Submission to NZX on corporate governance code

On 28 January 2022 LCANZI made a submission to the New Zealand Stock Exchange (NZX) on their Corporate Governance Code Review.

The submission focuses on several key areas:

  • ESG Reporting: we recommended that the Code should encourage all NZX issues to provide regular climate related disclosure and to consider incorporating double materiality.

  • Remuneration and incentives: we support NZX expanding its guidance on executive remuneration to encourage linking remuneration to ESG objectives that support long-term sustainable value creation.

  • Climate Change Guidance Note: we recommended the introduction of a Climate Change Guidance Notes for NZX issuers, to sit alongside the existing ESG guidance note.

  • NZX Corporate Governance Institute: we support the establishment of the Institute because it is important in relation to climate change and other ESG matters where regulation and governance practices are constantly developing.

The submission was written by LCANZI’s Director’s Duties and Corporate Governance Sub-Committee members; Jenny Cooper QC, Emma Geard, Isabelle Smith, Carleton Buckley and Danyela van der Sande.

If you would like to join this sub-committee, please email admin@lawyersforclimateaction.nz.

LCANZI