Corporate Law and Governance

The Ministry provides policy advice on corporate governance and financial reporting. Effective corporate governance systems foster transparency and accountability by ensuring those shareholders receive quality information about the company's performance and the directors' stewardship of their assets. This ensures that shareholders are able to exercise their powers to hold directors to account.

The Ministry examines the impact of business law on growth and innovation in the business sector. We provide purchase advice on the Accounting Standards Review Board. We are also responsible for the business law co-ordination programme with Australia.

Cabinet paper 19 October 2009: Auditor Regulation Oversight
This paper proposes the licensing of auditors, the establishment of a register of licensed auditors and the responsibility for oversight being given to an independent crown entity to rectify the problems in the current regulatory system for auditors

Discussion Document: The Statutory Framework for Financial Reporting
The main purpose of the review is to propose changes to the standards-setting institutional arrangements and the allocation of statutory responsibilities, as well as to propose rationalisation of reporting obligations for many entities in New Zealand

Application of Accounting and Assurance Standards under the Proposed Statutory Framework
The ASRB document is a companion to the MED document. This document considers what standards should be used in preparing general purpose financial reports and the level of assurance required, by entities required to do so under the proposed MED framework

Financial Reporting Law
In December 2005, the Government approved a set of changes to the financial reporting system, most of which are aimed at reducing compliance costs. Amending legislation will be introduced in the first half of 2006.

Business Law Reform Bill
Summary page for documents relating to the Business Law Reform Bill.

Mutuals Law
The Ministry also works on policy relating to non-bank entities such as Building Societies, Credit Unions and Industrial & Provident Societies.

Memorandum of Understanding between the Government of New Zealand and the Government of Australia on Coordination of Business Law
The MoU signed in 2006 reaffirms both countries' commitment to coordination of trans-Tasman business law and working together to reduce impediments to trans-Tasman commerce. The MoU also sets new priority areas for trans-Tasman business law coordination.

Partnerships Law
This page provides information on the Ministry's work on limited partnerships issues.

Archive
Business Law topics which are no longer current can be found in the archive section. These document may no longer be updated, or contain the most current information but are still provided for your reference.

Within the Ministry

Teams within the Competition Trade and Investment Branch are responsible for the Ministry's activities in these areas.