NZX guidelines put NZ on a path to global best practice

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10 May 2017
SOURCE:
Renee Graham, Communications Manager

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

Executive Director Abbie Reynolds says thisintroduces environmental, social and governance disclosure for listedcompanies.

"Around the world an increasing numberof stock exchanges are making it mandatory for companies to report on theirsustainability performance. This is because there is a greater demand fortransparency. Investors and consumers are pushing for it and want a moreholistic view of company performance.

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

"We are pleased to see the NZX hasadopted a number of the recommendations made by the Sustainable BusinessCouncil in its submission - including the 'report or explain' approach on hownon-financial targets are measured".

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

"Customers and investors increasinglywant reporting on environmental and social performance, and NZX's guidelineswill help companies fully inform stakeholders in a manner consistent with worldbest practice," Kirk Hope says.

SBC's Sustainable Leadership Manager RobertPerry says SBC members are already required to produce a sustainability report,integrated report or public account, which demonstrates progress onsustainability.

"The revised NZX Code underlines theprogress we are already seeing from all of our members, which include small tolarge businesses".

SBC can supply media with examples ofmember companies already reporting on sustainability.