
There was no Long Term Incentive plan (LTI) in place during
FY23. This was identified as a major gap in the executive
remuneration strategy and led to the development of an LTI
plan that will operate from FY24. The purpose of the LTI is to
incentivise performance and retention of Sky’s key executives
and create further alignment with shareholders’ interests,
consistent with contemporary market standards.
The LTI is structured as a performance rights plan with
a three-year vesting period with service rights conditions. The
performance conditions are set by the Board, having regard to
Sky’s medium and longer-term performance objectives with key
measures being total shareholder returns (based upon a cost of
equity metric) and relative total shareholder return. Each metric
will contribute 50% towards the total. Participants in the LTI
will be prohibited from entering into transactions to hedge or
otherwise limit the economic risk of participating in the plan.
As part of the implementation plan, no increase will be applied
to Chief Executive and executive fixed remuneration in the
2024 financial year. In this way, Sky’s remuneration costs will
only increase if performance achieves the targets set by the
Board. The percentage of potential LTI will vary by role with
the Chief Executive’s LTI set at a maximum of 50% of fixed
remuneration and executive participation set at a maximum
of 25% of fixed remuneration.
Sky Executive KMP Remuneration Objectives
Shareholder value
creation through equity
components.
An appropriate balance
of ‘fixed’ and ‘at risk’
components.
Creation of reward
differentiation to drive
performance culture
and behaviours.
Attract, motivate and
retain executive talent
required at each stage
of development.
Total Annual Remuneration (TAR) or Total Target Remuneration (TTR)
is set by reference to relevant market benchmarks
FixedAt Risk
Fixed Annual Remuneration (FAR)Short Term Incentives (STI)Long Term Incentives (LTI)
Fixed remuneration is set based
on relevant market relativities, as
determined by the Board but will
reflect role and responsibilities,
performance, qualifications,
experience and geographic location.
STI key performance indicators (KPI)
will be determined by the Board
based on key Financial and Non-
Financial criteria aligned to deliver
Sky’s priority business strategies.
Performance conditions will be set
by the Board and linked to a selected
matrix of Earnings, Total Shareholder
Return or other objectives that
the Board will align executive KMP
interests with shareholder interests.
Remuneration will be delivered as
Base salary plus any allowances
(includes Superannuation or
equivalent).

Paid, as cash, on completion of
the relevant performance period.
Deferral of a portion of the STI into
equity (performance rights) will
be considered.
Awarded as equity and will
vest (or not) at the end of the
performance period which will
be a minimum of three years.
Strategic intent and market positioning
FAR for executive KMP will typically
be positioned between the median
and 75th percentile (+/-) compared
to relevant market data considering
expertise, competitive tensions and
performance in the role.
Performance incentive is directed to
achieving key strategic or financial
targets. FAR and STI opportunity is
targeted to be positioned at about
the 75th percentile of the relevant
benchmark group.
LTI is intended to align executive
KMP with shareholder interests.
LTI opportunity should ideally be
positioned at or about the 75th
percentile.
Total Annual Remuneration (TAR) or Total Target Remuneration (TTR)
TAR or TTR is intended to be positioned in the upper 3rd quartile compared to relevant market based comparisons.
4th quartile TAR or TTR may be derived if demonstrable out performance is achieved by Sky.

Sky / 2023 Annual Report
/57
Chief Executive Remuneration
Sky’s Chief Executive, Sophie Moloney has a permanent
employment agreement with Sky. The agreement includes a
period of notice from the individual of 6 months and allows for
a provision of consultative agreed termination notice from the
company, referred to as the “No Fault Termination Clause”.
This clause allows for the agreed termination of the contract
with six months’ pay and six months’ notice. In addition, there
is the provision for a redundancy payment of 44 weeks.
