Submission on the review of the Unit Titles Act 2010
The Unit Titles Act 2010 is being reviewed to ensure it is fit for purpose. We welcome the review and support reforms to strengthen body corporate governance. These include introducing body corporate committees conflicts of interest provisions and additional provisions on their duties and responsibilities. We also consider that the reform of the Act should include anti-proxy farming provisions.
Submission on the exposure draft of the Trusts Bill
The IoD welcomes the draft Trusts Bill which will replace the Trustee Act 1956. We generally support the draft Bill and its purpose to restate and reform New Zealand trust law. We particularly support the inclusion of mandatory and default trustee duties. Our submission discusses governance and specific trustee-related matters and issues with the draft Bill.
Submission on NZX Continuous Disclosure (Correcting Consensus Guidance)
Analysts and other third parties track the performance of NZX issuers and publish guidance that can have a significant effect on market expectations. Under proposed amendments to NZX’s Guidance Note on continuous disclosure, issuers would be expected to correct such guidance where they are sufficiently certain that a material deviation (between market expectations and actual financial performance) will arise.
We generally support this disclosure requirement, however we have expressed some concerns with the proposed commentary.
Submission on the Regulatory Systems (Commercial Matters) Amendment Bill
The Bill will amend the Companies Act 1993, the Takeovers Act 1993 and other commercial legislation. Our submission focuses on specific governance and director-related amendments.
Submission on the FMA's conduct guide
It’s the board’s role to foster high ethical standards and ‘set the tone’ for an effective culture in organisations. In our submission, we support the conduct guide as a resource to help providers understand FMA’s focus on, and expectations about, good conduct.
Submission on NZX Corporate Governance Code
The IoD generally supports the proposed updated NZX Corporate Governance Code, including the new tiered approach and 'comply or explain' recommendations. Our comments in this submission focus on particular recommendations. We also provide brief comments to the specific questions in the NZX Consultation Paper.
Submission on the review of corporate insolvency law
The review addresses the regulation of insolvency practitioners and voluntary liquidations. Our submission focuses on the New Zealand Companies Register and supports the proposal to introduce director identification numbers. We also discuss contact addresses for directors and submit that directors should be able to publish on the Register a service address that is not their residential address.
Exposure Draft NZASB 2016-6 Service Performance Reporting
The IoD supports the introduction of a reporting standard to provide PBEs with a framework for service performance reporting. Financial information alone doesn’t tell the whole story and accurate, timely and meaningful non-financial information is essential for good governance. Introducing a new performance reporting regime will mean significant change for many PBEs and it is important that sufficient time and support is provided to enable an effective transition.
Submission on Local Government Act 2002 Amendment Bill (No 2)
The Bill introduces significant local government reforms. We comment on specific governance and director matters related to new types of council-controlled organisations.
Submission on the Te Ture Whenua Māori Bill
The reform of Te Ture Whenua Māori (and updating of the 1993 Act) will mean significant change for Māori land owners, including introducing a new governance framework in relation to developing and approving their own governance constitutions and appointment of kaitiaki (governors). Our submission focuses on the duties and responsibilities of kaitiaki and their immunity from personal liability.
Submission on Exposure Draft of the Incorporated Societies Bill
The IoD supports the updating of the Incorporated Societies Act 1908 with a new, modern statute. However, we are concerned that small incorporated societies may be disproportionately burdened by compliance matters in the draft Bill. We encourage MBIE to consider whether the one-size-fits-all approach under the draft Bill is appropriate or whether there are alternative options that would better suit small societies.
IoD submission to NZX on the review of Corporate Governance Reporting Requirements
The Institute of Directors endorses NZX’s review and the updating of the Corporate Governance Best Practice Code (the Code). It is important to develop a reporting regime that is current, effective for good corporate governance reporting, and aligned with best practice. It is also important that we reduce fragmentation, duplication and inconsistencies as much as possible in the various corporate governance reporting regimes in New Zealand.