LIC 2024/25 Sustainability Report

There's always room for improvement
Livestock Improvement
Corporation Limited (LIC)

Sustainability Report
For the year ended 31 May 2025
Building stronger herds,
smarter tools and a more
resilient future

This report presents information about
LIC’s environmental, social and economic
performance for the year ended 31 May 2025
and has been reviewed by LIC’s Board of
Directors. LIC has reported in accordance
with the Global Reporting Initiative (GRI)
Standards for the period 1 June 2024 to
31 May 2025.
About this report
The report is intended to meet our commitment to report
on LIC’s environmental, social and economic performance,
but it’s also an opportunity to demonstrate how we are
responding to sustainability challenges facing our farmers
and the New Zealand dairy sector. It outlines how we are
helping farmers understand and improve their emissions
and demonstrates that, with a sharper focus on herd
improvement, NZ farmers can produce high quality milk
products from sustainable, high performing cows.
Our external auditors KPMG have performed procedures to
ensure that financial and greenhouse gas emissions data
included in this Sustainability Report is consistent with LIC’s
Annual Report and Climate Statements.
We are committed to open and transparent reporting
on sustainability and will continue to further develop our
reporting over time.
LIC Sustainability Report

Contents
Who we are 4
Why sustainability matters to LIC 5
Key Highlights 6
Letter from the Chair & Chief Executive 7
Our strategy 9
Environmental Sustainability 10
Reducing the emissions footprint of our national herd 12
Reducing the environmental footprint of our business 20
-Science-aligned emissions targets 20
-Our emissions 22
Social sustainability – caring for our people 27
Governance Structure 28
Caring for our people 30
Employee Data 34
Economic Sustainability 36
Our Business 41
How we work 43
How we create value 46
Engaging with our stakeholders 48
Materiality assessment 50
GRI content index 51
For the year ended 31 May 2025

Who we are
LIC is a New Zealand dairy farmer-owned co-operative
and leader in pasture-based dairy genetics and herd management.
LIC is headquartered in the Waikato, with over 25 sites across New Zealand,
Australia, UK and Ireland. With origins dating back to 1909, LIC has a long history of
delivering world-leading innovations for the dairy sector. This is even more relevant
to farmers today given the rapid change the sector is undergoing and the growing
climate challenges we’re facing. Who we are and what we do has never been more
important for Kiwi farmers, our sector and New Zealand.
As a farmer-owned co-operative, all of our profit is returned to our farmer
shareholders in dividends or reinvested into new solutions and research and
development (R&D).
LIC shares are listed on the NZX. To be a shareholder in LIC, you have to farm dairy
cows in New Zealand, supply a New Zealand milk processor and buy a minimum
amount of qualifying products and services from LIC every season.
We exist to help
farmers breed for the
future herd now – using
the best tools, insights
and genetics.
LIC Sustainability Report
4

Why sustainability
matters to LIC
Sustainability is not only important to us as a business, but also
because of the critical role we play in helping dairy farmers meet their
own sustainability goals.
Our strategy focuses on building stronger herds, smarter tools and a more resilient
future for our shareholders and sector. As a co-op, we understand the role we must
play in driving positive change through collective action on climate change in New
Zealand and supporting our farmer shareholders on the journey. We are committed
to driving sustainability improvements and helping to reduce emissions on-farm,
with projects and initiatives in both these areas underway.
At LIC we believe in supporting our farmers and their herds in reducing biogenic
methane emissions intensity. We have expanded our number of trial animals in
recent years to focus on R&D in this area, as well as improving heat tolerance, on
behalf of the sector. We expect this research to lead to lower methane-emitting
bulls in our bull team, as well as contributing to lower methane emissions intensity in
the national herd.
We support our 8,700 shareholder farmers through genetics, genomics, milk testing
and diagnostics, together with leading research and innovation, to produce the
most sustainable and profitable animals.
New Zealand farmers, our
sector and the New Zealand
Government are focused on a
more sustainable approach to
farming, so we must continue
to improve our environmental
credentials.
For the year ended 31 May 2025
5

Key Highlights
Environment
Supporting shareholders
to produce the most
sustainable and lower
emitting animals and
reducing LIC’s emissions.
‘BeHerd’
Engagement
survey result
Five-year rolling
average increase
in genetic gain
(genomic Breeding Worth) for
long-term users of LIC genetics
(across 2020 – 2024 cohorts)
2024/25 change compared to 2018/19 (base year)Up 0.3% from 394.5 kgMS prior
rolling 3-year average
0.57% increase
on previous year
Total revenue
from continuing
operations
Lost time injury
frequency rate
Final dividend
declared
Full time
equivalent
employees
R&D and
investment in
business
Investment & capital spend
$27.8m in line with last year
(excluding NMR share sale)
R&D expense $22.5m up
6.3% from last year
1
Source: New Zealand Dairy Statistics 2023-24
75
$
295.1
m
$
50.3
m

Reduction in LIC’s
Scope 1 & 2 CO
2

emissions
Rolling 3 year
average milk
production
Cows in
national herd
19
%

Reduction in LIC’s
Scope 1 biogenic
CO
2
emissions
5.9
%

4.33
900
+

Social
Caring for our staff and our farmer shareholders.
Economic
Delivering value to our farmer shareholders by investing in initiatives to help
them breed the most profitable and sustainable animal.
$
17.4
m
$
24.1gBW
395.6kgMS
1
4.7
m
1

Up 10.4% from $267.3
million last year
12.22 cents per shareUsing Microsoft’s Viva Glint
software in May 2025 - the result
is just below the top quartile of
global organisations using the
same tool. There was an 81%
employee response rate.
(Per 200,000 hours worked)
Up from 2.35 last year
Plus close to 1,700
seasonal workers
If we’re milking fewer cows, we need to milk better ones.
LIC Sustainability Report
6

Letter from the Chair
& Chief Executive
Herd improvement remains one of the most powerful tools we have
to support dairy farmers to breed stronger herds for a more resilient
future. By breeding better cows, faster, we’re helping farmers adapt
to new challenges, reduce emissions intensity, meet the growing
expectations of consumers, processors, and global markets, and
continue to produce high-quality milk from one of the most efficient
farming systems in the world.
Aotearoa’s pasture-based grazing system has helped make us a global leader in
dairy efficiency. But this unique model also presents challenges that many overseas
producers don’t face, challenges that make LIC’s work more important than ever.
As a generational co-operative, the greatest impact we can have is supporting Kiwi
farmers to breed highly efficient animals that are also well-suited to a changing
climate and aligned with the needs of processors and global markets. The herd
of the future must deliver on productivity and environmental performance, and
our people are already helping farmers breed for that future now, using the best
science, tools, and genetics available.
The strength of our co-op lies in the ability to combine resources to drive leading
research and innovation. By investing in genomics, we’re improving the sustainable
productivity of our national herd and delivering the best cows for today’s farmers,
and for generations to come.
For the year ended 31 May 2025
7

One standout example is our world-leading methane research programme, which
is on track to help dairy farmers breed more climate-friendly cows by next year. Our
trials show that genetic variation affects how much methane is produced by heifers,
and that bulls identified as low emitters pass this trait to their daughters. The next
step is underway to measure emissions from those daughters during their first milking
season and, to support this, we’ve built a state-of-the-art research barn that will
enable large-scale monitoring of lactating cows. If successful, this research will allow
us to produce a methane breeding value, empowering farmers to reduce on-farm
emissions without compromising milk production.
Another long-term commitment we have made is to our heat tolerance breeding and
research programme, which aims to provide New Zealand farmers with the ability
to have high genetic merit dairy cows with improved heat tolerance. As climate
temperatures rise, so too does the impact of heat stress on dairy cows – this affects
not only their welfare but also feed intake and milk production. Trials are underway at
the moment to make sure these genetics will also produce cows that suit our pasture-
based environment and can deliver on milk production.
We are proud to release this report which is part of our commitment to transparency
and accountability, capturing the progress we’re making on our sustainability journey.
Central to this is our commitment to herd improvement - we know the on-farm
efficiencies smart breeding can unlock, and we remain focused on helping farmers
reduce their emissions intensity and future-proof their businesses.
Corrigan Sowman David Chin
Chair Chief Executive
15 September 2025
LIC Sustainability Report
8

Our strategy
Creating value for our farmer shareholders is at the heart of everything we do. Our people are helping farmers
breed for the future herd now using the best tools, insights and genetics.
Our strategy focuses on building a strong sustainable co-operative, leading the world in our field and delivering outstanding
value for our customers, shareholders and sector, next year, in five years and for another 100 years. During the reporting period
the Board completed a check-in on LIC’s business strategy and clarified the focus on herd improvement, enabling emissions
intensity reduction in the national herd, with five priority areas being focussed on as key enablers of herd improvement: customer
experience, genetics, testing, farm software and international markets.
What's the
herd of the
future?
How we'll
breed it
faster
The role of
our people
Working with farmers to breed for the future herd now - using the best tools,

insights and genetics we can offer
Breeding
better cows
faster with:
Why this
matters
High-performing herds
through world-class breeding
programmes
Smarter tools that connect data,
insights and systems farmers use
A generational co-operative
that's easy to work with
Our Strategy
Customer
experience
that makes LIC
easy to deal with
Genetics
that continue
to deliver value
on farm
Testing
to predict
performance and
health issues
Farm software
to make herd
and breeding
decisions easier
International
markets
to strengthen our
breeding scheme
With world leading herd improvement
Highly efficient,
producing more
from less
Aligned with the
needs of processors
and global markets
Lower-emitting and
environmentally fit-
for-purpose
For the year ended 31 May 2025
9

Environmental Sustainability
The dairy sector needs to continue to evolve, for climate change and because of it. At LIC, we are committed to reducing
the environmental footprint of our business.
The most significant impact we can make is through
helping to reduce the environmental footprint of the
national dairy herd.
Herd improvement is what we do - we provide farmers
with the precision genetics and technology tools they
need to improve their herds and be more sustainable,
while remaining profitable and productive. We’re
amplifying this through genomic science to deliver
results for farmers at a faster rate.
The results some farmers are achieving show that, if
we sharpen our focus on herd improvement, we can
reduce intensity of emissions and continue to have
the world’s most efficient dairy herd. High producing,
climate-friendly cows aren’t just a hope for the future
- they exist in the national herd today and are well
within reach for every dairy farmer. We simply need
more of them and our products and services provide
farmers with an opportunity to do just that.
Key Metrics
By assessing genetic data, our models estimate that
over the past 30 years the genetic improvement in our
Premier Sires
®
semen delivered on-farm has resulted
in an 11% reduction in enteric methane and 14% less
urinary nitrogen emission intensity per kilogram of
milksolids produced, noting that the size of the dairy
herd increased 72% during that period (1994 to 2024
increase - New Zealand Dairy 2023/24 Statistics
report), which increased absolute methane emissions
of the national herd.
The increased rate of genetic improvement in
production and fertility traits without any increase
in animal liveweight, and the shorter generation
interval that genomic selection enables, has created
a consistent trend of New Zealand farmers breeding
more emissions efficient cows and, year-on-year,
they’re doing it faster.
New Zealand dairy farmers continue to embrace
a range of tools to improve herd sustainability and
productivity. The New Zealand Dairy Statistics report
2023/24, produced by LIC and DairyNZ, shows that
over 77% of cows were herd tested and this is one
of a number of tools that farmers are using to help
improve milk quality and production. The percentage
of cows artificially inseminated decreased slightly to
81.1% from 81.5% in the previous season. This reflects
a continued trend of New Zealand farmers remaining
focused on improving the production efficiency of
their herds and utilising data and insights to support
on-farm decisions.
Cow numbers slightly increased in 2023/24 by
0.6% and there was a 0.5% increase in kilograms
of milksolids processed compared to the
previous season.
LIC Sustainability Report
10

The weighted average of the Premier Sires team for the 2023/24 season showed
a slight decrease in both urinary nitrogen and methane per kg of milksolids below
the 30-year trend. This is a result of genomic selection and the use of the Forward
Pack product by farmers which continues to drive the rate of genetic gain and
subsequently methane and nitrogen efficiency.
Enteric methane
Enteric methane from ruminant livestock is the main greenhouse gas emission
produced in pastoral dairy farming. LIC, using our genetic data, has been able to
model the predicted enteric methane emissions relative to miksolids production for
the lifetime of the female progeny of the Premier Sires teams.
0.2
0.25
0.3
0.35
0.4
-400-2000200400600800
Mehtane per milksolids (kg CH
4
/kgMS)
Breeding Worth - BW (LIC GE 9 May 2024)
BW compared to methane per milksolids (kg CH
4
/kgMS)
Urinary nitrogen
Urinary nitrogen from cattle is a large contributor to surplus nitrogen which is
susceptible to be a loss to the environment in the form of nitrate. Nitrate is leached
from the soil into waterways as a pollutant and nitrous oxide is a potent greenhouse
gas with a large warming potential.
0.1
0.15
0.2
0.25
0.3
0.35
-400-2000200400600800
Urinary nitrogen per milksolids (kg UN/kgMS)
Breeding Worth - BW (LIC GE 9 May 2024)
BW compared to urinary Nitrogen per milksolids (kg UN/kgMS)
For the year ended 31 May 2025
11

