Composite 0-100 score identifying NZX companies that may be susceptible to activist campaigns, based on 8 governance and financial factors
Average score per factor across all analysed companies. Higher averages may indicate systemic patterns.
Sorted by composite vulnerability score (highest first). Scores are indicative only and do not constitute investment advice.
| Ticker | Company | Sector | Score | Rating | Gov | Own | Pay | Ent | Cov | Top Factors |
|---|---|---|---|---|---|---|---|---|---|---|
| RGI | Rua Gold Inc | Materials | 55 | Elevated | 83 | -- | -- | -- | 25% | Governance Risk: Governance score of 17.14 may indicate structural weaknesses that could attract activist attention |
| TCM | Taiko Critical Minerals Limited | Materials | 55 | Elevated | 83 | -- | -- | -- | 25% | Governance Risk: Governance score of 17.14 may indicate structural weaknesses that could attract activist attention |
| EBO | EBOS Group Limited | Healthcare | 54 | Elevated | 34 | -- | 100 | -- | 38% | Pay Performance: CEO compensation of $6.4M alongside -41.2% one-year return may suggest pay-performance misalignment |
| SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | 51 | Elevated | 40 | -- | 70 | -- | 38% | Pay Performance: CEO compensation of $2.6M alongside -13.7% one-year return may suggest pay-performance misalignment |
| LOC | Locate Technologies Limited | Information Technology | 49 | Elevated | 74 | -- | -- | -- | 25% | Governance Risk: Governance score of 25.71 may indicate structural weaknesses that could attract activist attention |
| CO2 | Carbon Fund | Financials | 47 | Elevated | 70 | -- | -- | -- | 25% | Governance Risk: Governance score of 30 may indicate structural weaknesses that could attract activist attention |
| PLP | Private Land and Property Fund | Real Estate | 47 | Elevated | 70 | -- | -- | -- | 25% | Governance Risk: Governance score of 29.66 may indicate structural weaknesses that could attract activist attention |
| BIF | Booster Innovation Fund | Financials | 44 | Elevated | 66 | -- | -- | -- | 25% | Governance Risk: Governance score of 33.79 may indicate structural weaknesses that could attract activist attention |
| ENS | Enprise Group Limited | Information Technology | 42 | Elevated | 49 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $0.4M alongside -23.3% one-year return may suggest pay-performance misalignment |
| GTK | Gentrack Group Limited | Information Technology | 41 | Elevated | 39 | -- | 70 | -- | 38% | Pay Performance: CEO compensation of $1.7M alongside -34.9% one-year return may suggest pay-performance misalignment |
| AIR | Air New Zealand | Industrials | 40 | Elevated | 25 | -- | 70 | -- | 38% | Pay Performance: CEO compensation of $2.8M alongside -17.6% one-year return may suggest pay-performance misalignment |
| VGL | Vista Group International Limited | Information Technology | 40 | Elevated | 37 | -- | 70 | -- | 38% | Pay Performance: CEO compensation of $1.7M alongside -46.2% one-year return may suggest pay-performance misalignment |
| CCC | Cooks Coffee Company Limited | Consumer Staples | 38 | Moderate | 40 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $0.3M alongside -22.2% one-year return may suggest pay-performance misalignment |
| HFL | Henderson Far East Income Limited | Financials | 38 | Moderate | 57 | -- | -- | -- | 25% | Governance Risk: Governance score of 43.45 suggests moderate governance practices |
| MEL | Meridian Energy Limited | Utilities | 38 | Moderate | 35 | -- | 50 | -- | 38% | Pay Performance: CEO compensation of $2.5M with -2.5% return indicates moderate alignment |
| FCG | Fonterra Co-operative Group Limited | Consumer Staples | 37 | Moderate | 40 | -- | 40 | -- | 38% | No significant vulnerability signals |
| BLT | BLIS Technologies Limited | Consumer Staples | 36 | Moderate | 32 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $0.3M alongside -27.3% one-year return may suggest pay-performance misalignment |
| FSF | Fonterra Shareholders' Fund | Consumer Staples | 36 | Moderate | 50 | -- | 40 | -- | 38% | Governance Risk: Governance score of 50.34 suggests moderate governance practices |
