NZSA Policy No 15 – Future Directors 

NZSA Policy No 15 – Future Directors 

Application:  This policy applies to all NZX listed companies. 

Purpose: NZSA maintains a range of policies to moderate the behaviour of all participants in the NZX listed company sector. These policies should be read in the context of the NZSA Policy Framework Statement. 

 

1.0  Future Directors 

1.1 The Association believes that companies should be developing future Directors by allowing their CEO or other appropriate senior executives to take part in the Future Directors programme https://www.futuredirectors.co.nz/Default.aspx  and also where possible participating in the Programme by appointing a Future Director to their Board.  It is only by adopting these measures that the pool of Directors will both grow and become more diversified. Whilst diversity is important it is not a substitute for having the best qualified persons on a Board.  

1.2 Directors should earn their place at the Board table through intellectual rigour not by appointment on any other grounds. 

 

2.0  Commentary 

2.1 The NZX has approximately 150 New Zealand domiciled companies. With each company having an average of around five to seven Directors the total number of Directors is around 900. A number of Directors hold more than one Directorship, so the individual number of Directors is possibly around 500 or less.  

2.2 The average age of Directors is 58 years. Over 90% identify as European New Zealand and over 80% are male.   

2.3 The pool is not representative of the general population.  

 

Definitions 

The definition of Independence is given in the NZX Listing rules under 2.13.3 (f). 

 

Related Policies 

NZSA maintains other related policies regarding audit as shown below:  

Policy 2 Auditor Rotation (hyperlinks) 

Policy 3 Auditor Tenure (hyperlinks) 

 

Document Control 

This document was approved by the NZSA Board: July 2018 

This document is effective from: July 2018 

The next planned review date is: July 2021