Disclosure standards of large New Zealand companies : a content analysis study of compliance with the FMA’s corporate governance guidelines

Abstract

This qualitative study is an attempt to gain some insights into the level of corporate governance disclosure in New Zealand. A sample of ten large publicly-listed companies was analysed to determine to what extent they fulfil the requirements of the corporate governance principles and guidelines as recommended by the Financial Markets Authority (FMA) of New Zealand. Even though compliance with the FMA’s recommendations is voluntary, a high overall percentage of compliance (74%) was recorded in this study. This indicates the seriousness with which New Zealand companies take investor concerns on issues of corporate governance.