| GNE | Genesis Energy Limited | Utilities | 36 | Moderate | 30 | -- | 50 | -- | 38% | Pay Performance: CEO compensation of $2.2M with -2.3% return indicates moderate alignment |
| NZK | New Zealand King Salmon Investments Limited | Consumer Staples | 36 | Moderate | 48 | -- | 45 | -- | 38% | No significant vulnerability signals |
| ERD | EROAD | Industrials | 35 | Moderate | 34 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $0.7M alongside -36.9% one-year return may suggest pay-performance misalignment |
| MFT | Mainfreight Limited | Industrials | 35 | Moderate | 28 | -- | 50 | -- | 38% | Pay Performance: CEO compensation of $2.9M with -6.4% return indicates moderate alignment |
| SKO | Serko Limited | Industrials | 35 | Moderate | 33 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $1.0M alongside -34.4% one-year return may suggest pay-performance misalignment |
| ARB | ArborGen Holdings Limited | Industrials | 34 | Moderate | 43 | -- | 45 | -- | 38% | No significant vulnerability signals |
| CRP | Chatham Rock Phosphate Limited | Industrials | 34 | Moderate | 58 | -- | 25 | -- | 38% | Governance Risk: Governance score of 42.07 suggests moderate governance practices |
| DGL | Delegat Group Limited | Consumer Staples | 34 | Moderate | 48 | -- | 20 | -- | 38% | No significant vulnerability signals |
| MCY | Mercury NZ Limited | Utilities | 34 | Moderate | 34 | -- | 40 | -- | 38% | No significant vulnerability signals |
| STU | Steel & Tube Holdings Limited | Materials | 34 | Moderate | 25 | -- | 70 | -- | 38% | Pay Performance: CEO compensation of $1.2M alongside -27.9% one-year return may suggest pay-performance misalignment |
| WCO | WasteCo Group Limited | Industrials | 34 | Moderate | 32 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $0.4M alongside -38.9% one-year return may suggest pay-performance misalignment |
| MEE | Me Today Limited | Consumer Staples | 33 | Moderate | 29 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $0.1M alongside -24.7% one-year return may suggest pay-performance misalignment |
| NTL | New Talisman Gold Mines Ltd | Industrials | 33 | Moderate | 29 | -- | 60 | -- | 38% | Pay Performance: CEO compensation of $0.2M alongside -75.4% one-year return may suggest pay-performance misalignment |
| VHP | Vital Healthcare Property Trust | Real Estate | 33 | Moderate | 56 | -- | 25 | -- | 38% | Governance Risk: Governance score of 44.14 suggests moderate governance practices |
| BAI | Being AI | Healthcare | 32 | Moderate | 48 | -- | -- | -- | 25% | No significant vulnerability signals |
| RAK | Rakon Limited | Information Technology | 32 | Moderate | 59 | -- | 10 | -- | 38% | Governance Risk: Governance score of 41.38 suggests moderate governance practices |
| SML | Synlait Milk Limited | Consumer Staples | 32 | Moderate | 33 | -- | 45 | -- | 38% | No significant vulnerability signals |
| SPK | Spark New Zealand Limited | Communication Services | 32 | Moderate | 33 | -- | 35 | -- | 38% | No significant vulnerability signals |
| WHS | The Warehouse Group Limited | Consumer Discretionary | 32 | Moderate | 34 | -- | 45 | -- | 38% | No significant vulnerability signals |
| FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 31 | Moderate | 19 | -- | 50 | -- | 38% | Pay Performance: CEO compensation of $5.1M with +3.6% return indicates moderate alignment |
| FWL | Foley Wines Limited | Consumer Staples | 31 | Moderate | 36 | -- | 45 | -- | 38% | No significant vulnerability signals |
| PGW | PGG Wrightson Limited | Industrials | 30 | Moderate | 53 | -- | 20 | -- | 38% | Governance Risk: Governance score of 46.9 suggests moderate governance practices |
| WIN | Winton Land Limited | Real Estate | 30 | Moderate | 29 | -- | 50 | -- | 38% | Pay Performance: CEO compensation of $2.0M with -3.4% return indicates moderate alignment |
| AOF | AoFrio Limited | Financials | 29 | Moderate | 32 | -- | 45 | -- | 38% | No significant vulnerability signals |
| CEN | Contact Energy Limited | Utilities | 29 | Moderate | 34 | -- | 25 | -- | 38% | No significant vulnerability signals |
| PCT | Precinct Properties New Zealand Limited | Real Estate | 29 | Moderate | 28 | -- | 50 | -- | 38% | Pay Performance: CEO compensation of $2.3M with -6.9% return indicates moderate alignment |
