Gender diversity under consultation by NZX

Monday 2nd April 2012

NZX, the stock exchange operator, is seeking feedback from its members on a proposal to include gender diversity are part of its annual reporting.

If the proposal is accepted, members will be required to disclose the gender composition of their boards and senior management teams and provide information on their diversity policies.

“International evidence shows that companies with diverse senior management teams and boards perform better,” said Jo Goodhew, minister of women’s affairs.

“Having more women in leadership roles provides a wider range of views in key operational and strategic decisions.” “It also results in companies having stronger connections with customers, shareholders and investors,” Goodhew said.

Women currently hold about 9 percent of private sector directorships in New Zealand. The majority of NZX 100 companies have no female directors, while women account for 21 percent of management positions reporting directly to chief executives.

The NZX has also proposed changes to reduce compliance costs for employee share schemes and to assist companies raising capital. The closing data for submissions to the exchange is May 30. Shares in the NXZ have gained 24 percent this year and are currently trading at $2.80.

BusinessDesk.co.nz

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