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NZSX-Listed Company Tables March 2018 Working Paper 2018/01 NZSX-listed Company Tables MCGUINNESS INSTITUTE TE HONONGA WAKA Working Paper 2018/01 NZSX-listed Company Tables Version as at 15 March 2018 Note: The methodology is published separately in Supporting Paper 2018/01: Methodology for Working Paper 2018/01. Working Paper 2018/01 – NZSX-listed Company Tables Title Published Copyright © McGuinness Institute, March 2018 ISBN 978-1-98-851844-2 (Paperback) ISBN 978-1-98-851845-9 (PDF) This document is available at www.mcguinnessinstitute.org and may be reproduced or cited provided the source is acknowledged. Prepared by The McGuinness Institute, as part of the ReportingNZ project Authors Wendy McGuinness and Isabella Smith Research Team Reuben Brady, Wei Kai Chen, Sally Hett, Annie McGuinness, Nicholas Shackleton and Karri Shaw. Designer Ashley Brown Editors Eleanor Merton, Ella Reilly For further information McGuinness Institute Phone (04) 499 8888 Level 2, 5 Cable Street PO Box 24222 Wellington 6142 New Zealand www.mcguinnessinstitute.org Disclaimer This information has been prepared with the intention of exploring how the current system of reporting works in practice, with a particular focus on the quality and quantity of information available to the public (rather than to the shareholder or investor). It is not to be used for investment purposes and the Institute takes no responsibility for those who use this report for those purposes. The data has been independently reviewed by BDO but they have not verified or validated any of the data. They have not issued an audit or review engagement opinion. The McGuinness Institute has taken reasonable care in collecting and presenting the information provided in this publication. However, the Institute makes no representation or endorsement that this resource will be relevant or appropriate for its readers’ purposes and does not guarantee the accuracy of the information at any particular time for any particular purpose. The Institute is not liable for any adverse consequences, whether they be direct or indirect, arising from reliance on the content of this publication. Where this publication contains links to any website or other source, such links are provided solely for information purposes and the Institute is not liable for the content of any such website or other source. Publishing This publication has been produced by companies applying sustainable practices within their businesses. The body text and cover is printed on DNS paper, which is FSC certified. The McGuinness Institute is grateful for the work of Creative Commons, which inspired our approach to copyright. This work is available under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 New Zealand License. To view a copy of this license visit: www.creativecommons.org/licenses/by-nc-nd/3.0/nz Contents Preface _______________________________________________________________________________1 Introduction ___________________________________________________________________________3 1. NZSX issuers framework [N=163] ______________________________________________________9 1a: Number of NZSX issuers by calendar year 2010–2017 ___________________________________ 10 1b: Annual changes in NZSX issuers between 2010–2017 ___________________________________ 13 1c: Markets, types of issuers and other stock exchange listings _______________________________ 17 2. Location, structure and nature of business [N=129] ______________________________________ 22 2a: Locations of registered offices _______________________________________________________ 23 2b: Nature of business of NZSX-listed companies _________________________________________ 26 2c: Extent ‘control’ is disclosed in financial statements _____________________________________ 29 2d: Extent ‘holding’ is disclosed on the Companies Register _________________________________ 35 2e: Extent NZSX-listed companies are also in the 2016 Deloitte Top 200 ______________________ 39 3. Reports published [N=129] ___________________________________________________________ 48 3a: Extent annual reports or financial statements (only) were filed on the Companies Register _____ 49 3b: Financial statements by accessibility _________________________________________________ 52 3c: Financial statements by pages, criteria and currencies ___________________________________ 56 3d: Auditor reports by audit firm (over last five years) _____________________________________ 60 3e: Annual reports by accessibility ______________________________________________________ 65 3f: Annual reports by pages, entity type, criteria and currencies ______________________________ 68 3g: Annual reports that used recognised extended external reporting frameworks _______________ 73 3h: Annual reports that directed readers to additional documents v 4. Financial information disclosed [N=126] _______________________________________________ 81 4a: Total revenue in financial statements _________________________________________________ 82 4b: Profit in financial statements _______________________________________________________ 90 4c: Income tax expense in financial statements ___________________________________________ 100 4d: Total intangible assets in financial statements _________________________________________ 107 4e: Total assets in financial statements __________________________________________________ 112 4f: Tax paid in financial statements ____________________________________________________ 120 4g: Political donations published in annual reports _______________________________________ 127 4h: Non-political donations published in annual reports ___________________________________ 131 5. Non-financial information disclosed [N=126] ___________________________________________ 138 5a: Statements of corporate governance information by pages and content in annual reports _____ 139 5b: Gender diversity information stated in annual reports __________________________________ 143 5c: Health and safety policy stated in annual reports ______________________________________ 155 5d: Health and safety statistics, practices and targets stated in annual reports __________________ 159 5e: Environmental practices and targets stated in annual reports _____________________________ 163 5f: Carbon emission statistics, costs, controls and targets stated in annual reports _______________ 168 5g: Water statistics, controls and targets stated in annual reports ____________________________ 173 Abbreviations ________________________________________________________________________ 177 Glossary _____________________________________________________________________________ 178 Appendix 1: Analysis of pages published __________________________________________________ 184 Preface The McGuinness Institute aims to undertake bold and ambitious projects that other organisations are unable to commit to or complete due to size, costs, complexity and risk. The ReportingNZ project, and in particular Working Paper 2018/01 – Tables: An analysis of external reporting practices of NZSX-listed companies is evidence of this. To prepare Working Paper 2018/01, the McGuinness Institute team comprehensively reviewed all annual reports published by NZSX-listed companies in the 2016 calendar year, and listed on the NZSX in 2017. We believed it was time to take stock of the reports in the public arena, and sort and assess them by a range of information categories. Our aims were twofold. First, we wanted to provide context for two surveys undertaken by the McGuinness Institute in collaboration with the External Reporting Board (XRB) in mid-2017. The first, the Preparers’ Survey, asked Chief Financial Officers (Preparers of EER) what they thought about current and future EER practices. The second, the Users’ Survey, explored whether the criteria, content and accessibility of corporate reporting is currently meeting the needs of Users. As the two surveys indicate the current perceptions of EER practices by the Users and Preparers of this information, we felt it was necessary to also explore the actual practice of EER over the same period so we (or others who might like to repeat this work in the future) could identify actual trends, measure impacts and report changes over time. The second aim of this research, then, was to understand the current reporting landscape and how regulators and companies might together bring about change. With these aims in mind we reviewed the annual reports using the lens of the common good (e.g. where the goals might be significant improvements in the wellbeing of all current and future New Zealanders) rather than of a private investor (e.g. where the goals might be financial return and capital growth). We believed that by looking at the annual reports of NZSX-listed companies we were in effect looking at the best in class. Not only are these companies legally required to publish information to a high standard, they also have a vested interest in communicating their values and goals. These companies, as a general rule, recognise the importance of maintaining an effective shareholder relationship (in terms of share value) and an effective stakeholder relationships (in terms of retaining a social licence to operate). We were fortunate to collaborate with BDO Wellington in this research. Particular thanks must go to Scott Cameron, who reviewed our data. We hope our analysis of the 2017 NZSX-listed companies is a useful resource for academics, think tanks, industry groups and regulators. Wendy McGuinness Chief Executive McGuinness Institute WORKING PAPER 2018/01
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