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Media Statement on NZX updated code of corporate governance

Media release
MR No. 2017 – 17
10 May 2017

The FMA today welcomes the publication of NZX’s updated Corporate Governance Code.

The code will replace the existing Best Practice Code in NZX’s listing rules for the main board and debt market, and reflects developments in financial markets since the original code was published in 2003.

The content of the NZX code is well aligned to the principles in the FMA’s Corporate Governance Handbook.

Simone Robbers, FMA Director of Strategy and Risk, said: “NZX’s updated code is a positive step in improving standards of corporate governance for New Zealand’s listed companies. It’s critical to ensure New Zealand’s listed companies are in line with international standards of corporate governance.

We support the objective of increasing consistency between different corporate governance reporting regimes. We acknowledge that NZX intends to further improve standards of corporate governance over time, including looking at the proportion of independent directors required for listed companies during their broader review of the Listing Rules.

The FMA handbook is still relevant to the broad range of market participants and entities we regulate under the Financial Markets Conduct Act. To ensure consistent reporting regimes for listed companies, we will review whether changes are needed to the content of our handbook.”

Ends

Contact:
Edwin Mitson
Ph: 021 702 036
Edwin.mitson@fma.govt.nz