Reducing the emissions footprint of our national herd
We’re helping farmers breed better cows and get the best
from them.
As part of our commitment to faster genetic gain, our team of scientists has
investigated the full spectrum of MINDA
®
herds in search of the ‘best cows’ and
whether a clear correlation existed between genomic Breeding Worth (gBW) and
milk production efficiency.
All cows aren’t created equal.
The research reaffirms that the best cows (with high gBW) are more efficient at
turning feed into milk – they produce more, have a fertility advantage and are
more emissions efficient. If we’re going to help our sector meet its environmental
goals, New Zealand farmers must breed more of those highly efficient cows that sit
at the top, and fewer of those who sit at the bottom.
We don’t need more cows – we need better cows.
At an individual farm level there can be many variable factors, but it is conceivable
that by 2030 a farmer’s whole herd could be performing at the level of their top
25% cows today. The goal is to maintain total milk production from fewer cows,
therefore reducing on-farm emissions intensity.
Breeding better cows, faster, is the key to helping farmers solve the challenge of
being profitable and sustainable. We’ve made good progress over the years but, to
continue on this trajectory, we need to sharpen our focus.
Long term users of LIC genetics are already doing this – they’ve
doubled the speed of improvement in their herds over the last
decade. They’re breeding better cows faster, and genomics is the
key contributor.
Over more than 30 years we have invested significantly in genomics and, alongside
farmers’ herd management decisions, it has played a key role in the faster rates of
genetic improvement we’ve seen.
The increased utilisation of genomics in our breeding programme and increased
farmer uptake of young genomically selected sires has gone hand-in-hand with
higher rates of increased genetic gain in farmers’ herds.
Genomic records, ancestry information and technology allow us to accurately
identify elite bulls at a young age so we can start using those animals to breed the
next generation of cows sooner. The use of genomics in our breeding programme
means we can reduce the generation interval from five years to two.
Farmers are making the switch to high gBW genomic bulls for the value that they
deliver on farm. Genomic sires feature in our premium artificial breeding offerings,
including the Premier Sires
®
Forward Pack, A2/A2, Alpha
®
and liquid sexed
semen. During the 2024/25 year, 89.5% of fresh semen straws used for breeding
replacements were from our premium bull teams, up from 79.5% the year prior.
Long-term users of LIC genetics are ahead of the pack and moving at pace to
increase the speed of improvement in their herds.
LIC Sustainability Report
12

0.0
5.0
10.0
15.0
20.0
25.0
0
20
40
60
80
100
120
140
160
180
200
201620172018201920202021202220232024
Rate of genetic gain (gBW)
gBW
Year
Source: Sample size of 4,700 herds: >80% of progeny sired by LIC bulls (8
years). Herd recording in MINDA with Herd Test results, June 2025
Genetic Gain in LIC Herds
Genetic merit of animals born (average)Rate of genetic gain (three-year average)
For the year ended 31 May 2025
13

Key updates and refinements to our herd improvement toolbox
1. Enhancing our GeneMark
®

DNA testing service
GeneMark
®
Genomics
LIC has combined its DNA parentage testing and
genomic evaluation services into one service to help
farmers identify their highest genetic merit animals
to improve their herd. Every eligible sample for female
animals sent to LIC’s GeneMark
®
lab receives parent
verification as well as a confirmed genomic evaluation
(GEv). By offering parentage verification and genomic
evaluation in one service, farmers can take the
guesswork out of matching calves to their parents for
added precision in their breeding programme, while
also receiving data to assist in selecting the highest
genetic merit animals to join their milking herd. The
significant number of genotypes that will be collected
through the use of this product will also enable the
selection of the best genomic heifers as bull dams to
drive approximately 9% improvement in the rate of
genetic gain (equating to a reduction of 1.4 years in
the cow-to-bull pathway). In November 2024 we hit a
significant milestone of genotyping our one millionth
dairy animal.
Identify calves with genetic variants
During the course of a five-year research programme,
LIC scientists discovered multiple genetic variants
that impact animal health to the tune of up to $10
million in lost production each year across the
national dairy herd. Animals that are tested through
GeneMark
®
are automatically screened for variants
that have the most impact, free of charge, and
farmers are informed of any affected animals in their
herd. Our research scientists are continuing with a
programme of work focused on identifying further
variants to continue to improve the information
available to farmers so that they are able to rear the
healthiest, higher performing animals.
2. Animal health testing
Johne’s disease is a contagious infection estimated
to cost New Zealand more than $40 million in lost
production each year. It is caused by a bacterium
which infects the gut of dairy cows and other
ruminant animals. Common side effects include lower
milk production, difficulty reproducing and rapid
weight loss.
This disease is common in dairy cows, but it can be
difficult to detect. LIC provides individual animal
testing for Johne’s disease; in the year ended 31 May
2025 testing increased by 30% to a record level of
nearly 1.66 million tests.
This year we have produced 539 Johne’s Disease
trend dashboards for 35 vet clinics. We have surveyed
users about their experience and received results from
approximately half of them. The feedback will be used
to continue to improve the dashboard.
LIC Sustainability Report
14

In addition, LIC has conducted analysis of data
collected over the last ten years from 2,700 dairy
herds over 16 regions to identify risk factors and
associations. Results from this analysis will offer
valuable insights for disease management and were
published in June 2024.
Mastitis
Mastitis is a common disease that affects a cow’s udder
health and milk quality. According to DairyNZ, the cost
of mastitis across the New Zealand dairy sector has
been estimated at approximately $180 million per year.
In August 2025 we introduced a new and improved test
to help our farmers better detect mastitis in their herd.
The Mastitis Multiplex test uses herd test milk samples
to detect the three most common mastitis causing
bacteria and provides an indication of potential
resistance to penicillin antibiotics. This information
is critical in helping our farmers make more informed
decisions and to improve the productivity of their herd.
The new test will provide farmers with more information
and greater accuracy at a lower cost.
3. Sexed semen
We have a state-of-the-art laboratory solely
dedicated to the production of sexed semen, which
sits alongside our bull farm and semen processing lab.
Our fresh sexed semen is accelerating genetic gain
within our dairy herds by enabling farmers to get
more high-quality replacement heifer calves from top
performing cows. We are the only provider of fresh
sexed semen in New Zealand, which delivers a higher
conception rate than frozen sexed semen options. A
resulting pregnancy has approximately a 90% chance
of producing a heifer, providing more high genetic
merit heifer calves to enable the best to be selected
and be part of the next generation of our national
dairy herd.
The expected range of non-return rate performance
for sexed semen is less than 5% below conventional
fresh semen non-return rate performance. The
actual result for this season was only 0.57% below
conventional fresh semen, which was a significant
improvement on 3.3% below last season.
4. HoofPrint
®
and BeefPrint
®

Our HoofPrint
®
and BeefPrint
®
indexes rank our
artificial breeding bulls on their environmental
efficiency. The 10-point ranking systems enable
farmers to select bulls based on their predicted
ability to generate offspring with a lower
environmental impact – the higher the score, the more
environmentally efficient they are.
HoofPrint
®
ranks and compares enteric methane and
urinary nitrogen per kilogram of milksolids produced.
BeefPrint
®
is based on the same methodology
principles, although it ranks beef bulls for their lifetime
enteric methane and urinary nitrogen per kilogram of
meat produced.
77
8
9
BEEFPRINT
®
For the year ended 31 May 2025
15

Our R&D investment and focus on innovation is helping
Kiwi dairy farmers retain their position as the most
efficient milk producers in the world, playing a critical
role in helping the sector meet its climate targets. We
are one of the largest investors in R&D in the primary
sector. In the reporting period we invested $22.5 million,
the equivalent of 7.6% of revenue.
Looking to the future
We invest in the areas where we have unique capability to
maximise the value our farmer shareholders generate from
their livestock and their product, taking innovations from lab
to paddock.
16
LIC Sustainability Report

Our methane research programme has confirmed
that bulls’ genetics play a role in how much methane
they emit, highlighting the potential for farmers to
breed low methane-emitting cows in the future.
In its first year the programme, backed by the New
Zealand Agricultural Greenhouse Gas Research
Centre and partnering with CRV, measured the feed
intake and methane emissions from 281 young bulls
set to father the next generation of New Zealand’s
dairy cows. We found there is genetic variation in the
amount of methane emitted after accounting for the
feed eaten by the bulls, with the lowest bulls emitting
around 15-20% less methane than the average. The
second year of the research measured methane
emissions from approximately 300 young bulls from
LIC’s 2022 Sire Proving Scheme and CRV’s 2022
Progeny Scheme.
In collaboration with Pāmu, we are breeding from bulls
that we have identified to be high or low methane
emitters. In 2024, we measured the emissions of
398 daughters at our methane measuring facilities
on our Tauwhare farm. The results confirmed
that the methane emissions of the daughters are
representative of their fathers. The next step is to
measure the emissions of the daughters again during
their first milking season to ensure the variation
remains during lactation. The methane daughters will
calve for the first time in July 2025.
Measuring methane emissions and feed intake during
lactation will identify whether measuring emissions
from a growing bull and/or heifer accurately predicts
the methane breeding value of a lactating cow. We
will also be measuring standard measurements such
as growth rates, reproductive performance and
milk production.
To enable this research to be completed we have
invested in a new purpose-built barn at LIC’s
Innovation Farm. In addition, we are evaluating
alternative measurement methods such as the use
of a Portable Accumulation Chamber to allow the
screening of large numbers of heifers and/or cows
in future.
Methane research programme
0
20
40
60
80
100
120
140
036912151821242730333639424548
g CH
4
/kg DM
Variation in methane emissions of trial bulls
Number of bulls measured
Inseminations
with bulls that
are either high or
low for methane
production.
2022
400 heifer
calves born
2023
Methane
measurements
from daughters
2024
Include
methane variation
in bull selection
2026
First daughter
lactations:
For herd testing
and analysis of milk
composition
2025
Estimated
timeline to offer
low-methane
genetics
LIC Bull
Catalogue includes
low methane
emitting bulls
2027
CH
4
For the year ended 31 May 2025
17

LIC is conducting a seven-year breeding programme
assessing the impact of the ‘slick’ gene in cattle,
which produces a short hair coat and improves
heat tolerance. Heat stress has significant welfare
implications for animals. Dairy cows are especially
susceptible to heat stress due to their high metabolic
heat load associated with the demands of lactation.
For dairy cows it also impacts feed intake, milk
production, fertility and calf birthweight.
The pilot trial found cows with the slick gene had
lower rumen temperatures (0.5-1.0°C) compared to
their non-slick counterparts when the Temperature
Humidity Index exceeds 73 (around an ambient
temperature of 26°C and a humidity of 60%).
Furthermore, no significant differences in rumen
temperatures have been observed between the two
groups during the New Zealand winter months.
The aim of the breeding programme is to provide
New Zealand farmers the opportunity to have high
genetic merit dairy cows with improved heat tolerance
by 2029. Before we offer heat tolerant genetics to
farmers, we want to make sure cows that have the
‘slick’ coat also have the high genetic merit and milk
production expected of New Zealand dairy cows.
We are using genomic technology to speed up the
breeding programme as we can screen an animal’s
DNA at birth to determine whether it possesses the
slick gene.
The current step in the breeding programme is
to mate slick genetics with elite cows on selected
commercial farms in New Zealand. This step will
significantly increase the rate of genetic improvement
of animals with slick genetics, while increasing the
number of slick animals on the ground and the
diversity in LIC’s breeding programme. The trial work
remains ongoing to ensure that, when these genetics
are released to New Zealand farmers, LIC has a robust
understanding of the performance of the slick gene
and its potential to improve the welfare of our dairy
cows in the future. If progress continues as expected,
in 2029 farmers will be able to breed from high genetic
merit slick KiwiCross
®
sires, with the resulting offspring
having a significant improvement in animal welfare
and milk production under heat stress.
Increasing heat tolerance in cows
In December 2024, LIC announced an innovative
collaboration with Pāmu Farms aimed at transforming
the dairy-beef sector.
Both organisations, together with Pāmu subsidiary
Focus Genetics, have begun working together on
a new beef breeding programme. With a shared
commitment to enhancing sustainability and
profitability across the dairy sector, the partnership
leverages decades of genetics research and
practical experience to meet the evolving challenges
faced by dairy farmers, calf rearers, beef finishers
and processors.
The dairy beef breed has been developed with key
factors including short gestation, ease of calving,
good growth rates, and excellent eating quality,
as well as lower methane. The dairy beef breeding
animals will continue to be tested the entire way
through the beef value chain from calf rearing
to processing, ensuring the right genetics for
performance, profitability and sustainability are as
thoroughly evaluated as possible, with the product
expected to be available from spring 2026.
By combining Pāmu expertise in farming innovation
with LIC’s leadership in genetics, the collaboration
aims to support a commercially viable and
environmentally sustainable dairy-beef sector.
LIC has also invested in a ‘KiwiPrime’ breeding
programme over a number of years to develop an
Angus-Hereford cross dairy-beef option that is
expected to be available from 2027.
Dairy-beef product
LIC Sustainability Report
18

