Waimakariri MP Matt Doocey has welcomed early support for his Companies (Annual Report Notice Requirements) Amendment Bill.
The bill seeks to replace an outdated legal requirement for companies to provide a written notice of the annual report to shareholders.
““In addition to reducing costs to companies, the Bill will minimise paper consumption and the flow on impact to environment. One company in my electorate told me it sends out around 32,000 letters every year and gets on average 100 requests for a hard copy of the report. With technology, we can do more online and companies have the ability to make their annual report available online,” says Mr Doocey.
“I’ve been really encouraged by the support I’ve received from industry stakeholders, who recognise the value in the bill as a step in the right direction of regulatory reform and would reduce administrative burdens.
“To have companies like Chorus and Z Energy on board with the bill is just fantastic. I’ve also been contacted by Dr Oliver Hartwich, Executive Director of the New Zealand Initiative, who has said the bill will save companies a few million dollars of unnecessary costs – not to mention hundreds of thousands of pages of printed paper.
“Meanwhile, Z Energy have contacted me to show their support they believe that this bill has the potential, through a simple administrative change, to cut costs and reduce the amount of paper and post required by their business,” says Mr Doocey.
According to the Listed Companies Association, their member companies collectively stand to save hundreds of thousands of dollars if the bill is supported and the associated environmental benefits help meet the constant need for companies to be mindful of sustainability issues.
The Companies (Annual Report Notice Requirements) Amendment Bill was drawn from the Member’s Bill ballot last week.