1492489660759 - NZX joins UN initiative as it looks to improve reporting quality

NZX joins UN initiative as it looks to improve reporting quality

The New Zealand stock exchange’s work in improving environmental, social and corporate governance reporting has seen it join the United Nations Sustainable Stock Exchange (SSE).

But its inclusion in a partnership of more than 60 exchanges, for which there was no fee, does not come with any obligations to introduce specific requirements.

The NZX said on Tuesday it had joined the SSE, a partnership it said reinforced its commitment to more sustainable and transparent capital markets in New Zealand.

This included things like improved environmental, social and corporate governance disclosure by the country’s listed companies.

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The NZX would also work with the UN on green finance, which looked at how stock exchanges could work with regulators, policy makers, listed companies and investors to better support greener and more inclusive economies.

NZX chief executive Mark Peterson said the exchange was delighted to join the SSE.

The NZX was updating its corporate governance code, which would be released shortly, for the first time since 2003, to significantly improve reporting requirements.

This had been done after extensive market consultation.

“Given the role NZX plays at the centre of New Zealand’s capital markets we have a unique opportunity to work with listed companies to encourage and enhance the quality of environmental, social and corporate governance reporting,” Peterson said.

“We are looking forward to collaborating with other partner exchanges and passing our learnings onto NZX listed issuers.”

An NZX spokeswoman said there was no fee payable for it being a member of the SSE.

Its inclusion in the SSE did not come with any obligations to introduce specific requirements, either.

“However, proposed updates to the NZX corporate governance code will include a recommendation in relation to improving environmental, social and corporate governance reporting in New Zealand.

“The work undertaken by NZX in this space has been recognised by the SSE and led to our participation in this initiative.”

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