We continue to lead the ‘Resilient Dairy’ research
programme, with investment and support from MPI
and DairyNZ. The seven-year Sustainable Food and
Fibre Futures programme was launched in June 2019
and is coming to an end.
This programme has involved investing in new disease
management technologies and advancements
in genomic science to produce better cows with
improved health, wellbeing and environmental
resilience. We continue to use our genomics
sequencing technology to find genetic strands
and discover which cows have particular viruses
or bacteria.
Milkomics™
The Milkomics
TM
workstream has identified and
quantified a significant number of species in milk,
including bacteria, viruses, protozoans and fungi. Our
team has produced a reporting format that allows us
to report on twelve mastitis causing organisms and
their presence, absence and quantity (cells/ml) in bulk
milk. We are also able to provide graphs to show how
individual farms compare at the individual farm level
and at a regional scale. We have enough baseline
data to establish national baselines for the species
present and can produce individual farm reports.
Knowing what microbes and viruses are present within
the herd and at what level means that pathogens can
be dealt with in a timely and appropriate fashion. By
comparing the qualitative and quantitative profile
of targeted pathogens with profiles obtained from
a national, regional and/or farm level it should be
possible to identify potentially problematic microbes
and viruses and establish a plan to eradicate these
from the herd if appropriate.
Facial eczema
Facial eczema is a disease caused by the ingestion of
toxic spores of a fungus that grows on pastures in New
Zealand. The fungus prefers warm, moist conditions
and is seen mostly in the North Island, typically over
the summer and autumn. The disease causes liver
damage, in the worst cases affected animals die. The
challenge in collecting facial eczema phenotypes is
the incidence varies from season to season. Herds
can be impacted one year and not impacted again
for several years. However, climate change is likely to
increase the presence of the fungus.
A milk biomarker test has been a breakthrough in the
collection of phenotypes. The test has been validated
and used to investigate the genetic susceptibility of
facial eczema and the biomarker has been used to
identify herds with liver damage via blood sample.
Over 10,000 individual cows have been blood sampled
over the past 3 years and testing has confirmed we
can measure genetic variation in facial eczema,
with around 23% estimated due to genetics. LIC has
developed the facial eczema breeding value (FE) to
enable farmers to breed cows that are more resistant
to the disease. This year we sampled another
approximately 5,000 animals, which has improved the
reliability of the breeding value.
Resilient Dairy: Innovative breeding for a sustainable future
For the year ended 31 May 2025
19

Reducing the environmental
footprint of our business
LIC is a Climate Reporting Entity and we have published our
second Climate Statements for the year ended 31 May 2025. LIC
has adopted certain exemptions available for the second year of
reporting and this Sustainability Report has been prepared on the
same basis for consistency.
Our focus has been on accurately reporting the emissions directly associated
with our operations and activities, as well as those emissions that occur
upstream and downstream of our value chain where we have significant
influence. As a result, LIC has adopted the exemption provision available under
NZ Climate Standard 2 in relation to not reporting Scope 3 emissions calculated
to ensure we can fully report our Scope 3 emissions once we have materially
established our full value chain.
We have published GHG emissions reduction targets, sustainability is built into
our purchasing and investment decisions and we are working with suppliers to
reduce their emissions.
GHG emissions reduction targets
LIC previously set GHG emissions reduction targets based on methodologies
using SBTi (Science Based Target initiatives) tools and guided by the biogenic
methane emissions reduction target in the Climate Change Response Act
2002, with the intention of reducing our greenhouse gas (GHG) emissions
and contributing proportionately to the efforts to limit the global average
temperature increase to 1.5°C above pre-industrial levels.
During the reporting period, LIC’s GHG emissions absolute reduction targets
were reviewed by management and approved by the Board.
While we have been working hard on reducing emissions, the targets previously
set were not achievable given challenges with sufficient novel technology
not being available to achieve the targeted emissions reduction. Our original
targets were based on the assumption that certain novel technologies would
become available in the short to medium term and would be cost-effective,
enabling LIC to reduce its emissions. However, these technologies are now
unlikely to be available within the necessary timeframe or timing and cost of
availability is uncertain.
The previous targets set also did not reflect the measures required in order to
proceed with LIC’s unique opportunity to assist the New Zealand dairy sector
to reduce methane emissions intensity through genetic improvement R&D. This
opportunity has resulted in LIC increasing our trial animals and, accordingly,
our Scope 1 biogenic emissions for a period to conduct R&D. This is done to
help drive long-term reduction in methane emissions intensity for the New
Zealand dairy sector. LIC may also potentially need to hold a higher level of
bulls over time if there is a significant reduction in natural mating bulls across
the dairy sector, which could result in higher emissions for LIC but a lower level
of methane emissions across the dairy sector through breeding for lower-
emitting cows.
LIC Sustainability Report
20

The updated targets apply for the entire current reporting period, do not include any assumption for offsetting of emissions and,
although SBTi methodology has been considered, have not been accredited by SBTi.
LIC considers that we will contribute proportionately to the efforts to limit
the global average temperature increase to 1.5°C above pre-industrial levels
collectively through:
• LIC’s own GHG emissions absolute reduction targets, which have been
calculated to the extent currently achievable based on adjustments to SBTi
methodology for Scope 1 and 2; and
• LIC’s contribution to reducing methane emissions intensity in the national dairy
herd through assisting dairy farmers and supporting milk processors to breed
for the future herd now, using the best tools, insights and genetics, including
breeding for lower methane emitting bulls and cows and reducing the demand
for natural mating bulls.
Note that LIC has not sought third party verification or opinion in relation to the
above statement and is not relying on carbon offsets to contribute proportionately.
GHG emissions –
absolute reduction targets
Updated target to 2035
(% below 2018/19
base year)
Previous target to 2030
(% below 2018/19
base year)
Basis for determination of target contribution
to limiting global warming to 1.5°C
Scope 1 – Direct emissions,
excluding biogenic emissions
and emissions related
to animals
36.8%46.2%
The previous target was recalculated to 2035 using SBTi methodology* (resulting in
67.2%), then adjusted to exclude reductions we had assumed would be achievable
based on the development of novel technology, because it is too uncertain as to
whether such technology will be feasible or cost-effective (e.g. hydrogen fuel in rural
areas) to enable LIC to achieve the previous target.
Scope 2 - Indirect emissions46.2%46.2%
The previous target was recalculated to 2035 using SBTi methodology* (resulting in
67.2%), then adjusted to exclude reductions we had assumed would be achievable
through installing solar panels on leased properties, because it is too uncertain
whether lease-owners will do this. Although not factored into the new target, we also
note that year-to-year LIC’s Scope 2 emissions could be subject to volatility related to
the energy emissions factor.
Scope 1 – Direct biogenic
emissions
No target10%
The previous target was based on NZ Government target, section 5Q(1)(b)(i) Climate
Change Response Act 2002 (target for 2030). This target has been withdrawn as LIC
may need to hold additional animals to support reduction of emissions across the NZ
dairy herd.
*SBTi methodology has been used as a key input to the basis for our determination of targets contributing to limiting global warming to 1.5°C as it provides a
framework for setting emissions reduction targets aligned with climate science and the aim of limiting warming to 1.5°C above industrial levels
For the year ended 31 May 2025
21

We first measured our emissions in the 2018/19
financial year (1 June 2018 – 31 May 2019). These
measurements currently serve as our base year
for all future emissions to be compared against.
Our emissions
2018/19
Base year
2023/242024/25
*
2024/25 Change
from base year
Scope 1 – Direct emissions tCO
2
-e**3,811.53,246.73,097.8
-18.7%

Scope 2 – Indirect emissions tCO
2
-e377.1218.3295.0
-21.8%

Scope 1 – Direct Biogenic emissions CH
4

(tCO2-e)***
3,921.94,011.93,691.5
-5.9%

Total Scope 1 & 2 emissions8,110.57,476.97,084.3
-12.7%
* Only data for 2024/25 has been within the scope of limited assurance
** Excluding biogenic emissions and other agricultural emissions relating to animals, includes emissions relating to crops, fertiliser use, and
indirect N
2
O emissions
*** Emissions relating to effluent, excreta, enteric fermentation and wastewater treatment
LIC’s top five emissions sources were:
ScopeEmission source2018/192023/242024/25
2024/25 change
from base year
Scope 1 – Direct emissions
Diesel2,756.02,327.9
2,208.6
-19.9%

Petrol regular568.1337.6
380.4
-33.0%

Scope 1 – Direct
biogenic emissions
Enteric fermentation
methane
3,193.53,219.1
2,957.8
-7.4%

Excreta N
2
O689.3696.4
647.4
-6.1%

Scope 2 –
Indirect emissions
Electricity377.1218.3
295.0
-21.8%

The 2018/19 Scope 1 emissions base year and 2023/24 have been restated to more appropriately re-
categorise effluent and excreta N
2
O from Scope 1 direct emissions to Scope 1 direct biogenic emissions.
The overall total Scope 1 emissions for 2018/19 and 2023/24 are unchanged.
From our base year 2018/19 to 2024/25 we have had an
overall reduction in our total Scope 1 & 2 CO
2
emissions
(excluding biogenic emissions) of 19.0%, the equivalent of
795.8 tCO
2
.
Our 2024/25 Scope 1 biogenic emissions have decreased
by 5.9% from our base year, the equivalent of 230.4 tCO
2
.
The following table highlights our scope 1 & 2 emissions
profile and how we are tracking compared with the
base year.
LIC Sustainability Report
22

Fuel emissions continue to decline with petrol emissions
having a 33.0% reduction from base year and diesel
reducing by 19.9%. LIC diesel emissions decreased by 5.1%
from the previous reporting year as LIC transitions to hybrid
utes, however this is likely to stagnate until viable vehicle
alternatives are available to reduce our light truck diesel
emissions. Petrol emissions increased from the previous year
by 12.7% primarily related to the change to hybrid utes, but
overall emissions from fuel have decreased year-on-year.
Total Scope 1 agricultural biogenic emissions decreased by 5.9% from base year in the 2024/25
reporting year due to decreased stock numbers, primarily related to reduced animals in LIC trials across
NZ that are not on LIC farms.
Initiatives we have underway or planned for 2025/26 to help reduce our emissions are outlined in the
table below:
ObjectiveActions
Reduce fuel emissions –
Scope 1 emissions
• Replacing fuel-based vehicles with EVs/Hybrids wherever practical
• Install further EV charging stations at LIC locations and in employee
homes for LIC EV vehicles
Reduce use of artificial
fertilisers – Scope 1 emissions
• Whole farm soil testing every 3 years to enable targeted fertiliser
applications on paddock basis
Energy reduction plan –
Scope 2 emissions
• Implement initiatives from the LIC Energy Strategy 2024–2030:
continue to analyse data from IoT system trial, continue data
analysis from solar systems, Solar Phase 2 business case, Building
Management System investigation and business case
Reduce biogenic
methane emissions
• Methane reduction research programme to breed for lower methane
emitting bulls in future
• Optimising feed growing on farm and conversion to milk, reduce
bought-in feed
Improve Scope 3
data capture
• Survey staff on transport information to and from work, full value
chain materiality assessment
Staff engagement
• Organise events to engage with staff in reducing their carbon
footprint including guest speakers
Waste
standardisation – Scope 3
• Implement recycling at all LIC sites in New Zealand with the aim to
reduce waste to landfill, increase recycling rates
• Contract one vendor to service all of New Zealand and improve GHG
data capture
Scope 1 - Transport fuel emissions t-CO
2
-e
05001,0001,5002,0002,5003,0003,500
2018/19
2019/20
2020/21
2021/22
2022/23
2023/24
2024/25
DieselPetrol premiumPetrol regular
For the year ended 31 May 2025
23

