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New Zealand Corporate Boards in Transition: Composition, Activity and Incentives Between 1995 and 2010

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Abstract

We document, describe and interpret changes in New Zealand corporate board characteristics between 1995 and 2010, a period centred around the 2003 introduction of the NZX Corporate Governance Best Practice Code. Unsurprisingly, the representation of non-executive, independent and female directors on NZ boards rose during the period, as did real chair and director fees and the importance of board committees, while average board size fell. Perhaps more surprisingly, much of this movement occurred before 2003. However, the magnitude of these changes frequently varies according to firm size, and there are some intriguing differences between New Zealand board characteristics and those prevailing in other, larger, countries. We use this information to identify a number of unanswered questions about New Zealand corporate boards.

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  • Glenn Boyle & Xu (Jane) Ji, 2011. "New Zealand Corporate Boards in Transition: Composition, Activity and Incentives Between 1995 and 2010," Working Papers in Economics 11/36, University of Canterbury, Department of Economics and Finance.
    • Handle: RePEc:cbt:econwp:11/36
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    2. Boyle, Glenn & Roberts, Helen, 2013. "CEO presence on the compensation committee: a puzzle," Journal of Economics and Business, Elsevier, vol. 70(C), pages 16-26.
    3. Boyle, Glenn & Roberts, Helen, 2012. "CEO Presence on the Compensation Committee: A Puzzle," Working Paper Series 19222, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.

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    More about this item

    Keywords

    corporate governance; board of directors; board structure;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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