| SUM | Summerset Group Holdings Limited | Healthcare | 29 | Moderate | 39 | -- | 35 | -- | 38% | No significant vulnerability signals |
| ANZ | ANZ Group Holdings Limited | Financials | 28 | Moderate | 34 | -- | 40 | -- | 38% | No significant vulnerability signals |
| ATM | The a2 Milk Company Limited | Consumer Staples | 28 | Moderate | 34 | -- | 40 | -- | 38% | No significant vulnerability signals |
| BGP | Briscoe Group Limited | Consumer Discretionary | 28 | Moderate | 36 | -- | 35 | -- | 38% | No significant vulnerability signals |
| KMD | KMD Brands Limited | Consumer Discretionary | 28 | Moderate | 21 | -- | 55 | -- | 38% | Pay Performance: CEO compensation of $1.6M with -13.2% return indicates moderate alignment |
| LIC | Livestock Improvement Corporation Limited | Financials | 28 | Moderate | 57 | -- | 0 | -- | 38% | Governance Risk: Governance score of 42.76 suggests moderate governance practices |
| TRA | Turners Automotive Group | Consumer Discretionary | 28 | Moderate | 45 | -- | 25 | -- | 38% | No significant vulnerability signals |
| 2CC | 2 Cheap Cars Group Limited | Financials | 27 | Moderate | 41 | -- | 25 | -- | 38% | No significant vulnerability signals |
| DOW | Downer EDI Limited | Industrials | 27 | Moderate | 34 | -- | 35 | -- | 38% | No significant vulnerability signals |
| TEM | Templeton Emerging Markets Investment Trust PLC | Financials | 27 | Moderate | 41 | -- | -- | -- | 25% | No significant vulnerability signals |
| GMT | Goodman Property Trust | Real Estate | 26 | Moderate | 32 | -- | 35 | -- | 38% | No significant vulnerability signals |
| SDL | Solution Dynamics Limited | Consumer Discretionary | 26 | Moderate | 50 | -- | 10 | -- | 38% | Governance Risk: Governance score of 50.34 suggests moderate governance practices |
| SKT | Sky Network Television Limited | Communication Services | 26 | Moderate | 38 | -- | 10 | -- | 38% | No significant vulnerability signals |
| APL | Asset Plus | Real Estate | 25 | Moderate | 37 | -- | 25 | -- | 38% | No significant vulnerability signals |
| CVT | Comvita Limited | Industrials | 25 | Moderate | 57 | -- | 0 | -- | 38% | Governance Risk: Governance score of 42.76 suggests moderate governance practices |
| FCT | F&C INVESTMENT TRUST PLC | Financials | 25 | Moderate | 37 | -- | -- | -- | 25% | No significant vulnerability signals |
| IPL | Investore Property Limited | Real Estate | 25 | Moderate | 37 | -- | -- | -- | 25% | No significant vulnerability signals |
| TWR | Tower Limited | Financials | 25 | Moderate | 32 | -- | 25 | -- | 38% | No significant vulnerability signals |
| CNU | Chorus Limited | Communication Services | 23 | Moderate | 21 | -- | 25 | -- | 38% | No significant vulnerability signals |
| RYM | Ryman Healthcare Limited | Healthcare | 23 | Moderate | 32 | -- | 10 | -- | 38% | No significant vulnerability signals |
| AFC | AFC Group Holdings Limited | Financials | 22 | Moderate | 33 | -- | -- | -- | 25% | No significant vulnerability signals |
| BIT | The Bankers Investment Trust PLC | Financials | 22 | Moderate | 33 | -- | -- | -- | 25% | No significant vulnerability signals |
| CHI | Channel Infrastructure NZ Limited | Energy | 21 | Moderate | 39 | -- | 10 | -- | 38% | No significant vulnerability signals |
| CMO | The Colonial Motor Company Limited | Consumer Discretionary | 21 | Moderate | 48 | -- | 0 | -- | 38% | No significant vulnerability signals |
| IPR | Iperion Limited | Real Estate | 21 | Moderate | 39 | -- | 10 | -- | 38% | No significant vulnerability signals |
| IFT | Infratil Limited | Utilities | 20 | Moderate | 30 | -- | -- | -- | 25% | No significant vulnerability signals |
| NZM | NZME Limited | Communication Services | 20 | Moderate | 30 | -- | 20 | -- | 38% | No significant vulnerability signals |
| NZX | NZX Limited | Financials | 20 | Moderate | 14 | -- | 35 | -- | 38% | No significant vulnerability signals |
| TRU | TRUSCREEN GROUP LIMITED | Industrials | 20 | Moderate | 27 | -- | 25 | -- | 38% | No significant vulnerability signals |
| VSL | Vulcan Steel Limited | Materials | 20 | Moderate | 37 | -- | 10 | -- | 38% | No significant vulnerability signals |
| AIA | Auckland International Airport Limited | Industrials | 19 | Low | 19 | -- | 25 | -- | 38% | No significant vulnerability signals |
