Assurance report of the independent auditor
To: the general meeting of shareholders and the Supervisory Board of TenneT Holding B.V.
We have reviewed the sustainability information in the Integrated Annual Report for the year 2017 of
TenneT Holding B.V. at Arnhem (hereafter: TenneT). A review engagement is aimed at obtaining limited
Based on our procedures performed nothing has come to our attention that causes us to believe that the
sustainability information does not present, in all material respects, a reliable and adequate view of:
- the policy and business operations with regard to corporate social responsibility;
- the thereto related events and achievements for the year 2017.
in accordance with the Sustainability Reporting Standards of the Global Reporting Initiative (GRI) and the
applied supplemental reporting criteria as disclosed in section ‘About this report’ of the Integrated
The sustainability information consists of the chapters ‘2017 at a glance’, ‘Letter from the CEO’, ‘About
TenneT’, ‘Our Performance in 2017’ (excluding the sections ‘Financial’ and ‘Statements of the Executive
Board’) of the Integrated Annual Report.
Basis for our conclusion
We have performed our review engagement on the sustainability information in accordance with Dutch law, including Dutch Standard 3810N ‘’Assurance engagements relating to sustainability reports’’, which is a specified Dutch Standard that is based on the International Standard on Assurance Engagements (ISAE) 3000 ‘Assurance Engagements other than Audits or Reviews of Historical Financial Information’. Our responsibilities under this standard are further described in the section ‘Our responsibilities for the review of the sustainability information’ of our report.
We are independent of TenneT in accordance with the ‘Verordening inzake de onafhankelijkheid van
accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. This includes that we do not perform any activities that could result in a conflict of interest with our independent assurance engagement. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).
We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
The Sustainability Information comprises the chapters “2017 at a glance”, “Letter from the CEO”, “About TenneT”, “Our performance” in the Integrated Annual Report 2017 of TenneT.
The Sustainability Information includes prospective information such as ambitions, strategy, plans, expectations and projections. Inherent to this information is that the actual results may differ in the future and are therefore uncertain. We do not provide any assurance on the achievability and feasibility of prospective information in the Sustainability Information.
Limitations to the scope of our review engagement
Unexamined prospective information
The sustainability information includes prospective information such as ambitions, strategy, plans, expectations and estimates. Inherently, the actual future results are uncertain. We do not provide any assurance on the assumptions and achievability of prospective information in the sustainability information.
Unreviewed references to external sources
The references to external sources or websites in the sustainability information are not part the
sustainability information as reviewed by us. We therefore do not provide assurance on this information.
Responsibilities of the executive board and the supervisory board for the sustainability information
The executive board is responsible for the preparation of the sustainability information in accordance with the Sustainability Reporting Standards of GRI and the applied supplemental reporting criteria as disclosed in the section ‘About this report’ of the Integrated Annual Report, including the identification of stakeholders and the definition of material matters. The choices made by the executive board regarding the scope of the sustainability information and the reporting policy are summarized in the section ‘About this report’ of the Integrated Annual Report.
The executive board is also responsible for such internal control as the executive board determines is necessary to enable the preparation of the sustainability information that are free from material misstatement, whether due to fraud or errors.
The supervisory board is responsible for overseeing the reporting process of TenneT.
Our responsibilities for the review of the sustainability information
Our responsibility is to plan and perform the assurance engagement with a limited level of assurance in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion.
Procedures performed to obtain a limited level of assurance are aimed to determine the plausibility of information and vary in nature and timing from, and are less in extent, than for a reasonable assurance engagement. The level of assurance obtained in review engagements is therefore substantially less than the assurance obtained in an audit engagement.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of the sustainability information. The materiality affects the nature, timing and extent of our
review procedures and the evaluation of the effect of identified misstatements on our conclusion.
We apply the ‘Nadere voorschriften kwaliteitssystemen’ (Regulations for Quality management systems) and accordingly maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and other applicable legal and regulatory requirements.
We have exercised professional judgement and have maintained professional skepticism throughout the review engagement performed by a multi-disciplinary team, in accordance with the Dutch Standard 3810N, ethical requirements and independence requirements.
The procedures of our review engagement consisted amongst others of:
- Performing an external environment analysis and obtaining insight into relevant social themes and issues and the characteristics of the organization;
- Evaluating the appropriateness of the reporting criteria used, their consistent application and related disclosures in the sustainability information, including the evaluation of the results of the stakeholders’ dialogue and the reasonableness of estimates made by management;
- Obtaining an understanding of the reporting processes for the sustainability information, including obtaining a general understanding of internal control relevant to our review engagement;
- Reconciling the relevant financial information with the financial statements;
- Identifying areas of the sustainability information where material misstatements, whether due to fraud or error, are likely to arise, and performing further procedures aimed at determining the plausibility of the sustainability information responsive to this risk analysis. These procedures consisted amongst others of:
- Interviewing management and relevant staff responsible for the sustainability strategy, policy and results;
- Interviewing relevant staff responsible for:
- Providing the information for,
- Carrying out internal control procedures on, and
- Consolidating the data in the sustainability information;
- Visits to TenneT Netherlands & Germany (Bayreuth) aimed at, on a local level, to validate source data and to evaluate the design and implementation of internal control and validation procedures;
- Reviewing relevant internal and external documentation, on a limited test basis, in order to determine the reliability of the sustainability information; and
- An analytical review of the data and trends submitted for consolidation at corporate level.
- Evaluating the presentation, structure and content of the sustainability information as a whole, including the disclosures, in relation to the reporting criteria used.
We communicate with the supervisory board regarding, among other matters, the planned scope and timing of the review engagement and significant findings that we identify during our review engagement.
Amsterdam, 20 February 2018
Ernst & Young Accountants LLP
Signed by J. Niewold