Under the terms of the employment agreement signed at the
time of the Chief Executive’s appointment in December 2020,
a review was undertaken in the prior financial year resulting in
a salary increase of 4%, effective from 1 July 2022. The timing
of subsequent reviews will now revert to the standard annual
review cycle. Market comparison data is independently
reviewed by external remuneration consultants to benchmark
the Chief Executive and executive remuneration to ensure it
remains fair and competitive. The PPC and Board are confident
the Chief Executive and executive team are appropriately paid
for their roles and fall within Sky’s policy guidelines.
The Chief Executive’s remuneration for the years ending
30 June 2022 and 30 June 2023, is illustrated in the table below:
$20232022
Base salary
1
969,423932,500
STI
182,785330,568
Total remuneration
1,152,2081,263,068
(1) Sophie Moloney’s base salary is $970,000 per annum. Other benefits paid to
the CEO were as follows: FY23 KiwiSaver employer contribution: $37,895 and
FY22 KiwiSaver employer contribution: $37,902.
The Chief Executive has a significant portion of remuneration
‘at risk’ and linked to performance. In FY23 the Chief Executive
was entitled to participate in the STI scheme based on 45% of
base salary (44% of fixed remuneration). For the financial year
ended 30 June 2023 the Chief Executive’s STI was awarded at
16% of total remuneration.
From FY24, as a result of a market benchmark and review
process, the Chief Executive STI proportion will increase to
50% of base salary (49% of fixed remuneration). In addition,
the Chief Executive will participate in the LTI scheme from
FY24 at 50% of base salary (49% of fixed remuneration).
Pay Equity and Diversity
Sky continues to place a strong focus on diversity, equity and
inclusion and undertakes annual remuneration reviews to
ensure identified inequity is addressed.
As mentioned above under Fixed Remuneration, the decision
to weight FY24 salary increases towards staff on lower
salaries resulted in an 8% increase for those in the lowest
salary band compared to an increase of 4% for those in the
top band (and an average of 6.4% across the company).
Sky has committed to paying all employees at least the living
wage. At 30 June 2023 the living wage in New Zealand was
$23.65 per hour and no Sky employees were paid less than
the living wage.
Median Pay Gap
The median pay gap represents the number of times greater
the CEO remuneration is to an employee paid at the median of
all Sky employees. At 30 June 2023 the Chief Executive’s base
salary of $970,000 (on an annualised basis) was 11.2 times that
of the median employee at $86,400. On a total remuneration
basis, including STI, the median pay gap was 14.6 times.

58/
Employee Remuneration
The following table shows the number of employees
and former employees of Sky and its subsidiaries whose
remuneration and benefits for the year ended 30 June 2023
were within the specified bands above $100,000.
The remuneration figures shown in the table include all
monetary payments actually paid during the year ended
30 June 2023, including severance and STI payments.
The table does not include amounts paid post 30 June 2023
that relate to the 2023 financial year, such as STI bonuses.
Remuneration range ($)Number of employees
100,000 - 110,000 58
110,001 - 120,000 35
120,001 - 130,000 40
130,001 - 140,000 38
140,001 - 150,000 28
150,001 - 160,000 20
160,001 - 170,000 13
170,001 - 180,000 12
180,001 - 190,000 9
190,001 - 200,000 6
200,001 - 210,000 4
210,001 - 220,000 9
220,001 - 230,000 3
230,001 - 240,000 3
240,001 - 250,000 4
250,001 - 260,000 7
260,001 - 270,000 3
270,001 - 280,000 1
280,001 - 290,000 2
290,001 - 300,0001
300,001 - 310,0001
310,001 - 320,0003
350,001 - 360,0001
360,001 - 370,0001
400,001 - 410,0001
460,001 - 470,0002
500,001 - 510,0001
510,001 - 520,0001
520,001 - 530,0001
860,001 - 870,0001
1,260,001 - 1,270,0001
Total
310
Director Remuneration
Directors do not receive any performance or equity-based
remuneration, superannuation or retirement benefits (for
their role as directors). This reflects the role of the directors
which is to provide oversight and guide strategy, whereas the
role of management is to operate the business and execute
Sk y ’s s trategy.
