Directors' duties law called 'silly bill-iness' by law firm

Chapman Tripp said the existing law was already clear that directors were not limited to maximising profits. (Image: Getty)

Ian Llewellyn

Wed, 02 Aug 2023

A bill amending the definition of directors’ duties has passed into law with changes that make it nothing more than “virtue-signalling”, experts say.The original intent of the Companies (Directors' Duties) Amendment Bill was to make clear directors could consider other matters rather than profit when making decisions and listed issues such as the principles of the Treaty of Waitangi, the environmental impacts and other matters.After some delays, the bill recently completed its committee stage with the sponsoring MP, L...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket up 0.4%; Hallenstein CEO resigns

The S&P/NZX 50 Index closed at 13,133.16, up 62.71 points or 0.48%.

Graham Skellern 6:10pm

Retail

Smiths City placed in voluntary administration

All nine Smiths City stores and online shop have been temporarily closed.

Staff reporters 10:45am

Smiths City placed in voluntary administration

Infrastructure

A year late, but AWS $7.5b investment is here

Amazon's $7.5b datacentre investment originally announced in 2021 is here.

Dileepa Fonseka 10:00am

A year late, but AWS $7.5b investment is here

Sponsored

Bold Steps: reshaping women’s leadership in Aotearoa

Dame Therese Walsh and Dame Joan Withers reflect on the summit’s unlikely beginnings – and how it has evolved into a platform for ambition and impact today.

OnBeingBold

Sponsored

A two-track approach to cracking NZ’s EV charging puzzle

Z Energy aims to support easing adoption bottlenecks by targeting the distinct needs of habitual and journey EV drivers.

Z Energy

More Law & Regulation

Markets

Being AI fined $50,000 over governance breaches

Being AI accepted full responsibility.

Gregor Thompson 9:40am

Law & Regulation

Court reverses Damien Grant’s fees over Stanley liquidation

The judge ruled subcontractors, not the liquidators, were entitled to retentions.

Gregor Thompson 01 Sep 2025

Law & Regulation

Tavendale & Partners appoints Simon Moore KC as director consultant

Staff reporters 01 Sep 2025

Law & Regulation

Jetstar fined $2.25m for misleading customers about compensation

Jetstar was fined $2.25 million on Monday for misleading nearly 100,000 customers about their compensation rights.The airline claimed the covid-19 pandemic caused it to lay off experienced workers and replace them with inexperienced staff who provided flyers with the wrong advice...

Staff reporters 01 Sep 2025

Directors' duties law called 'silly bill-iness' by law firm

More Law & Regulation

Your company has a subscription

Team