NZX guidelines put NZ on a path to global best practice

NZX guidelines put NZ on a path to global best practice

The Sustainable Business Council welcomes the new Corporate Governance Codes released by the New Zealand Stock Exchange (NZX), asking companies to report on environmental, social and corporate governance matters.

Executive Director Abbie Reynolds says this introduces environmental, social and governance disclosure for listed companies.

"Around the world an increasing number of stock exchanges are making it mandatory for companies to report on their sustainability performance. This is because there is a greater demand for transparency. Investors and consumers are pushing for it and want a more holistic view of company performance.

"This move brings New Zealand more in line with a global shift toward greater transparency in the way businesses report and share their financial, social and environmental plans and performance. This is global best practice.

"We are pleased to see the NZX has adopted a number of the recommendations made by the Sustainable Business Council in its submission - including the ‘report or explain’ approach on how non-financial targets are measured".

BusinessNZ Chief Executive Kirk Hope says New Zealand companies will benefit from sustainability reporting.

"Customers and investors increasingly want reporting on environmental and social performance, and NZX’s guidelines will help companies fully inform stakeholders in a manner consistent with world best practice," Kirk Hope says.

SBC’s Sustainable Leadership Manager Robert Perry says SBC members are already required to produce a sustainability report, integrated report or public account, which demonstrates progress on sustainability.

"The revised NZX Code underlines the progress we are already seeing from all of our members, which include small to large businesses".

For more information, please contact Renee Graham, Communications Manager, SBC.

SBC can supply journalists with examples of member companies already reporting on sustainability.

ENDS

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