Submission on the exposure draft of the NZX Listing Rules
The IoD strongly opposes the proposal to extend the continuous disclosure rules in the NZX Listing Rules to include constructive knowledge of directors and officers. However, we support other proposed director-related changes in our submission including requirements around director independence.
Read the Submission on the exposure draft of the NZX Listing Rules
Submission on the Privacy Bill
The IoD welcomes the Privacy Bill which will replace the Privacy Act 1993. It is essential that the Bill is fit for purpose, flexible for the future, comparable with the privacy regimes of our key trading partners, and meets international best practice standards. We support introducing mandatory notification of privacy breaches for serious breaches in New Zealand.
Read the submission on the Privacy Bill
Future of tax
The IoD supports the Tax Working Group’s review of New Zealand’s tax system to ensure it is fit for purpose and sustainable going forward. New Zealand has a highly regarded tax system with many strengths. However, it can’t stand still in this time of rapid change and uncertainty. Now is an appropriate time to stand back and consider what is working well and what can be improved to future proof the tax system. Our submission comments on the review at a high level.
Read the submission on the Future of Tax
Submission on management banning orders under the Fair Trading Act 1986
The IoD supports MBIE’s intent to introduce a provision to ban directors/managers of entities that breach the Act (on one occasion) and then go on to set up other entities and are involved in similar offending by those new entities. However, in order to prevent any unintended consequences we suggest the Commerce Commission provide guidance clarifying who is intended to be subject to the new provision.
Read the submission on management banning orders under the Fair Trading Act 1986
State Sector and Crown Entities Reform Bill
The IoD is concerned about reforms in the Bill which give the State Services Commissioner increased powers and shift a level of control away from Crown entity boards to the Commissioner. This shift diminishes the Crown entity governance model, the fundamental role of the board to manage CEOs and hold them to account, and the board’s relationship with the Minister. It will also deter skilled and experienced directors from putting themselves forward to serve on Crown entity boards.
Read the submission on the State Sector and Crown Entities Reform Bill
Submission on the criminalisation of cartels
The Commerce (Criminalisation of Cartels) Amendment Bill introduces a criminal offence for cartel conduct. In our submission we oppose criminalisation because we believe the current civil regime prohibiting cartels is a sufficient deterrent, and introducing a criminal offence may be detrimental to business and New Zealand as a whole.
Read submission on the criminalisation of cartels
Submission on the Trusts Bill
The IoD welcomes the Trusts Bill which will replace the Trustee Act 1956. We generally support the 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 Bill.
Read submission on the Trusts Bill