One of the key concerns raised by respondents is the fragmentation of existing corporate governance reporting requirements in New Zealand and the NZX said it was engaging with a number of stakeholders, including the Financial Markets Authority (FMA) to understand how this can be addressed. The FMA has informed NZX that it will consider whether to update its own Corporate Governance in New Zealand Principles and Guidelines, once NZX has completed its review process.
NZX said it received 45 high quality submissions from a range of interested parties, including listed companies, investors, industry bodies and other key stakeholders in New Zealand’s capital markets. The submissions are due to be published on the consultation page of NZX’s website at the start of April. NZX said it also engaged a third-party provider to conduct interviews with 15 small to medium-sized issuers to obtain their views on issues raised in NZX’s initial discussion document. NZX intends to publish a report outlining a summary of these views alongside the submissions.
A further consultation paper outlining the proposed updated reporting requirements based on the initial feedback received will be published later this year. NZX said it will then give interested parties an opportunity to provide further feedback before changes are finalised.