What we’re doing to improve
business sustainability
Environmental Management System
We have an Environmental Management System as a framework to manage
our environmental impacts. This includes an Environmental and Sustainability
Management Committee, which has representatives from each business unit. The
committee reviews the environmental aspects and the inherent and residual risk of
all activities, products and services of our business and suppliers and contractors,
and evaluates current/suggested controls to avoid, mitigate or remedy any adverse
effects of each aspect. The members of the committee maintain LIC’s Environmental
Aspects Register for each area of the business.
Strategy Documents
There is an Environment and Sustainability Strategy in place covering the period
2024-2027. The strategy encompasses waste reduction, greenhouse gas inventory
improvements, transition planning, energy initiatives, and the integration of Te Ao
Māori Principles for environmental sustainability, along with work in the biodiversity
space, and sustainable transport solutions.
The Energy Strategy for 2024-2030 is an in-depth companion to the Environment and
Sustainability Strategy and is based on a ‘record, replace, reduce’ framework to help
LIC transition to cleaner energy sources.
During the period LIC has also put a Transition Plan in place to help us adapt,
mitigate and prioritise our actions in the short, medium, and long term to reduce our
GHG emissions, respond to our risks and opportunities, and contribute to a thriving
sector-wide transition.
Energy audit
In August 2024, LIC had an external provider carry out an energy audit at the
Newstead site. The aim was to review site energy consumption and identify areas
for energy reduction. The audit identified actions that can be taken, and the
Environment Team are working through the recommendations.
To assist in compiling GHG data we use Toitū Envirocare’s external carbon
calculator. Our full GHG Inventory Report is reviewed by members of LIC’s Senior
Leadership Team, and we engaged KPMG to undertake limited assurance over
Scope 1 and 2 GHG emissions disclosed in our 2024/25 Climate Statements for the
2024/25 emissions data only. KPMG’s limited assurance conclusion is available in
LIC’s 2024/25 Climate Statements.
We are not currently utilising carbon credit offsetting. The Board will review our
position on offsetting over time as our emission calculations continue to mature.
LIC’s farms would also likely be impacted if an agriculture farm-level emissions
pricing scheme is introduced in future.
Emission ScopesLIC GHG inventory inclusions
Scope 1 – Direct GHG
emission sources
Diesel, petrol, reticulated natural gas and
LPG, and agricultural emissions relating to
crops, fertiliser use, and indirect N
2
O from
our farms (excluding biogenic emissions)
Scope 2 – Indirect GHG
emission sources
Purchased electricity
Scope 1 – Direct biogenic emissionsEmissions relating to effluent, excreta, and
enteric fermentation and the impact of
waste added to soil from our livestock and
the onsite wastewater treatment plant at
our Newstead Head Office
LIC Sustainability Report
24

Solar panels
LIC has a target of reducing its Scope 2 GHG emissions from electrical power usage
by 46.2% by 2035. Rooftop solar power panels are in place at Innovation Farm,
Mystery Creek Warehouse, and our Newstead head office has more than 480 solar
panels. The Newstead panels are performing as expected (to produce over 1,500
kilowatt hours per day in summer and half that in winter) and solar production
exceeded our imported energy needs for the first time in November 2024. Excess
clean energy generated has been sold back into the grid during the reporting
period, equivalent to 8 tonnes of CO
2
. It is conservatively estimated that our grid
usage will be reduced by approximately 20% and Scope 2 GHG emissions by 13%
because of solar panels. Further to the environmental benefits, solar power can
potentially provide added resilience to the organisation’s power supply, with an
additional power source to electricity through the grid. In future, we will consider
where we can introduce battery capability and solar panels across other LIC sites,
in particular adding panels to another building at Newstead.
Vehicles
To help reach our targets we are transitioning our fossil fuel company cars to
include options of EV and hybrid models, with the current fleet including 14% EVs
and 31% hybrid vehicles. Vehicle tracking is also in place to enable
vehicle efficiency.
We have 69 EV chargers installed, including 34 home chargers for employees with
company vehicles and 1 super-fast (60kw/hour) charger at our Head Office in
Waikato. Staff with personal EVs are able to charge their vehicles on site at no cost
to them with the aim of encouraging staff to select an EV when purchasing a new
car. We have upgraded the power infrastructure at head office, which will allow for
an additional 26 chargers to be installed as demand increases. We have plans to
add a further seven chargers in the near future.
Travel
Employees have flexible working options, with the benefit of reduced emissions
from commuting.
Farms
We have an ongoing programme of investment to continue to upgrade our waste
management infrastructure across our farms, as well as shade planting for animal
welfare and riparian planting to lessen the impact of our farming activities on the
environment. Each LIC farm has its own individual environmental management
plan and employees are trained to ensure compliance. The Farm Environment
Plans cover aspects such as soil type, stocking rates/policy, riparian plantings,
waterways, flood risks, effluent, pasture renewal/cropping, fertiliser use and GHG
emissions. They are comprehensive documents that review our whole farm system
and identify areas for improvement in terms of environmental performance. We
have set timelines for implementing the improvements we have identified.
We have policies relating to animal welfare and all animals entrusted to our care
are treated with respect in accordance with the Dairy Cattle Code of Welfare
31/10/2019 (a Code of Welfare issued under the Animal Welfare Act 1999).
We also use fencing to keep our animals away from waterways and sensitive areas
on our farms.
We are working, in partnership with Lincoln University and Ravensdown, on
an effluent treatment system trial at Innovation Farm. The trial uses a dosing
system and is expected to reduce up to 99% of methane emissions derived from
microorganisms in the effluent pond. The system is expected to reduce water
pollution and GHG emissions and could also serve as an educational resource for
our staff and visitors, showcasing the benefits of responsible water management.
On LIC farms we also generate and recycle waste oil from our equipment.
Water management
We have consents to discharge trade-waste from operations at Riverlea in the
Waikato and in Christchurch and have a consent to discharge to land from the
wastewater treatment plant (WWTP) at head office. The WWTP uses anaerobic
reticulation to treat waste before being fed through a wetland filtration system and
finally discharging to land. We also have several bore water wells on farm.
For the year ended 31 May 2025
25

We have been working with Christchurch council for some time and in June 2024
completed an upgrade of the trade-waste treatment facilities in Christchurch to
replace the single grease trap with two in a series. The council have recognised
that, despite our efforts, we have been unable to meet the existing target and
they have increased our limit. We have also applied for an increase to our limit
in Waikato.
Waste management
We recycle farm materials such as silage wrap and plastic drums and are seeking
new ways to reduce water and energy use across all our sites. E-waste items, such
as obsolete laptops and phones, are sold where possible or recycled.
Our animal health laboratory at Riverlea in Hamilton receives numerous polystyrene
cool store boxes and we have a recycling process to manage this waste. We also
allow LIC staff to bring in clean polystyrene from their homes to recycle at work.
In 2024/25 we diverted 70.8 m
3
of polystyrene from landfill, recycled through an
external company.
We began a food waste recovery system in our onsite cafeteria at Newstead and
have diverted over nine tonnes of food waste from landfill since July 2023 through
a local worm farm in the Waikato. We implemented food scraps recovery at the
Riverlea site in July 2024 and have diverted 640 litres since collection began. We
are in the process of implementing food waste recovery at our other sites as part of
our waste standardisation project.
LIC allows staff to bring in soft plastics for recycling from home as well as recycle all
viable soft plastics from our processes. In 2024/25 we recycled approximately 2.3
tonnes of soft plastics.
Our Herd Test field teams use rubber hoses during their operations. The rubber
hoses require replacement and rather than send them to landfill we have found
external parties who will recycle the rubber into items such as rubber matting.
Our Australian subsidiary, Beacon Automation Pty Ltd, produces heat patches
and is working on identifying options to recycle plastic waste from the production
process and produce products that could be more environmentally friendly.
They have also calibrated their machinery so that they need less raw material
to produce their products and in turn reduce the volume of scrap waste to
landfill through the production process. This change has reduced waste by
approximately 3%.
Waste left on farm
When AB services are performed on farm, our technicians generally leave materials
that have been used during the process, such as gloves and wipes. A lot of these
products are hard to recycle due to a range of factors, such as contamination with
biological material, but we are able to recycle some of the single use plastics that
are not in direct contact with contaminants. We recycle the single use, soft plastic
sheath bags that are used on farm to carry loaded inseminators to prevent cross
contamination and identify breeds clearly. Since 2024, we have diverted 1.4 tonne
of soft plastics that would have been left on farm to Future Post to contribute to the
manufacturing of their fence posts.
Where we perform services on farm that collect biological material, such as herd
testing, strict processes are followed to minimise the chance of any transfer of
disease between farms.
To minimise the risk of disease transferral:
• Our AB Technicians ensure that boots are cleaned and disinfected on entering
a farm, use single-use gloves that cover up shoulder and chest area, single-use
disposable sheaths and isopropyl wipes to clean equipment between farms
• An additional antibiotic is added to semen diluent that targets M.bovis; and
• New young bulls are quarantined from existing bulls for a period of time, bulls
used for international markets are quarantined and tested as required under
regulations and double-fencing is used to separate individual bulls in the core
bull team, as well as daily monitoring for any health concerns.
LIC Sustainability Report
26

Social sustainability –
caring for our people
We are focused on fostering a culture that embraces
change, builds capabilities, encourages people and
ultimately drives results to deliver greater customer
value. We invest in our people to develop their
talent and ensure they are in a positive and safe
working environment.
Alongside our full-time employees, in peak season
we also employ close to 1,350 seasonal employees
in the Artificial Breeding (AB) area and around 350
other seasonal or casual workers throughout the
year to help in other areas of the business, such as
herd testing. Each year, our qualified AB technicians
visit farms in their local area, artificially inseminating
millions of cows, with the peak season being from
September to December.
For LIC social sustainability is all about
caring for our people, ensuring that they
have the tools and support they need to
continue to deliver value to our farmer
shareholders.
Key Metrics
More than 900 full-time
equivalent employees,
of which 592 are women
Farmer
shareholders
Lost Time Injury
Frequency Rate (per
200,000 hours worked)
up from 2.35 last year
900
8,700
4.33
For the year ended 31 May 2025
27

Governance
Structure
Our governance structure includes a Board
of Directors, Shareholder Reference Group,
and Senior Leadership Team. These groups
all contribute to driving value for our farmer
shareholders.
Board of Directors
Our Board is responsible for the overall governance of
LIC on behalf of our farmer shareholders to improve
the prosperity and productivity of our customers.
LIC Directors set the vision and long-term goals
of the co-operative. This includes the strategy to
achieve that vision, as well as the monitoring of its
implementation. Information on sub-committees of
the Board is available in the governance section of
LIC’s annual report.
The Board must be comprised of at least six elected
farmer directors, balanced between the North and
South Islands, and up to four independent directors to
allow specialist expertise to be added when needed.
At the annual meeting in September 2024 Elected
Directors Matt Ross and Dr Alison Watters stepped
down and Appointed Director Candace Kinser retired.
Mike O’Connor was elected as Elected Director for
the North Island and Tony Coltman was elected as
Elected Director for South Island.
In January 2025 LIC announced a new Appointed
Director, Hamish Rumbold.
Elected Director Ben Dickie has advised that he is not
seeking re-election at the end of his current term, as
well as Appointed Director Tim Gibson.
In July 2025 another new Appointed Director was
announced, Blair O’Keeffe, to replace Tim Gibson.
From left to right (as at 31 May 2025): Victoria Trayner, Mike O’Connor, Ben Dickie, Corrigan Sowman (Chair), Tim Gibson, Sophie Haslem, Duncan Coull,
Tony Coltman (absent: Hamish Rumbold)
LIC Sustainability Report
28