The directors’ fee pool available has been set at a maximum
amount of $950,000 per annum since it was last approved
by shareholders in October 2015.
Annual Fee Structure ($)
Year ended
30 June 2023
Year ended
30 June 2022
Board fees
Board Chair
$210,000$200,000
Deputy Chair
$136,500$130,000
Non-executive Director
$105,000$100,000
Board Committee Fees
Audit and Risk Committee
Chair
$20,000$20,000
Member
$12,000$12,000
People and Performance Committee
Chair
$12,000$12,000
Member
$8,000$ 7, 5 0 0
Content Rights Committee
1
Member
$5,000-
(1) The Content Rights Committee was formed during FY23.

Sky / 2023 Annual Report
/59
Fees paid to Sky Directors in the year ended 30 June 2023 are set out in the table below:
NameBoard Fees
Audit and Risk
Committee
People and
Performance
Committee
Content Rights
CommitteeTotal Remuneration
Philip Bowman (Chair)
1
210,000--3,315213,315
Keith Smith (Deputy Chair)
136,50020,000-3,315159,815
Michael Darcey
105,000-8,0003,315116,315
Joan Withers
105,00012,0008,000-125,000
Mark Buckman
2
105,000-9,333-114,333
Geraldine McBride
3
35,641-4,000-39,641
Belinda Rowe
4
35,000---35,000
Totals
732,14132,00029,3339,945803,420
(1) The Board Chair is a member of the Audit and Risk Committee, (and is not the Chair of the Committee), however he does not receive a separate fee for this role.
(2) Mark Buckman joined the People and Performance Committee during the financial year, effective 1 September, and became Chair of the Committee, effective
2 November.
(3) Geraldine McBride resigned from the Board during the financial year, effective 2 November 2022.
(4) Belinda Rowe joined the Board during the financial year on 1 March 2023.
Fee structure from 1 July 2023
The People and Performance Committee commissioned an
independent review of Director Remuneration to benchmark
the current settings against comparable market peers. On the
basis of that review, the board fee pool will remain unchanged,
and board fees will increase by 5%, effective 1 July 2023.
6. Risk management
Directors should have a sound
understanding of the material risks faced
by the issuer and how to manage them.
The Board should regularly verify that
the issuer has appropriate processes
that identify and manage potential
and relevant risks.
Sky’s risk management framework is overseen and
monitored by both the Board and the Audit and Risk
Committee. The Audit and Risk Committee in conjunction
with management regularly report to the Board on the
effectiveness of the management of Sky’s risks and whether
the risk management framework and systems of internal
compliance and control are operating efficiently and
effectively in all material respects.
Sky has a Controlling and Managing Risk Policy which provides
an overview of Sky’s risk management process. The Policy
outlines Sky’s risk management objectives and guidelines
and provides a framework to identify, manage and report
on risks both financial and non-financial. The Audit and Risk
Committee reviews Sky’s risk management framework
with management at least annually to satisfy itself that it
continues to be sound and to ensure that Sky is operating with
due regard to the risk appetite set by the Board. A review of
Sky’s risk management framework was undertaken in the
2023 financial year.
Sky recognises that having a robust and well-documented
enterprise-wide risk management framework is critical to
support the management of risks across Sky. Management,
with oversight by the Audit and Risk Committee, continue
to identify and implement improvements to Sky’s risk
management processes in line with the enterprise-wide
risk management framework, while maintaining its focus
on managing both near and long-term risk to best support
Sky’s current and future business and operating goals.
Sky’s internal audit function is outsourced to Ernst & Young
(EY). An annual internal audit plan is presented and approved
by the Audit and Risk Committee and the Audit and Risk
Committee receives internal audit reports during the year and
monitors completion of action items that arise. Sky’s internal
audit function assists it to better accomplish its objectives
by bringing a systemic, disciplined approach to evaluating
and continually improving the effectiveness of Sky’s risk
management and internal control processes.
