Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Principles of Corporate Governance and Reporting


Principles of Corporate Governance and Financial Reporting

The Securities Commission has published principles that it believes should underlie the practices of all participants in the securities market.

Corporate governance, financial reporting and audit quality issues are being debated vigorously around the world.

“These matters are of core importance for New Zealand’s capital markets,” Commission Chairman Jane Diplock said. “We are making our views known on certain aspects of governance and reporting in order to contribute to that debate.”

The principles include: Financial reporting, corporate governance and market regulation should align with international best practice; Boards and management should have high ethical standards and be mindful of their responsibilities to their investors; Investors should be able to have confidence in the quality of audits; An independent oversight body should monitor issues of audit quality and auditor independence; Regulators should take a rigorous approach to monitoring the securities market and enforcing the law. Regulators should identify regulatory gaps and recommend reform of the law.

The Commission encourages all participants in New Zealand’s capital markets to examine their practices and to make changes to improve their corporate governance and financial reporting.

The Commission will continue to make best use of existing law and will identify regulatory gaps and recommend appropriate reforms of the law.

It will work co-operatively with other regulators to achieve effective monitoring and enforcement of securities law.

“The onus is on all participants to adopt standards and practices that will strengthen investor confidence in New Zealand’s capital markets,” Jane Diplock said.

The Commission’s statement of principles, Strengthening Confidence in New Zealand’s Capital Market – A Statement on Certain Aspects of Corporate Governance and Financial Reporting, is available at http://www.sec-com.govt.nz

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>


Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>