Shareholder Reference Group
Our Shareholder Reference Group is an independent body of shareholders
who work collaboratively with our Board and management. The group serves
to promote the interests of shareholders and help us deliver on our purpose
and vision.
The Shareholder Reference Group is solely comprised of farmer shareholders. It is
made up of twelve members across four territories. Eight members are elected by
shareholders and four are appointed by the existing members of the Shareholder
Reference Group to ensure diversity and a broad range of skills in the Group.
Senior Leadership Team
Our SLT is tasked with working alongside the Board to develop and implement
our short and long-term strategy and to establish the key metrics that we will be
measured against, so that we know we are delivering on the commitments made
to shareholders. In May 2025, Emma Blott (GM Commercial) left the business and,
following a restructure of the business unit, Paul Dunbar was appointed as GM
International and commenced the role in June 2025.
From left to right (as at 31 May 2025): Daniel Joho, Shaun Baxter, Aleisha Broomfield, Frances Beeston, Andrew
Wiffen, Mark Hooper (Chair), Nikki Cameron, Michelle Oldham-Smith, Ben Smith (deputy chair), Phil Lowe (absent:
Kirsten Watson)
From left to right: Geoff Corbett (GM NZ Markets), Brent Mealings (Chief Financial Officer), Roz Urbahn (Chief
People Officer), David Chin (Chief Executive), Mark Julian (GM Operations & Service), Paul Dunbar (GM
International), Richard Spelman (Chief Scientist), Dhaya Sivakumar (Chief Information Officer)
For the year ended 31 May 2025
29

Caring for our people
Wellness
Through our ‘Well Aware’ programme, now in its fifth
year, we continue to prioritise holistic wellbeing by
providing meaningful support and resources across
the key pillars of well body, well mind and well life.
The Well Aware Hub on the LIC intranet continues to
serve as a central access point for staff seeking tools,
information and support around wellbeing.
A ‘Mental Wellbeing at Work’ workshop is part of
the induction process for new employees, as well as
being available to all employees. It is designed to
specifically ensure our employees thrive within a work
environment through an introduction to our holistic
approach to wellbeing and connection to support
services. Additional sessions are also delivered to
the Customer Experience team as part of ongoing
wellbeing development. ‘Supporting Employee
Mental Health’ workshops are provided for people
leaders within their first three months. A ‘Building
Resilience’ workshop has also been added to
introduce the concept of resilience and provides
practical tools, strategies and resources to help
staff navigate challenges.
Throughout the year, Well Aware has hosted guest
speakers to engage, educate and inspire staff. Topics
delivered this year include:
• Coping Skills to support wellbeing
• Positive Aging: Reframing Midlife, Menopause
and Beyond
• An insight into Rural Support
Well Aware maintains a strong presence through
targeted internal communications and aligning with
key national wellbeing events such as:
• Mental Health Awareness Week – this year’s
theme was ‘Community’ which was promoted with
resources from the Mental Health Foundation
to encourage a stronger sense of connection
and support
• Men’s Health Week – employees were encouraged
to assess their health and to encourage men in
their lives to do the same
We continue to partner with EAP services who
provide free, confidential counselling support to all
LIC staff and their immediate families. In addition
to counselling, EAP has expanded its services to
include free coaching and support in key lifestyle
areas, such as fitness and exercise; sleep and fatigue
management; smoking/vaping cessation; and
cardiovascular and heart health.
Organisational Health
In partnership with Microsoft, our ‘BeHerd’ platform
hosts a range of employee journey surveys including
onboarding, engagement, pulse surveys and exit
surveys. BeHerd allows us as an organisation
to understand the experiences, sentiments and
our needs as employees. Our vision is to have a
meaningful and inclusive way of hearing our people,
empowering our leaders and driving change. Our
aim is to gain deeper insights into our employee’s
experiences and further enhance the workplace
environment at LIC.
All employees are surveyed at least once if not twice
in a year. Business areas can compare their results
to the company benchmark or a global benchmark
(including top quartile). There are 47 questions
in the main LIC survey and the responses and
accompanying comments provide excellent insights.
For each survey across LIC, we acknowledge the
results, collaborate and take action.
We have high response rates of more than 80% from
our employees, with over 700 individuals participating
in the May 2025 survey to permanent employees. The
result was 75 out of 100 in engagement (up 1 from 74
in May 2024), which is based on two key questions:
‘How happy are you working at LIC’ and ‘I would
recommend LIC as a great place to work’.
In December 2024, we launched a specific survey for
our employees that work at LIC in a seasonal/casual
or fixed term role. We had a 53% response rate with
an engagement score of 83. We also specifically
surveyed our AB Technicians, with a 50% response
rate and an engagement score of 91.
LIC Sustainability Report
30

Diversity, Equity & Inclusion
Given the size and nature of our business we have
a diverse workforce. To continue recognising
diversity in the workplace and creating an inclusive
environment, we have a staff-led Diversity, Equity and
Inclusion Committee to champion these concepts.
LIC’s Diversity, Equity & Inclusion (DEI) Committee
is committed to fostering a workplace culture that
embraces and champions diversity, equity, and
inclusion. A regular DEI newsletter highlights cultural
and international events and celebrations, and
provides information on topics relating to diversity,
equity and inclusion.
In 2024, the committee progressed a number
of initiatives:
• Te Ao Māori Strategy: An implementation plan was
drafted and a subcommittee was proposed to drive
progress. However, this was placed on hold at the
end of 2024 pending leadership confirmation of
its priority.
• Preliminary Analysis: Exploratory work began
on several potential focus areas for 2025 —
Family & Caregiving, Staff Survey insights, and
Neurodiversity Support.
• Women in Leadership: The group focused on
networking and connection opportunities as well
as the recommunication of existing development
opportunities offered by the People & Performance
(P&P) team, such as mentoring.
• Cultural Celebration: A world map has been
installed at Newstead to highlight and celebrate
the diverse cultures represented within LIC. Staff
have been engaging by placing pins on the map to
share their cultural heritage.
• Neurodiversity: Neurodiversity refers to individuals
with dyslexia, autism spectrum disorder, ADHD and
other specific conditions that impact the way that
people learn and work. An external provider was
engaged to facilitate a ‘Knowledge Share’ to raise
awareness of the importance of understanding
and empowering people to harness the power of
their brains.
The Committee will investigate further options on how
our culture can enable staff to perform at their fullest
potential, and how People Leaders can help create
inclusive team environments.
The latest BeHerd employee survey collected
demographic statistics, which will be again used
to identify areas where further objectives could
be focused.
Engagement with Te Uru Tāngata (previously
Diversity Works NZ) is ongoing and our membership
of this organisation allows access to a wide range
of resources.
Ethnic Diversity %
Based on responses to the 2025 BeHerd survey
Asian British European Indian
Māori NZ European Other (includes Pacifika)
Prefer not to disclose
54
4
6
14
5
3
11
3
For the year ended 31 May 2025
31

Health & Safety (H&S)
The health and safety of our staff, our customers, contractors and anyone else we come in contact with remains our highest priority. Our health
and safety system provides the framework to keep workers healthy and safe, regardless of their location.
Our Health, Safety and Wellbeing policy sets out our
commitments and reflects our intent to continue to
develop our health and safety culture. The focus is
on becoming more proactive - where we continue to
take personal ownership, learning safety lessons from
our safety events, and anticipate future safety risks
and needs.
Some of the specific focus areas for the Health, Safety
& Environment (HSE) team this year included:
1. Leadership development
• All H&S Representatives have completed H&S
Representation course Level 1 (NZQA 19315)
• The HSE team is currently supporting people
leaders from the Artificial Breeding area to
consolidate their risk register.
2. Training
The HSE team have facilitated a three-part
contractor management training for LIC contract
owners (1.5 training days in total). Training
content includes:
• An introduction to the shared safety responsibility
LIC has with other PCBUs (Person Conducting a
Business or Undertaking)
• A Permit Issuers course (covering NZQA 17590
requirements)
• How to complete prequalification of
external parties
• How to complete Safe Work Methods
Statements; and
• How and when to monitor contractors’ safety
performance.
Other formal safety related training provided to staff
includes First Aid (initial and refresher) Fire Warden
and Hazardous Substances.
LIC Sustainability Report
32

3. Critical risk management
SLT members and Board Directors spend time with
workers to understand our critical risk profiles and
gain assurance that the controls are effective. During
the year, twenty SLT and eight Director site visits were
carried out, reviewing all critical risks in a range of
locations. Combined with the HSE team’s audits, the
site visits by directors and SLT members serve as a
‘fresh pair of safe eyes’ and an additional layer of
confirmation that critical risk controls are in place
and effective. A further benefit of these visits is
that a first-hand view of the work environment closes
the gap between ‘work as imagined’ and ‘work as
done’ which allows for better safety management
and governance.
LIC has 66 identified instances of hazards that pose
an extreme risk to workers’ health and/or safety,
based on the LIC enterprise risk matrix rating
(extreme risks are deemed to be critical H&S risks).
4. Asking the right questions
We have set specific H&S objectives designed to focus
our attention on improving our systems and practices.
Our progress against these objectives is reviewed
on a quarterly basis by the H&S Governance Forum.
The objectives for 2025/26 have been refreshed and
H&S reporting to senior leaders and board members
continues to be reviewed and improved.
5. Supporting our injured and ill workers
As a member of the ACC Accredited Employers
Programme, we are responsible for the vocational,
medical and social rehabilitation of our workers. There
has been a steady improvement in rehabilitation and
return to work rates for our injured employees over
the last three years. In the last year both the number
of claims and the associated rehabilitation costs
have decreased. For the last three years, we have
attained secondary level accreditation against
ACC audit standards.
6. Sharing Duties of Care with farmers
This initiative is establishing a unified, standardised
approach to consulting, co-ordinating and
cooperating with farmers to manage shared health
and safety risks effectively. A working group has been
established to finalise minimum safe standards for
Artificial Breeding, Herd Testing Field Technicians and
Field Assist services. A pilot will then be carried out to
gather feedback from farmers and frontline workers
on the standard and its implementation. The aim is
to build trust and strong relationships by working
collaboratively with our farmers on an implementable
standard that benefits everyone’s health, safety and
readiness for herd improvement services.
LIC has also signed the Farm Without Harm pledge
by Safer Farms, reinforcing our dedication to creating
safer conditions across our farms and protecting our
people from preventable harm.
For the year ended 31 May 2025
33

Employee Data
This employee data relates to the total
LIC group and is sourced from our Human
Resource (HR) system. The data for
permanent and fixed-term employees is
reported on a full-time equivalent (FTE) basis.
We employed a total of 1,701 seasonal workers
throughout the year ended 31 May 2025 (1,688 for
prior year), particularly during peak season for a
relatively short period of time, primarily as artificial
insemination technicians with 1,356 technicians and
assists in this area, and 345 other seasonal or casual
workers throughout the year to help in other areas of
the business, such as herd testing.
The reporting period is for the financial year ended 31
May 2025 (FY25), with final permanent and fixed-term
employees reported as at 31 May and comparatives
for the prior period (FY24). Our only significant
location is New Zealand, with less than 5% of
employees employed in any other individual country.
PermanentFixed term/CasualTotal
FY24FY25FY24FY25FY24FY25
Female521.9521.560.270.6582.1592.1
Male317.7300.615.017.0332.7317.6
Total839.6822.175.287.6914.8909.7
FTEs by employment contract by gender
Full-timePart-timeTotal
FY24FY25FY24FY25FY24FY25
Female548.2560.033.932.0582.1592.1
Male321.4306.911.310.8332.7317.6
Total869.6866.945.242.8914.8909.7
FTEs by employment type by gender
Number of FTEs (Permanent and fixed-term/casual)
FY24FY25
New Zealand889.8882.7
Australia19.020.0
UK & Ireland6.07. 0
Total914.8909.7
FTEs by employment contract by region
LIC Sustainability Report
34

Our HR system does not currently capture gender
options alternative to male/female. Some age data
is not available as employees are not obliged to
disclose date of birth.
There were 19 permanent employees (2%) covered
by a collective bargaining agreement at 31 May
2025, and a further 21 (1.2%) seasonal workers
during the period. For employees not covered
by collective bargaining agreements, individual
contracts are entered into at the time
of employment.
During the year, there were 33 females (no males)
on parental leave and 15 females returned from
parental leave.
If significant operational changes are proposed
within the organisation, LIC will consult with
potentially impacted employees for a two-week
period on the proposed changes, with a minimum
of six weeks in total from notice of proposed
change until implementation of any final changes.
<30 yrs age30-50 yrs age>50 yrs ageAge not disclosedNZ region FY25%
Female2725806066.7
Male816603033.3
Total354114090100
%38.945.615.50
<30 yrs age30-50 yrs age>50 yrs ageAge not disclosedNZ region FY25%
Female1737926557.0
Male7271504943.0
Total2464242114
%21.156.121.11.7100
New permanent employee headcount hires, by gender and age group for primary region
Employee headcount turnover, by gender and age group for primary region
For any employees covered by collective bargaining
agreements, notice period and provisions for
consultation and negotiation are specified in
those agreements.
LIC engages with suppliers to provide workers, such
as IT contractors, recruitment firms and directly with
independent contractors. This number is not material
compared to the number of LIC employees.
The ratio of the annual total compensation for
the organisation’s highest-paid individual to the
median annual total compensation for all permanent
employees (excluding the highest-paid individual) for
the year ended 31 May 2025 was 6.77: 1 and -0.69:1
for the annual relative % increase, noting that total
compensation includes bonus payments.
For the year ended 31 May 2025
35