Material Exposure to Economic, Environmental
and Social Sustainability Risks
Sky identifies and assesses material exposure to economic,
environmental and social sustainability risks on an annual basis
as part of the overall framework of assessing risk to satisfy
itself that its risk management framework continues to be
sound and that Sky is operating with due regard to the risk
appetite set by the Board. A summary of the key economic,
environmental and social sustainability risks it faces, and
how Sky intends to manage those risks is included in the
Controlling and Managing Risk Policy on Sky’s website.
Sky’s high level assessment of exposure to climate related
risk has been captured within the company’s detailed risk
assessment framework. Sky’s climate related risks are broadly
contained within the principal risk areas of legislative and
regulatory compliance and adverse natural events. Sky will
build on the initial risk identification work by documenting
the key physical and transitional risks (and opportunities)
associated with climate change in more detail, and by
completing scenario analysis, in line with the requirements
of the Aotearoa New Zealand Climate Related Disclosures.

60/
Sky has identified the following strategic risks that could affect results and performance:
Strategic risksDescriptionMitigation
Critical
infrastructure
Reliability and continuity of the provision of
services is fundamental to the sustainability
and reputation of Sky’s business.
Sky has robust Business Continuity Management
and Disaster Recovery plans which are regularly
reviewed, tested and updated. This includes review
by independent advisors.
CybersecurityCybersecurity risk mitigation is important
for the safe and reliable operation of Sky’s
business, including to protect sensitive data.
Sky has a comprehensive cybersecurity programme
that includes tools and systems designed to prevent and
detect potential threats to cyber security, privacy and
data breaches. This programme is continually monitored,
tested and improved.
Acquiring and
retaining market
leading content
Acquiring and retaining great content at the
right price is critical to Sky’s future.
In recent years, Sky has secured significant multi-year
content rights deals and it continually reviews what is
important to its customers and the evolving content
and rights landscape, utilising data-based insights and
research to ensure its content remains market leading
while ensuring financial sustainability.
Strategy ExecutionFailure to execute strategic initiatives could
impact Sky’s reputation and ability to meet
financial goals.
In conjunction with the Board, Sky’s executive team have
clearly defined Sky’s strategic goals and have a clear path
to achieving those goals. This includes engaging with the
Sky team more broadly to ensure the whole business
is aligned.
Legislative
and regulatory
compliance
The ever changing legal and regulatory
landscape within which Sky operates together
with Sky’s evolving product mix and delivery
methods creates a risk that Sky could
inadvertently fail to comply.
Sky has robust policies and procedures covering
compliance with key legal and regulatory requirements.
Sky’s internal legal team monitors changes and
proposed amendments to its compliance obligations.
Sky also engages external legal advisors to ensure
it remains compliant.
Adverse natural
event
Extreme climatic events and natural disasters
could significantly impact Sky’s ability to
deliver its great content and could impact
demand for its services from impacted
customers.
As noted above, Sky has robust Business Continuity and
Disaster Recovery plans to ensure it is best placed to
withstand climatic events and natural disasters. Sky also
has comprehensive plans to assist customers impacted
by these events.
Ability to attract,
retain and engage
key talent
Attracting, retaining and engaging employees
is key to achieving Sky’s strategic goals.
Sky continues to invest in its people and culture
programmes including building leadership capability across
the business, improving access to the tools, systems and
process needed to enable employees to achieve their
potential, and implementing a Talent Strategy to identify
and retain key talent. Sky has also focused significantly on
Te Ao Māori and the opportunities presented by imbedding
its principles within Sky.
CompetitionSky operates within an extremely competitive
market with New Zealanders now able to
access the content they want to watch more
easily than ever before.
If Sky fails to respond to new competitors or changes
to customers’ needs, it could fail to meet strategic
and financial goals. While Sky is focused on delivering
its strategic goals, it continually monitors its market
environment using customer feedback and data
insights to ensure its content and delivery approach
remain relevant and in demand. Sky remains focused
on connecting New Zealanders with the sport and
entertainment they love, in ways that work for them,
right across the country.

