The Financial Markets Authority decision, announced today, to use the opportunity created by its updated corporate governance handbook to deliver more targeted guidance for directors is welcome, says Chapman Tripp partner Roger Wallis.
“We have long argued for a less fragmented approach and this goes a long way to achieving that. Effectively, FMA has left the listed company field to the NZX and has concentrated on unlisted companies and public sector entities.
“This removes clutter and is much more user-friendly,” Wallis said.
The FMA has usefully drawn on last year’s upgrade to the NZX code, and some recent FMA reports particularly around audit quality to produce a very readable and useful piece of work.