Economic
Sustainability
Delivering value for our farmer shareholders is at
the heart of everything we do, and strong financial
performance enables us to do just that – through
our herd improvement products and services, a solid
dividend and the right R&D investment to keep herds
profitable and sustainable into the future.
On 17 July 2025 the LIC Board announced a positive year-end
financial result for the 2024/25 year while continuing to invest in
innovations for farmer shareholders, ending the year with a solid
profit and an increased dividend of 12.22 cents per share.
The Board noted that the co-operative was pleased to deliver
such a positive result for farmer owners, especially one which
reflects the hard work that has been put in to deliver value behind
the farm gate.
LIC Sustainability Report
36

Key Metrics from 2024/25 full year results
Summary of financials*
Underlying
Earnings**
Dividend
declared
at year-end
OutlookTotal assets,
strong balance
sheet with no debt
at year-end
Total
Revenue
Up 56.9% from
$13.9 million last year
12.22 cents per share
The co-op expects Underlying
Earnings** for 2025/26 to be in
the range of $18-22 million
Up 9.3% from
$358.6 million last year
Up 10.4% from
$267.3 million last year
$
21.7
m
$
17.4
m
$
18-22
m
$
392
m
$
295.1
m
Net Profit
After Tax (NPAT)
Up significantly from
$7.7 million last year
$
30.6
m
*For notes to the financial information please reference our FY25 Annual Report.
** Non-GAAP financial information.
Revenue has increased by 10.4% as farmer owners invested further
into their herds and the co-operative achieved a 14.8% improvement
in underlying earnings, excluding the one-off negative impacts of the
semen quality issue and the tax deductibility on commercial buildings
change included in last year’s financial result.
Recent years’ investments in digital capability have resulted in a
$4.0m increase in depreciation and amortisation compared to
last year and operating cashflows increased by $16.3m year on
year on the back of improved underlying earnings and prudent
capital management.
Ta x
LIC’s Audit, Finance and Risk board sub-committee oversees tax
compliance, including LIC’s Tax Policy and annual Tax Management
Plan, which identifies areas of tax change. LIC seeks to comply with all
aspects of the New Zealand and international tax acts for jurisdictions
that our subsidiaries reside in. Management has responsibility to
ensure that it has a broad understanding of all major tax issues
that arise from the ordinary business, major transactions, business
structures or strategies undertaken by LIC. LIC uses external tax
experts and software tools to ensure appropriate tax compliance
governance and controls are in place.
For the year ended 31 May 2025
37

249.0
263.2
276.5
267.3
295.1
20212022202320242025
Revenue ($m)*
22.9
26.7
27.4
7.7
30.6
20212022202320242025
Net profit after tax ($m)*
Financial Trends
These charts represent our key financial metrics to provide a historical
summary of our performance.
0.16
0.18
0.17
0.10
0.15
20212022202320242025
Underlying Earnings** per share (cents)
40.5
57.1
36.8
40.1
56.4
20212022202320242025
Operating cashflow ($m)*
7.6%
8.8%
8.0%
5.0%
7.3%
20212022202320242025
Underlying Earnings** Return on equity %
22.3
25.7
23.7
13.9
21.7
20212022202320242025
Underlying earnings ($m)**
* Data excludes Discontinued Business operations – the Automation business was divested in June 2021
** Non-GAAP financial information: excludes bull team & nil paid share revaluations and discontinued operations
*** The full year dividend declared is paid in the subsequent year, while special dividends are paid within the year
LIC Sustainability Report
38

* Data excludes Discontinued Business operations – the Automation business was divested in June 2021
** Non-GAAP financial information: excludes bull team & nil paid share revaluations and discontinued operations
*** The full year dividend declared is paid in the subsequent year, while special dividends are paid within the year
12.51
28.43
16.38
18.84
12.22
Total Dividends (cents per share)***
20212022202320242025
Full year dividend declaredSpecial dividend paid
17.1
18.2
18.6
21.2
22.5
20212022202320242025
R&D expense ($m)*
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
May-19May-20May-21May-22May-23May-24May-25
LIC Share price
-
50
100
150
200
250
300
350
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
9.50
10.00
10.50
11.00
11.50
07/0808/0909/1010/1111/1212/1313/1414/1515/1616/1717/1818/1919/2020/2121/2222/2323/2424/25
Forecast
25/26
New Zealand Milk Price Payouts kg/MS
Fonterra Milk PriceFonterra DividendLIC Revenue $m (excl. Automation)
For the year ended 31 May 2025
39

20212022202320242025
Revenue *NZ$000249,013 263,182276,506267,288295,107
R&D expenseNZ$000
(17,124)(18,184)(18,577)(21,215)(22,549)
Net profit after taxNZ$00022,94426,72327,3527,73430,643
EBIT **NZ$00031,904 33,37230,95521,71227,014
Underlying EarningsNZ$00022,26125,67723,73213,85621,746
Total dividends***
NZ$m
17.8 40.423.326.817.4
Cents per share12.51 28.43 16.3818.8412.22
Gross yield %14.726.422.823.417.0
Operating cashflowNZ$000
40,456 57,13036,79140,05256,387
Net capital & investment spend****NZ$000(16,115)(17,889)(20,581)(27,600)(27,809)
Total AssetsNZ$000382,005 385,610382,291358,608392,034
Total Equity/Net AssetsNZ$000294,123293,057297,494274,913298,372
Financial Trends
For our full financial results please refer to our FY25 Annual Report
* Excludes Discontinued Business operations – the Automation business was agreed to be divested in June 2021
** Non-GAAP information: excludes bull team & nil paid share revaluations and discontinued operations
*** Includes dividends declared, which are paid in the subsequent year. There was an additional Special Dividend of $14.2 million, or
10 cents per share, paid in January 2022 following the Automation divestment. The 2023 dividend includes an additional amount of
$4.3 million to return cash retained from dividends paid in 2022 to repay nil paid shares (2022 included a similar additional amount of
$5.7 million). There was an additional Special Dividend of $18.5 million, or 13 cents per share, paid in February 2024 following the sale
of National Milk Records shares.
**** Excluding proceeds from sale of National Milk Records plc shares in 2024
LIC Sustainability Report
40

Artificial
Breeding (AB)
Heat detection
products
MINDA
®
herd
management
software
DNA parentage
testing and
genomic
evaluation service,
A2/A2 testing
Herd testing of
milk samples,
including EZ
Link
®
scanning
AB dairy and beef genetics
and technician services, with
products such as Premier Sires
®
,
Sexed Semen, Short Gestation
Length, Alpha
®
, Customate,
training of AB and DIY
technicians, deep freeze storage
LIC heat patch, LIC Bulls-i
®
,
Kamar
®
Heatmount detectors
Our Business
We are the DNA of the New Zealand dairy sector,
breeding up to 75% of cows in the national dairy
herd. We take our role seriously as an important
player in the team supporting farmers with the right
herd improvement tools to breed more efficient and
climate resilient cows.
Our primary sector is the New Zealand dairy
sector. Our core customers are New Zealand dairy
farmers. Other customers include veterinarians who
support farmers, international semen distributors,
overseas dairy farmers, users of dairy herd data and
beef producers.
Keeping New Zealand farmers profitable and
sustainable is critical. We are owned by New Zealand
dairy farmers and therefore invest to fund research
and technology which will benefit not only this
generation of farmer shareholders and their herds,
but successive generations and their herds. This
long-term improvement and sustained return on
investment is the pure essence of what it means to be
a co-operative.
LIC exists to deliver superior genetics and
technological innovation to help our shareholders
sustainably farm profitable animals.
Our products and brands include:
For the year ended 31 May 2025
41

Farm
accessories
Electronic plate meters,
EID readers and wands
Tags
Range of NAIT approved
electronic (EID) tags and
management tags from Allflex,
Z Tags and Flexa
Animal
health testing
On Farm
Support
Bovine Viral Diarrhoea (BVD),
Johne’s disease, milk pregnancy
and Mastitis Multiplex testing
Increase efficiency of farm
operations, including assisting
with herd records, herd testing,
weighing and DNA sampling
LIC Sustainability Report
42

NZ Markets
Sales operations, contact
centre, customer experience,
marketing, communications;
genetics, diagnostics and farm
software product development
Operations &
Service
Research &
Development
InternationalTechnologySupport Services
People &
Performance
Artificial breeding collection &
insemination, herd milk testing,
genetic diagnostics, animal
health testing, LIC bull and
dairy farms, on-farm support
Genetic, genomic,
reproduction and animal
health research and
development and analytics
- both inhouse and in
collaboration with university
and sector partners; animal
evaluation, bull selection
International genetics sales,
business development,
Beacon heat detection
manufacturer, international
investments and partnerships
Development and support of
customer facing systems such
as MINDA
®
and LIC internal
systems and IT infrastructure
Payroll, finance & accounting,
procurement, legal, intellectual
property, governance, shareholder
services, risk management,
property management, Business
Information Unit, NAIT,
transformation, enterprise project
management office, new ventures,
investments and partnerships
People & performance
partners, employee
experience, organisational
development, health, safety
and environment
How we work
LIC is structured to best support farmers and
our operational teams to effectively supply
products and services to customers, as well
as to leverage opportunities to deliver genetic
improvements to farmers and better returns to
shareholders.
43
For the year ended 31 May 2025

Key categories of goods and services
we procure
Labour hire
Professional consulting services
IT software and hardware
Laboratory supplies
Building materials and products
Farm supplies
Recruitment services
The most critical component of LIC’s supply chain is
our permanent and seasonal employees, as well as
our bull team. For our external suppliers our Strategic
Procurement team has policies and processes in place
to identify and manage critical risks that could impact
our supply chain. An example is our New Zealand
and international air freight and technology services.
Where there is a higher risk to our products and
services, particularly during peak season or where
components are sourced internationally, at least
one year of input components are held in advance
of need, such as consumables used for artificial
insemination and diagnostics testing.
The Procurement Policy requires that all procurement
decisions should also take into consideration the
potential impact to the environment, sustainability,
Health and Safety and compliance with any
other relevant legislative obligations and we
continue to work with suppliers in relation to
sustainability measures.
Partnerships
Partnerships are critical to our work and are a
strategic priority to develop. We work with others to
deliver to farmer needs, collaborating or partnering
with other organisations to deliver a seamless service
to farmers. We already work closely with other sector
participants, including:
• DairyNZ and NZ Animal Evaluation Ltd (subsidiary
of DairyNZ)
• Government ministries and agencies on joint
funding of R&D, such as MPI and MBIE
• Milk processors
• Specialist beef operations
• Sexing Technologies, providing the critical
technology for our sexed semen product
• Rural professionals, such as vets
• Animal wearable device companies
• Research specialists, such as at Auckland
University and Massey University
We are focused on building relationships with other
sector companies such as processors, fertiliser
companies and agritech device companies.
Our Supply Chain
Initiatives with partners of note include:
Farmlands, Silver Fern Farms and LIC –
Leadership and Governance
Development training
We partner with Farmlands and Silver Fern Farms
to offer shareholders of all three companies the
opportunity to learn more about governance in
co-operatives and develop skills needed to operate
at board level through a unique leadership and
governance development programme called “To
the Core”.
Fonterra’s Governance Development Programme
We also partner with Fonterra who offer one LIC
shareholder a place in its Governance Development
Programme to build their governance capabilities
and leadership skills. Running for approximately one
year, the content is provided by Fonterra and Massey
University’s College of Business.
Rural Support Trust
We have partnered with Rural Support Trust to
provide farmer facing staff with a resource that
offers guidance on providing mental health support
to farmers.
LIC Sustainability Report
44