Sky / 2023 Annual Report
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Health and safety
Sky has a comprehensive Health & Safety Strategic plan
supported by Health and Safety Policies and a Procedures
Manual. A Health and Safety update is provided at Sky’s
monthly Risk Management Steering committee meeting
and regular reports are provided to the Audit and Risk
Committee, and People and Performance Committee and
to the Board to ensure that Sky fully complies with its health
and safety obligations. Sky’s strategic approach to health
and safety is to:
• safeguard the wellbeing of its people by providing a safe
and inclusive workplace environment;
• fulfil all safety obligations within the business, in line with
the strategic intent, corporate objectives and legislative
requirements; and
• share a vision and commitment to a safety culture that
drives continual improvement and organisational resilience
at all levels within Sky.
Over the course of the financial year, Sky has held a zero
Lost Time Injury Rate (LTIFR) with permanent crew and has
worked with contracting partners on continuous improvement
initiatives. Sky carried out 474 field audits, with over 44% of
those audits being conducted with its contracting technician
partners. In the 2024 financial year Sky will include additional
Health and Safety aspects in the internal audit cycle and
introduce external Health and Safety audits.
7. Auditors
The Board should ensure the quality
and independence of the external
audit process.
External audit
The role of the external auditor is critical for the integrity
of Sky’s financial reporting. PricewaterhouseCoopers (PwC)
is Sky’s external auditor. The Audit and Risk Committee is
responsible for reviewing and recommending to the Board
the engagement of the external auditors, for reviewing any
regulatory requirements, for agreeing the scope of the audit,
ensuring no management restrictions are placed on the
auditors and for evaluating the performance of the external
auditors. Sky’s Audit and Risk Committee Charter (available
on Sky’s website), contains the policy for External Audit
Independence which sets out the framework for ensuring that
independence of the external auditor is maintained.
A copy of the most recent audit report, relating to the 2023
financial year is included on page 122.
Sky undertakes an internal process of verification for periodic
materials released to the NZX and ASX where these have not
been audited or reviewed by the external auditor, to ensure
the accuracy and integrity of the material prior to release.
This process includes the following:
• reports are prepared by or under the supervision of subject
matter experts;
• material statements in the report are reviewed for accuracy
and appropriately interrogated; and
• all announcements (other than administrative announcements)
must be approved by Sky’s Disclosure Committee.
Where considered appropriate Sky requests an external review
from a suitably qualified advisor to provide an additional level
of independent review.
Internal audit
Sky currently outsources to EY its internal audit function
which is tasked with monitoring Sky’s internal control systems
and risk management. Internal audit operates with and
independently of management and reports directly to the
Audit and Risk Committee.
The Audit and Risk Committee reviews the internal audit plan
annually as well as the internal audit reports. The internal
audit reports are made available to the external auditors.

62/
8. Shareholder relations
The Board should respect the rights of
the shareholders and foster relationships
with shareholders that encourage them
to engage with the issuer.
Investor communication
Sky is committed to facilitating effective two-way
communication with its shareholders and other stakeholders.
Sky’s approach to investor relations is designed to keep both
Sky’s shareholders and the broader market properly informed.
Sky’s Investor Communications Policy outlines the steps
that it takes to enable shareholders to engage with Sky in
an informed manner and to allow them to make informed
assessments of Sky’s value and future prospects and vote
on major decisions where appropriate. A copy of this policy
is available on Sky’s website.
In addition to information provided to the market via NZX and
ASX, Sky uses the following methods to communicate with
its investors:
Investor centre website
Sky’s website (www.sky.co.nz/investor-centre) includes copies
of documents that have been released to the market to enable
investors and stakeholders’ access to all information about
Sky and its governance in one place. This includes copies of
annual reports, presentations, market announcements, media
releases and corporate governance documents. In addition,
information may be requested directly from Sky by emailing
investorrelations@sky.co.nz to which Sky is committed
to responding to in a timely manner.
