🇳🇿 Legislation1 Aug 2024
New Zealand plans to modernise its Companies Act, with director identifiers
In August 2024 New Zealand's Government announced a two-phase reform of the Companies Act 1993. Phase one would modernise the Act and simplify compliance, give directors and general partners of limited partnerships a unique identifier to tackle phoenixing, and let directors and shareholders show an address for service instead of a home address. Phase two is a Law Commission review of directors' duties and liability.
The Ministry of Business, Innovation and Employment (MBIE) leads the reform.
What is planned
- Phase one: modernise the Companies Act 1993, simplify compliance and deter poor or illegal practices.
- Identifiers: unique identification numbers for company directors and general partners of limited partnerships, to track people across entities.
- Addresses: directors and shareholders could list an address for service, such as their lawyer's, instead of their home address.
- Repeal: the 2023 amendment saying directors may consider matters other than profit would be repealed.
- Phase two: a Law Commission review of directors' duties, liability, sanctions and enforcement.
Status
These are proposals. The separate Companies (Address Information) Amendment Act 2025 deals with directors at risk of harm.