House of Science Central Waikato
The House of Science Central Waikato (HSCW) is
committed to bringing scientific literacy tools to
schools across the Waikato region. Their vision is to
raise science literacy which will have huge economic
and social benefits to New Zealand. We are proud to
continue our collaboration that started in 2021 with
HSCW and support them in a variety of ways. This
includes providing HSCW with an LIC vehicle to deliver
science kits to rural schools in the Waikato. Some of
our fantastic R&D staff also volunteer their time each
week to put together the science kits.
Scholarships
LIC offers three scholarship programmes to students
studying agriculture science and have an interest in
genetics or machine learning:
• The Brian Aspin Scholarship – LIC matches
funding donated by the Aspin family to provide
two scholarships per year for post-graduate
students to undertake either Honours or Masters
for up to two years of study at either Massey or
Lincoln Universities.
• The Patrick Shannon Scholarship - this scholarship
is named after one of the most innovative bovine
geneticists and reproductive biologists in the world.
Dr Shannon joined us in the mid-1950s and made
many world-breaking discoveries of great value to
the New Zealand dairy industry.
• The Livestock Improvement Doctoral Studentship
Programme - seeks top PhD (and possibly
Masters) students who potentially could fulfil key
science roles within our organisation. Successful
candidates are offered an internship with us for up
to a year then begin postgraduate studies – with
our full support (financial, academic, mentoring).
LIC supports the dairy sector, rural communities and
our farmers by sponsoring a variety of initiatives,
events, programmes and organisations. This provides
opportunities and promotes excellence within the
sector. Examples include:
• New Zealand Dairy Industry Awards
• Ministry for Primary Industries ‘Science for Farmers’
• Lincoln University Dairy Farm
• Southern Dairy Hub
• South Island Dairying Development Centre
• South Island Dairy Event
• Pasture Summit
• Owl Farm at St Peter’s School, Waikato
• Dairy Women’s Network
• Kellogg Rural Leadership Programme
• Massey University Dairy #1 Farm
• Ayrshire NZ conference
• Jersey NZ conference
• Holstein-Friesian NZ conference
• Smaller Milk and Supply Herds conference
• Safer Farms
• Distributing computer equipment no longer needed
to schools
• Support of calf club and pet days in schools
Our employees are able to apply for a day off per
annum for volunteer activities in the community.
We are also a member of Cooperative New Zealand.
Refer to our website for further details
For the year ended 31 May 2025
45

How we create value
Value created for our stakeholders
Shareholders /
Customers
EmployeesSector PartnersGovernment &
Regulators
Community
Delivering quality
products and services,
advancing genetic
improvement of herds,
re-investing profits in
further R&D or returning
to shareholders
through dividends
Providing a safe
workplace with
development
opportunities and
strong engagement
Collaborating on
R&D, providing quality
data inputs
Complying with
regulatory and
financial reporting
requirements, reducing
our own environmental
footprint and that
of the national herd,
responsible taxpayer
Providing employment,
lowering our
environmental
footprint, support
through sponsorship
and scholarships
LIC Sustainability Report
46

The resources we rely on
Relationships
Positive relationships
with shareholders,
farmers, vets,
government and
regulators, sector and
research partners,
employees and the
farming community
Intellectual
capital
Financial capitalAssets &
infrastructure
People
Natural
environment
Our collective know-
how, systems and
intellectual property
that more than 50 years
of R&D has generated
Our farmers and
shareholders create a
strong financial base
to operate and invest
for the future, as well
as our banking partner
debt facilities
Our property,
equipment and
animals allow us to
run our business and
distribute products and
provide services
We rely on our talented
employees, sector
partners and suppliers
to help deliver our
products and services
New Zealand’s natural
environment is a key
factor, particularly
rain, sun and quality
soil supporting grass
growth for animals
For the year ended 31 May 2025
47

Engaging with our
stakeholders
The Board and Senior Leadership Team regularly
consider different stakeholders and mechanisms
to engage with them, as well as making decisions
on when not to engage. This is commonly discussed
at regular management and Board meetings, with
recommendations made to Board, or requests from
the Board.
Our latest Net Promoter Score (NPS) was a positive result of 20
based on 439 farmer shareholder responses, a 16 point increase
from the prior year. NPS is a measure of customer experience that
ranges between -100 and +100.
48
LIC Sustainability Report

Our farmer
shareholders & customers
Our
People
Suppliers
& Partners
Regulators &
other agencies
Communities
Goal
Deepen our understanding of the
current and future needs of all
our farmers
Develop talent and foster a culture
that embraces change, builds
capability and drives better results
Work with others to deliver farmers'
needs, including partnering to deliver
a seamless service
Ensure long-term sustainability of our co-operative, farmers, environment and
the NZ dairy sector
How we engage
• In person with tailored advice
• Customer call centre
• Net Promoter Score and
other surveys
• Fieldays
®
, events and training
• Feedback groups
• Annual meeting, Shareholder
Reference Group, Roadshows
• Publications (such as The Bulletin)
• Digital channels
• BeHerd annual engagement survey
• Employee events and in-person/
online business updates
• Wide range of training
and development
• Internal communication, including
Chief Executive email updates
• Strategic procurement team
• Supplier evaluations
• Partnership relationships
• Collaboration with innovators
and researchers
• R&D investment
• Direct engagement with government
and agencies by CE and
relevant employees
• Submissions on proposed law
and regulation
• Support of sector groups
• Scholarships and internships
• Social media channels
Needs & expectations
• Deep customer relationships
• Quality products and services, on
time consistently
• Reliable MINDA
®
software that is
easy to use
• Ongoing genetic improvement
• Innovation
• Prompt issue resolution
• Positive culture
• Safe, diverse and inclusive
environment, where wellbeing
is important
• Investment through training and
development
• Market-comparable remuneration
and benefits
• Innovative working tools
• Reliable and sustainable supply
chain, providing quality inputs
• Strong, productive partnership
relationships
• Robust science-based R&D projects
• Strong governance and
management of legal requirements
• Insightful input on issues and
proposed change
• Appropriate and prompt response
to incidents
• Positive, proactive relationships
• High quality external reporting
• Positive employment and growth
opportunities
• Responsible organisation
(e.g. as a taxpayer, purchaser)
• Respond appropriately to
issues raised
• Transparent reporting
• Key partner to farming community
• Respect for diversity
Response
Our primary focus is delivering herd
improvement value for our farmer
shareholders
We live our corporate values: "Integrity,
Innovation, Spirit of Co-operation,
In tune and Passion"; we work
on providing a safe and positive
environment where our people
can thrive
We work with others to build long-term
trusted relationships, including with
other organisations in the agri sector
Collaborative interactions with
Government and agencies, respect for
our licence to operate, strong focus on
compliance
We help farmers to meet the current
and future challenges, particularly
in helping to drive down methane
emissions intensity through research,
investment and tools
For the year ended 31 May 2025
49

Materiality assessment
During 2024/25 the Board and management
completed a strategy check-in, which
was informed by feedback from farmer
shareholders, other stakeholders and local
and global trends.
The focus on herd improvement was clarified in relation
to enabling emissions intensity reduction in the national
herd, with five priority areas identified as key enablers
of herd improvement.
Management and the Board have worked together
to carry out a materiality assessment on topics
where the company may have significant economic,
environmental and social impacts. We identified
potential topics of importance based on our strategy,
reports and guidance from the dairy sector, farmer
feedback and issues identified by risk assessments.
Materiality was determined by considering the
significance of our impact, the importance of the
issue to stakeholders and our ability to control and/
or influence the issue. Farmer-elected directors
provided key input in relation to importance of issues
for stakeholders and LIC regularly holds farmer
engagement meetings in different regions, or brings
groups of farmers to the Waikato, to continue to gather
feedback that is used in reviewing the material topics.
The business has also run a series of workshops with
farmers over the past year or so on key drivers for
‘breeding the herd for your farming future’.
TopicImpactReport referenceGRI Standard
Climate change
Supporting shareholders to produce the most
sustainable and efficient animals. Reducing our
emissions at LIC.
Reduce negative impacts
from direct and indirect
GHG emissions
Reducing the environmental
impact of our national herd
Reducing the environmental
footprint of our business
302-1,
302-3, 302-4,
305-1 to 6
Animal health & biosecurity
Providing animal health products and
information services to identify diseases and
health conditions. Working with farmers to
minimise risk on farm of disease spread.
Increase/continue positive
impact on animal welfare
Reducing the environmental
impact of our national herd
13-11
Employment and sustainable income creation
Caring for our staff and our farmer
shareholders through meaningful employment
and sustainable income creation.
Increase/continue positive
impact on staff and farmer
shareholders
Social sustainability – caring for
our people
Delivering a strong result for
our farmers
201-1
Health, safety & wellbeing
Protecting the health and safety of people at
work, including their wellbeing.
Increase/continue positive
impact on staff
Social sustainability – caring for
our people
403-2
Human rights
Protecting the employment rights and working
conditions of our people, including diversity and
inclusion.
Increase/continue positive
impact on staff
Social sustainability – caring for
our people
406-1
Water
Using water responsibly, including water
quality, availability and disposal.
Reduce negative impacts
on environment
Reducing the environmental
footprint of our business
303-2
Waste
Improvement of waste management and
disposal practices.
Reduce negative impacts
on environment
Reducing the environmental
footprint of our business
306-3
Responsible procurement
Influence our key suppliers in relation to
sustainable business practices.
Reduce negative impacts
on environment and
increase/continue positive
social impacts
Our business – our supply chain 204
LIC Sustainability Report
50

GRI content index
The report has been prepared in accordance with the Global Reporting
Initiative (GRI) Standards.
GRIDisclosure title
GRI1GRI 1: Foundation 2021
General Disclosures
The organisation and its reporting practices
2-1Organisational detailsWho we are - pg 4
2-2Entities included in the organisation’s
sustainability reporting
The report includes the full LIC
consolidated group of entities. A list is
available in the Annual report, corporate
governance report
2-3Reporting period, frequency and
contact point
About this report – pg 2, for enquiries
contact Communications@lic.co.nz
2-4Restatements of information Scope 1 direct GHG emissions for the prior
period and base line data was restated to
re-categorise effluent and excreta N
2
O to
Scope 1 direct biogenic emissions
2-5External assuranceOur external auditors KPMG have
performed procedures to ensure that
financial and GHG emissions data
included in this report is consistent
with LIC’s Annual Report and Climate
Statements. KPMG has performed limited
assurance in relation to Scope 1 & 2 GHG
emissions data for the year ended 31 May
2025 only.
Activities and workers
2-6Activities, value chain and other business
relationships
Our Business – pg 41
2-7Employees
Employee data – pg 34
2-8Workers who are not employees
Information unavailable/incomplete:
description included in Employee
data – pg 35. Data currently gathered
has insufficient detail to correctly
identify workers.
GRIDisclosure title
Governance
2-9Governance structure and compositionGovernance structure – pg 28. There is
limited disclosure on under-represented
social groups (due to the nature of our
business farmer representation
is the most critical representation)
and only general information provided
on competencies.
2-10Nomination and selection of the highest
governance body
Annual report, corporate
governance report
2-11Chair of the highest governance bodyAnnual report, corporate
governance report
2-12Role of the highest governance body in
overseeing the management of impacts
Annual report, corporate governance
report, Governance structure - pg 28
2-13Delegation of responsibility for
managing impacts
Annual report, corporate
governance report
2-14Role of the highest governance body in
sustainability reporting
Governance structure – pg 28, Annual
report, corporate governance report
2-15Conflicts of interestAnnual report, corporate
governance report
2-16Communication of critical concernsAnnual report, corporate governance
report, there is no specific disclosure
on the number and nature of critical
concerns communicated due to
confidentiality constraints – material
matters related to this report
are disclosed
2-17Collective knowledge of the highest
governance body
Annual report, corporate
governance report
For the year ended 31 May 2025
51

GRIDisclosure title
2-18Evaluation of the performance of the
highest governance body
Annual report, corporate
governance report
2-19Remuneration policiesAnnual report, corporate
governance report
2-20Process to determine remuneration
Annual report, corporate governance
report, Annual Meeting
2-21Annual total compensation ratio
Employee data – pg 35
Strategy, policies and practices
2-22Statement on sustainable
development strategy
Letter from the Chair and Chief
Executive – pg 7
2-23Policy commitments
Annual report, corporate governance
report; Code of conduct & ethics
2-24Embedding policy commitments
2-25Processes to remediate negative impacts
2-26Mechanisms for seeking advice and
raising concerns
2-27Compliance with laws and regulationsNot applicable: there have been
no significant instances of
non-compliance, fines or non-
monetary sanctions
2-28Membership associations
Partnerships - pg 44
Stakeholder engagement
2-29Approach to stakeholder engagementMateriality assessment – pg 50
2-30Collective bargaining agreements
Employee data – pg 35
Sector Standard
13Agriculture Aquaculture and Fishing Sectors 2022
13.1EmissionsReferences included under topic
disclosures below as appropriate
13.2Climate adaption and resilience
LIC Climate Statements, available at
Climate Disclosure Reporting | LIC
13.3BiodiversityReferences included under topic
disclosures below as appropriate
13.4Natural ecosystem conversionNot considered applicable to LIC as we do
not undertake ecosystem conversion
13.5Soil healthNot considered material – soil
management included as part of Farm
Environment Plans which are referenced
in the report
13.6PesticidesNot considered material as we do not use
significant amounts of pesticide
13.7Water and effluentsReferences included under topic
disclosures below as appropriate
13.8WasteReferences included under topic
disclosures below as appropriate
13.9Food securityNot considered applicable to LIC as no
food loss incurred by our operations
13.10Food safetyReferences included under topic
disclosures below as appropriate
13.11Animal health and welfareNot considered a material issue. Some
information included in Reducing the
environmental footprint of our business
13.12Local communitiesReferences included under topic
disclosures below as appropriate
13.13Land and resource rightsNot applicable – no locations of
operations where land and natural
resource rights (including customary,
collective, and informal tenure rights) are
impacted by operations
13.14Rights of indigenous peoplesReferences included under topic
disclosures below as appropriate. Te Ao
Māori strategy referenced in the report
13.15Non-discrimination and equal opportunityReferences included under topic
disclosures below as appropriate
13.16Forced or compulsory labourReferences included under topic
disclosures below as appropriate
13.17Child labourReferences included under topic
disclosures below as appropriate
13.18Freedom of association and collective
bargaining
References included under topic
disclosures below as appropriate
13.19Occupational health and safetyReferences included under topic
disclosures below as appropriate
GRIDisclosure title
LIC Sustainability Report
52

