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Governance challenges amidst the pandemic: findings from the NZX 20 and lessons from Australia's Myer case

Home Insights Governance challenges amidst the pandemic: findings from the NZX 20 and lessons from Australia's Myer case

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Contributed by: David Raudkivi, Kirsten Massey, with research provided by Anthony Yelavich

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Published on: November 18, 2020

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Findings from the NZX 20 and lessons from Australia's Myer case

As we move through the results and AGM season, boards of listed issuers have the unenviable decision to make of whether to provide earnings guidance while the challenges and volatility associated with the economic effects of COVID-19 continue. 
 
We have analysed the announcements made by the constituent members of the NZX 20 and summarised our findings in our insights report below to provide a clearer view on current practices. We also reconsider the 2019 Australian Federal Court decision in TPT Patrol v Myer[1] in the context of providing practical considerations for boards of listed issuers in decisions on providing guidance to the market.

Click here to read: Governance challenges amidst the pandemic: findings from the NZX 20 and lessons from Australia's Myer case

If you have any questions on this update, please contact your usual Russell McVeagh adviser.

 
[1] TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited [2019] FCA 1747
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