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Who are we?
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The Listed Companies Association (LCA) is an independent, non-profit organisation established in 1981. Its members are NZSX, NZAX, NZDX listed companies.
Since inception, LCA has provided a forum for discussion and exchange of views on issues of importance to companies listed on the New Zealand Exchange (NZX). With today’s sharp focus on corporate governance and the need for confidence and growth in our capital markets, LCA provides leadership for a collective voice for business.
In a world of increasing change in the business environment, keeping up with the array of rules and regulations has never been more difficult or time consuming. This is particularly so for listed companies.
As the medium for public investment in capital markets, listed companies are an obvious target for market and government regulators keen to convince the public of their proactive protection of the public interest.
Our main objectives are to maximise the benefits of being a listed company and to make the requirements which come with that status appropriate and reasonable to comply with.
Reaction around the world to recent major corporate collapses has been based on regulating the many to guard against the defaults of the few. The outcome for companies is increased compliance costs and increased time spent satisfying greater regulatory requirements.
These negative outcomes need to be assessed and where appropriate, challenged by those who have to bear the burdens – the listed companies who must act to protect their own interests and those of their investors. LCA provides the means to address the issues with the benefit of a collective voice.
Collective action and the exchange of ideas helps all those involved in running and administering listed companies to identify and understand issues which may otherwise escape attention, or be overtaken by pressures of daily business needs - until it is too late!
Experience tells us all that a collective and representative voice will achieve more than the uncoordinated comments of individuals.
The Executive of LCA acts as an advocate for listed companies on a wide range of issues. The Executive regularly interact with Government officials, NZ Shareholders Association, share registries and NZX on issues affecting listed companies. We all recognise that desired outcomes are more readily achieved through early and well constructed engagement.
There is much more to be done in developing a healthy, properly informed and appropriately regulated capital market and commercially attractive business environment in New Zealand. As a small economy we have the advantage of size - we can act faster and share information and views more readily as we drive the outcomes New Zealand business needs.
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Main purpose and objectives
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The main purpose of LCA is to help listed companies:
- further the long term interests of its shareholders by working for a fair, adequate and efficient regulatory system.
- maximise the benefits of listing and to make the requirements that come with that status appropriate and reasonable to comply with.
- To promote confidence in and growth of business and capital markets in New Zealand.
The objectives of LCA are set out in its Constitution:
- To promote the interests of companies listed on the official list of the New Zealand Exchange, such as the NZSX, NZDX and NZAX
- To co-operate with government departments, statutory bodies, commissions, professional associations and other persons in the promotion of the interests of listed companies
- To promote, oppose or move for the repeal of any legislation, regulations or law affecting listed companies
- To consider and take action in respect of any matter affecting listed companies and, in particular, any law practice or requirement in respect of listing on a stock exchange, financial accounting and reporting, audit of financial accounts and reports, and the issue of shares, debentures or other securities by Listed Companies
- To prepare and make submissions or representations on behalf of listed companies to any commission, committee, board, court, tribunal or other body or person in respect of any matter or proceedings which concerns listed companies
- To co-operate with or to become a member of affiliate to any other body or organisation whose objects and purposes are in whole or in part similar to the objects of LCA itself
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