Electronic communications
Sky is committed to improving the efficiency, timeliness,
and sustainability of communications with its shareholders
by encouraging them to receive communications material
electronically via Sky’s share registry, Computershare
Investor Services Limited.
Annual shareholder meeting
Shareholders are encouraged to attend Sky’s Annual
Shareholder Meeting, whether this is held in person,
virtually or as a hybrid meeting. Details of the Annual
Shareholder Meeting, and the ways that shareholders can
participate, are available in the Notice of Meeting which is
dispatched to shareholders at least 20 working days prior
to the Annual Shareholder Meeting in accordance with NZX
Corporate Governance recommendations, and made available
on Sky’s website. Sky ensures that shareholder meetings
are held at a reasonable time and place and ensures that all
resolutions at a shareholders’ meeting are decided by a poll.
Notices of shareholder meetings include explanatory
information regarding the resolutions to be considered
by Sky’s shareholder meetings. These are provided in
sufficient time to enable shareholders to form a reasoned
judgement on the matters to be voted upon. Sky’s external
auditors, legal representatives and share registrar attend
the Annual Shareholder Meeting. Directors, management
and external auditors are available to answer any questions
from shareholders at the Annual Shareholder Meeting.
Details of how shareholders unable to attend the Annual
Shareholder Meeting can submit questions in advance are
included in the Notice of Meeting.

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Sky / 2023 Annual Report
Company
Information

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Interests Register
Disclosures of Interest – General Notices
Directors have given general notices disclosing interests in various entities pursuant to section 140(2) of the Companies Act 1993.
Those notices which remain current as at 30 June 2023 are as follows:
DirectorEntityRelationship
Philip BowmanBetter Capital PCC Limited
KMD Brands Limited (listed)
Tegel Group Holdings Limited
Ferrovial SA (listed)
Majid al Futtaim Holding LLC
Majid al Futtaim Properties LLC
Majid al Futtaim Capital LLC
Tom Tom Holdings, Inc.
Vinula Pty. Limited
Vinula Super Fund Pty. Limited
Director
Director
Chair
Director
Director
Chair
Director
Director
Director
Director
Michael DarceyArqiva Group Limited
1
British Gymnastics
Premier League Basketball UK
Chair
Chair
Shareholder
Geraldine McBride
(resigned 2 November 2022)
My Wave Holdings Limited
My Wave Limited
Fisher & Paykel Healthcare Corporation Limited
Director, CEO
Director
Director
Keith SmithAnderson & O’Leary Limited and associated companies
Enterprise Group Holdings Limited and associated companies
Goodman (NZ) Limited and associated companies
1
H J Asmuss & Co Limited and associated companies
Healthcare Holdings Limited and associated companies
Mobile Health Group Limited
Tax Traders Limited
Gwendoline Holdings Limited (non-trading)
Chair
Chair
Director
Chair
Chair
Chair
Member of Advisory Board
Director
Joan WithersThe Warehouse Group Limited and associated companies
ANZ Bank New Zealand Limited
Louise Perkins Foundation
On Being Bold Limited
Origin Energy Limited
Chair
Director
Trustee
Director
Director
Mark BuckmanOzTAM Pty. Limited
Barangaroo Advisory Pty. Limited
Honed Real Estate Pty. Limited
MSVN Technologies, LLC
2
Chair
Director
Shareholder and advisor
Shareholder and advisor
Belinda RoweSoprano Design Limited
2
ARN Media Limited
1
Sydney Swans Limited
1
Temple & Webster Group Limited
1
Belinda Rowe Consulting Pty. Limited
1
Rowe-Cuthbert Nominees Pty. Limited
1
3P Learning Limited
1
Nominated Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Director
Director
Non-Executive Director
(1) Entries added or updated during the period from 1 July 2022 to 30 June 2023.
(2) Entries removed by notices given by the directors during the period from 1 July 2022 to 30 June 2023.