The FMA has released a draft update to its Corporate Governance Handbook, last updated in 2014.
In light of NZX's updated Corporate Governance Code, published earlier this year, the FMA has shifted the focus of its Handbook away from listed companies, acknowledging that the NZX Code should now be the primary guidance on corporate governance practices for NZX listed companies. The Handbook now explicitly states that it applies only to non-listed and public sector companies and other entities.
This is a welcome move to streamline the multiple overlapping corporate governance regimes applying to New Zealand listed companies.
The consultation process for the updated Handbook is a good opportunity for submissions to be made on any aspects of the corporate governance guidelines where entities believe the current Handbook does not serve companies well or where additional commentary or guidance could be valuable.
Submissions on the FMA's consultation paper close on Friday 8 December 2017.