Submission on the Financial Markets (Conduct of Institutions) Amendment Bill

The IoD supports the intent of the Bill to improve culture and conduct in financial institutions in New Zealand. However, we are concerned about proposals related to the Bill to increase director responsibilities and personal liability. The Committee should be aware of these proposals and that they may have significant and adverse effects on fostering good governance and on New Zealand’s prosperity and wellbeing. The IoD will continue to engage with policymakers and stakeholders on the design and scope of a director accountability regime in financial institutions including to ensure that any proposed responsibilities and liability of directors are proportionate and appropriate.