GRIDisclosure title
GRIDisclosure title
305-3/
13.1.4
Other indirect (Scope 3) GHG emissions(All 302) Reducing the environmental
footprint of our business – pg 20,
LIC Climate Statements available at
Climate Disclosure Reporting | LIC.
Additional sector recommendation not
included as we do not have land use
change emissions
305-4/
13.1.5
GHG emissions intensity
305-5/
13.1.6
Reduction of GHG emissions
305-6/
13.1.7
Emissions of ozone-depleting
substances (ODS)
306-3/
13.8.4
Waste generated
Social topic disclosures
401-1New employee hires and
employee turnover
Employee data – pg 35
401-3Parental leaveInformation unavailable/incomplete:
not all data tracked currently. Employee
data – pg 35
402-1Minimum notice periods regarding
operational changes
Employee data – pg 35
403-2/
13.19.3
Hazard identification, risk assessment,
and incident investigation
Critical Risks management- pg 32
415-1/
13.24.2
Political contributionsAnnual Report, corporate governance
report – donations
Topics determined to be not material
Economic topic disclosuresExplanation
201-1/
13.2.2
Financial implications and other risks and
opportunities due to climate change
We have reported separately on this topic
as part of Climate Statement reporting
requirements available at Climate
Disclosure Reporting | LIC
201-3Defined benefit plan obligations and other
retirement plans
Not applicable: LIC does not operate a
defined benefit or retirement plan
Market PresenceExplanation
202-1 Ratios of standard entry level wage by
gender compared to local minimum wage
Information unavailable/incomplete: NZ
is only material market – not considered a
material issue
202-2Proportion of senior management hired
from the local community
Not applicable: all senior management
employed in NZ (most significant
market) are local
13.20Employment practicesNot considered a material issue
13.21Living income and living wageNot considered a material issue
13.22Economic inclusionReferences included under topic
disclosures below as appropriate
13.23Supply chain traceabilityNot considered a material issue
13.24Public policyReferences included under topic
disclosures below as appropriate
13.25Anti-competitive behaviourReferences included under topic
disclosures below as appropriate
13.26Anti-corruptionReferences included under topic
disclosures below as appropriate
Material topics
Economic topic disclosures
201-1/
13.22.2
Direct economic value generated
and distributed
Trend data, pgs 38-40, Annual Report,
Financial statements
201-4Financial assistance received
from government
Annual Report discloses R&D grants
and tax incentives received from
NZ Government in Note 1 to the
financial statements, no government
ownership of LIC
207-1Approach to tax
Economic Sustainability – Tax pg 37
207-2Tax governance, control;
and risk management
Economic Sustainability – Tax pg 37,
Annual Report external audit report
includes audit of tax disclosures
Environmental topic disclosures
302-1Energy consumption within
the organisation
(All 302) Reducing the environmental
footprint of our business – pg 20,
LIC Climate Statements available at
Climate Disclosure Reporting | LIC.
Additional sector recommendation not
included as we do not have land use
change emissions
302-2Energy consumption outside of
the organisation
302-3Energy intensity
302-4Reduction of energy consumption
305-1
13.1.2
Direct (Scope 1) GHG emissions
305-2/
13.1.3
Energy indirect (Scope 2) GHG emissions
For the year ended 31 May 2025
53

Indirect Economic ImpactsExplanation
203-1/
13.22.3
Infrastructure investments and
services supported
Not applicable: no significant
infrastructure investments, no impact on
communities and local economies
203-2/
13.22.4
Significant indirect economic impactsNot applicable: no significant indirect
economic impacts identified
Procurement practicesExplanation
204-1 Proportion of spending on local suppliersNot applicable: majority of spending is
with local suppliers
Anti-corruptionExplanation
205-1/
13.26.2
Operations assessed for risks related to
corruption
Not applicable: corruption not
considered an issue in NZ, which is only
material market
205-2/
13.26.3
Communication and training about anti-
corruption policies and procedures
Not applicable: corruption not considered
an issue in NZ
205-3/
13.26.4
Confirmed incidents of corruption and
actions taken
Not applicable: no incidents
Anti-competitive behaviourExplanation
206-1/
13.25.2
Legal actions for anti–competitive
behaviour, anti-trust and
monopoly practices
Not applicable: no legal actions
Ta xExplanation
207-3Stakeholder engagement and
management of concerns related to tax
Not applicable – NZ is only
material market
207-4Country-by-country reportingNot applicable: NZ is only material market
MaterialsExplanation
301-1Materials used by weight or volume
(All 301) Not applicable: as mostly services
provided (i.e. not manufacturing goods)
301-2Recycled input materials used
301-3Reclaimed products and their
packaging materials
EnergyExplanation
302-5Reductions in energy requirements of
products and services
Not applicable: GHG reporting is not
considered material by product/service
Water and effluentsExplanation
303-1/
13.7.2
Interactions with water as a
shared resource
Information unavailable/incomplete:
not considered to have material water-
related impact. This report does note
consents to discharge tradewaste
303-2/
13.7.3
Management of water discharge-
related impacts
Information unavailable/incomplete:
not considered to have material water-
related impact. This report does note
any breaches
303-3/
13.7.4
Water withdrawalInformation unavailable/incomplete:
not considered to have material water-
related impact
303-4/
13.3.5
Water dischargeInformation unavailable/incomplete: not
considered to have significant water-
related impact
303-5/
13.3.56
Water consumptionInformation unavailable/incomplete: not
considered to have significant water-
related impact
BiodiversityExplanation
304-1/
13.3.2
Operational sites owned, leased,
managed in, or adjacent to, protected
areas and areas of high biodiversity value
outside protected areas
Not applicable: LIC does not have sites
that are adjacent to a protected area or
areas of high biodiversity
304-2/
13.3.3
Significant impacts of activities, products,
and services in biodiversity
Not applicable: no material impacts
304-3/
13.3.4
Habitats protected or restoredNot applicable: no such habitats. The
report notes riparian planting carried out
on farms. Further actions noted in Farm
Environment reports which are referenced
in the report.
304.4/
13.3.5
IUCN Red List species and national
conservation list species with habitats in
areas affected by operations
Not applicable: operations do not affect
any such areas. LIC does not believe our
operations affect the habitats of species
on the Red List
EmissionsExplanation
305-7/
13.1.8
Nitrogen oxides (NOx), sulphur oxides
(SOx), and other significant air emissions
Not applicable: LIC does not have
material air emissions
GRIDisclosure titleGRIDisclosure title
LIC Sustainability Report
54

WasteExplanation
306-1/
13.8.2
Waste generation and significant
waste-related impacts
(All 306) Information unavailable/
incomplete: data is included in GHG
emission calculations to the extent
available and the report notes action
being taken to reduce waste
306-2/
13.8.3
Management of significant
waste-related impacts
306-4/
13.8.5
Waste diverted from disposal
306-5/
13.8.6
Waste directed to disposal
Supplier Environmental AssessmentExplanation
308-1New suppliers that were screened using
environmental criteria
Information unavailable/incomplete:
the report notes that consideration
of sustainability factors is part of the
Procurement policy and practices for
strategic procurement processes
308-2Negative environmental impacts in the
supply chain and action taken
Information unavailable/incomplete:
no material impacts identified
EmploymentExplanation
401-2Benefits provided to full-time employees
that are not provided to temporary or
part-time employees
Not applicable: not considered to be
material differences
Occupational Health and SafetyExplanation
403-1/
13.19.2
Occupational health and safety
management system
(All 403) Information unavailable/
incomplete: key information considered
material is provided in Health and Safety
section of the report, but not to the detail
specified by these disclosures
403-3/
13.19.4
Occupational health services
403-4/
13.19.5
Worker participation, consultation and
communication on occupational health
and safety
403-5/
13.19.6
Worker training on occupational health
and safety
403-6/
13.19.7
Promotion of worker health
403-7/
13.19.8
Prevention and mitigation of occupational
health and safety impacts directly linked
by business relationships
403-8/
13.19.9
Workers covered by an occupational
health and safety management system
403-9/
13.19.10
Work-related injuries(All 403) Information unavailable/
incomplete: key information considered
material is provided in Health and Safety
section of the report, but not to the detail
specified by these disclosures
403-10/
13.19.11
Work-related ill health
Training and EducationExplanation
404-1Average hours of training per year
per employee
Information unavailable/incomplete:
not considered a material issue
404-2Programmes for upgrading employee skills
and transition assistance programmes
404-3Percentage of employees receiving
regular performance and career
development reviews
Information unavailable/incomplete:
not considered a material issue – LIC
has a specific tool for completing
and overseeing reviews and
development plans
Diversity and Equal OpportunityExplanation
405-1/
13.15.2
Diversity of governance bodies
and employees
Information unavailable/incomplete:
gender information is provided in report
(annual report for governance body) but
other diversity factors are not considered
a material disclosure
405-2/
13.15.3
Ratio of basic salary and remuneration of
women to men
Information unavailable/incomplete:
not considered a material issue
Non-discrimination
406-1/
13.15.4
Incidents of discrimination and corrective
actions taken
Not applicable: none identified
Freedom of Association and Collective BargainingExplanation
407-1/
13.18.2
Operations and suppliers in which the right
to freedom of association and collective
bargaining may be at risk
Not applicable: none identified
Child LabourExplanation
408-1/
13.17.2
Operations and suppliers at significant
risk for incidents of child labour
Not applicable: primary market in NZ,
none identified
GRIDisclosure titleGRIDisclosure title
For the year ended 31 May 2025
55

Forced or Compulsory LabourExplanation
409-1/
13.16.2
Operations and suppliers at significant
risk for incidents of forced or
compulsory labour
Not applicable: primary market in NZ,
none identified
Security PracticesExplanation
410-1
Security personnel trained in human
rights policies or procedures
Not applicable: LIC does not employ
security personnel.
Rights of Indigenous PeoplesExplanation
411-1/
13.16.2
Incidents of violations involving rights
of indigenous peoples
Not applicable: No incidents reported
Local CommunitiesExplanation
413-1/
13.12.2
Operations with local community
engagement, impact assessments
and development programmes
(All 413) Not applicable: no such
operations
413-2/
13.12.3
Operations with significant actual
and potential negative impacts on
local communities
Supplier Social AssessmentExplanation
414-1New suppliers that were screened using
social criteria
(All 414) Information unavailable/
incomplete: due to the sources of
supplies, not considered a material issue.
This report includes general content
on suppliers
414-2Negative social impacts in the supply
chain and actions taken
Customer Health and SafetyExplanation
416-1/
13.10.2
Assessment of the health and safety
impacts of product and service categories
Not applicable: not considered
material issue.
416-2/
13.10.3
Incidents of non-compliance concerning
the health and safety impacts of products
and services
Not applicable: no incidents reported
Marketing and LabellingExplanation
417-1Requirements for product and service
information and labelling
Not applicable: products and services
relate to animals so not considered
material issue
417-2Incidents of non-compliance concerning
product and service information
and labelling
Not applicable: no incidents reported
417-3Incidents of non-compliance concerning
marketing communications
Customer PrivacyExplanation
418-1Substantiated complaints concerning
breaches of customer privacy and losses
of customer data
Not applicable: no complaints received
GRIDisclosure titleGRIDisclosure title
LIC Sustainability Report
56

605 Ruakura Road
Newstead 3286
Hamilton
New Zealand
07 856 0700 | lic.co.nz