Policy Statements

New Zealand Shareholders Association Policy Framework Statement

The policies prepared by the NZ Shareholders Association around Listed Companies have as their core the NZX and ASX listing rules and governance standards.

The policies are a position adopted by the NZ Shareholders Association derived from evidence-based research, industry / professional bodies or internationally accepted best practice. NZSA may choose to consult with its members and/or external agencies in formulating policies.

These policies are used by NZSA to review the actions of listed entities. The policies are not a substitute for the exercise of critical judgement in any area.

Policy #1: Directors Fees

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Date Approved:  March 2022
Effective From: January 2022

Future Review Date: March 2025

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains...

Policy #4: Employee Engagement and Whistleblowing

Date Approved: July 2018
Effective From: July 2018

Future Review Date: tbd

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains a range of policies to positively...

Policy #5: Executive Remuneration

Date Approved: July 2018
Effective From: July 2018

Future Review Date: Please note this policy is currently under review, with significant amendments planned. Contact NZSA with any specific questions.

Application:...

Policy #6: Independent Directors

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Date Approved: June 2024
Effective From: June 2024

Future Review Date: June 2027

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains...

Policy #8: Political Donations

Date Approved: July 2018
Effective From: July 2018

Future Review Date: tbd

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains a range of policies to positively...

Policy #10: Audit Independence

Date Approved: July 2018
Effective From: July 2018

Future Review Date: tbd

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains a range of policies to positively...

Policy #12: Golden Parachutes

Date Approved: July 2018
Effective From: July 2018

Future Review Date: tbd

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains a range of policies to positively...

Policy #13: Remuneration Report

Date Approved: July 2018
Effective From: July 2018

Future Review Date: 2022

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains a range of policies to positively...

Policy #14: Director Tenure

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Date Approved:  March 2022
Effective From: January 2022

Future Review Date: March 2025

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains...

Policy #15: Future Directors

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Date Approved:  March 2022
Effective From: January 2022

Future Review Date: March 2025

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains...

Policy #16: Audit Rotation

Date Approved: July 2018
Effective From: July 2018

Future Review Date: 2022

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains a range of policies to positively...

Policy #17: Board Composition

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Date Approved:  June 2022
Effective From:   June 2022

Future Review Date: June 2025

Application: This policy applies to all NZX listed companies.

Purpose:...

Policy #18: Independent Directors Share Ownership

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Date Approved:  March 2022
Effective From: January 2022

Future Review Date: March 2025

Application: This policy applies to all NZX listed companies.

Purpose: NZSA maintains...

Policy #19: Shareholder Meetings

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Date Approved:  June 2021
Effective From:   July 2021

Future Review Date: July 2024

Application: This policy applies to all NZX listed companies.

Purpose: NZSA...

Policy #20: Takeovers Policy

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Date Approved:  August 2021
Effective From:   September 2021

Future Review Date: June 2024

Application: This policy applies to all NZX listed companies.

Purpose: NZSA...

Policy #21: Independent Advice for the Board

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Date Approved:  April 2022
Effective From:   April 2022

Future Review Date: June 2025

Application: This policy applies to all NZX listed companies.

Purpose:...

Policy #22: Environmental Sustainability

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Date Approved:  October 2022
Effective From:   January 2023

Future Review Date: January 2024

Application: This policy applies to all NZX listed companies.

Purpose:...

Policy #23: Capital Management

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Date Approved:  April 2023
Effective From:   April 2023

Future Review Date: April 2026

Application: This policy applies to all NZX listed companies.

Purpose:...

Former NZSA Policies

Former NZSA policies, now withdrawn, are shown below:

Policy 2: Criminal Matters before the Courts
Withdrawn: Nov 2020
Reason: Now treated as an internal NZSA operating policy

Policy 3: Dividends and Imputation Credits
Withdrawn: April 2023
Reason: Superseded by Policy 23 (Capital Management)

Policy 7: Non-executive Directors
Withdrawn: June 2024
Reason: Superseded by Policy 6 (Independent Directors) and provisions in Policy 17 (Board Composition)

Policy 9: Equitable Treatment of Shareholders in Capital Raise
Withdrawn: April 2023
Reason: Superseded by Policy 23 (Capital Management)

Policy 11: Role of the Company Secretary
Withdrawn: Apr 2022
Reason: Superseded by Policy 21 (Independent Advice for the Board)