Cartel criminalisation now in force
Cartel conduct is now a criminal offence and can result in a prison sentence of up to 7 years.
The IoD was pleased to see the Incorporated Societies Bill introduced into Parliament yesterday. Reform has been underway for over a decade and the Bill is long overdue.
“The current Act governing incorporated societies is from 1908. It’s wildly outdated and deficient in many ways, even referring to ‘shillings’ in places - so there’s no doubt that it needs modernising,” says IoD’s governance leadership centre manager Selwyn Eathorne.
“The more than 24,000 incorporated societies in New Zealand are an essential part of our social fabric. They provide a range of valuable services at both a community and national level, including sport, culture, education, health, and animal protection.
“The Bill overhauls governance structures and arrangements for societies. Governance duties are set out in one place for the first time, helping to provide certainty for those leading societies. There are also new conflict of interest rules, which are essential for boards.
The IoD is committed to driving excellence in governance across business and society to create a strong, fair and sustainable New Zealand. We have over 9,300 members, many of whom are volunteers and serve on incorporated societies.
“The Bill will be hugely beneficial to those who lead these organisations and it should help raise governance standards in the not-for-profit sector,” he says.
For more information, contact:
Corporate Communications Manager
027 957 0315
See the Incorporated Societies Bill