| BFG | Burger Fuel Group Limited | Consumer Discretionary | 19 | Low | 25 | -- | 25 | -- | 38% | No significant vulnerability signals |
| BPG | Black Pearl Group Limited | Real Estate | 19 | Low | 24 | -- | 25 | -- | 38% | No significant vulnerability signals |
| FRW | Freightways Group Limited | Industrials | 19 | Low | 31 | -- | 10 | -- | 38% | No significant vulnerability signals |
| IKE | ikeGPS Group Limited | Materials | 19 | Low | 35 | -- | 10 | -- | 38% | No significant vulnerability signals |
| KFL | Kingfish Limited | Financials | 19 | Low | 29 | -- | -- | -- | 25% | No significant vulnerability signals |
| MLN | Marlin Global Limited | Financials | 19 | Low | 28 | -- | -- | -- | 25% | No significant vulnerability signals |
| POT | Port of Tauranga Limited | Industrials | 19 | Low | 35 | -- | 10 | -- | 38% | No significant vulnerability signals |
| RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | 19 | Low | 30 | -- | 10 | -- | 38% | No significant vulnerability signals |
| VNT | Ventia Services Group Limited | Industrials | 19 | Low | 43 | -- | 0 | -- | 38% | No significant vulnerability signals |
| ALF | Allied Farmers Limited | Financials | 18 | Low | 32 | -- | 10 | -- | 38% | No significant vulnerability signals |
| CDI | CDL Investments New Zealand Limited | Real Estate | 18 | Low | 32 | -- | 10 | -- | 38% | No significant vulnerability signals |
| HGH | Heartland Group Holdings Limited | Financials | 18 | Low | 28 | -- | 0 | -- | 38% | No significant vulnerability signals |
| MFB | My Food Bag Group Limited | Financials | 18 | Low | 21 | -- | 25 | -- | 38% | No significant vulnerability signals |
| NZL | New Zealand Rural Land Company Limited | Real Estate | 18 | Low | 40 | -- | 0 | -- | 38% | No significant vulnerability signals |
| FBU | Fletcher Building | Materials | 17 | Low | 19 | -- | 10 | -- | 38% | No significant vulnerability signals |
| GXH | Green Cross Health Limited | Healthcare | 17 | Low | 38 | -- | 0 | -- | 38% | No significant vulnerability signals |
| THL | Tourism Holdings Limited | Consumer Discretionary | 17 | Low | 39 | -- | 0 | -- | 38% | No significant vulnerability signals |
| MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | 16 | Low | 35 | -- | 0 | -- | 38% | No significant vulnerability signals |
| MKR | Manuka Resources Limited | Materials | 16 | Low | 36 | -- | 0 | -- | 38% | No significant vulnerability signals |
| MOV | MOVE Logistics Group Limited | Industrials | 16 | Low | 37 | -- | 0 | -- | 38% | No significant vulnerability signals |
| PFI | Property for Industry Limited | Real Estate | 16 | Low | 20 | -- | 20 | -- | 38% | No significant vulnerability signals |
| SCT | Scott Technology Limited | Industrials | 16 | Low | 28 | -- | 10 | -- | 38% | No significant vulnerability signals |
| TAH | Third Age Health Services Limited | Consumer Discretionary | 16 | Low | 37 | -- | 0 | -- | 38% | No significant vulnerability signals |
| AFI | Australian Foundation Investment Company Limited | Financials | 15 | Low | 26 | -- | 10 | -- | 38% | No significant vulnerability signals |
| ARG | Argosy Property Limited | Real Estate | 15 | Low | 27 | -- | 10 | -- | 38% | No significant vulnerability signals |
| BRM | Barramundi Limited | Financials | 15 | Low | 23 | -- | -- | -- | 25% | No significant vulnerability signals |
| GEN | General Capital Limited | Financials | 15 | Low | 26 | -- | 10 | -- | 38% | No significant vulnerability signals |
| HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | 15 | Low | 34 | -- | 0 | -- | 38% | No significant vulnerability signals |
| PEB | Pacific Edge Limited | Healthcare | 15 | Low | 27 | -- | 10 | -- | 38% | No significant vulnerability signals |
| SAN | Sanford Limited | Consumer Staples | 15 | Low | 21 | -- | 10 | -- | 38% | No significant vulnerability signals |
| SEK | Seeka Limited | Consumer Staples | 15 | Low | 34 | -- | 0 | -- | 38% | No significant vulnerability signals |
| SKL | Skellerup Holdings Limited | Industrials | 15 | Low | 28 | -- | 0 | -- | 38% | No significant vulnerability signals |
| WBC | Westpac Banking Corporation | Financials | 15 | Low | 34 | -- | 0 | -- | 38% | No significant vulnerability signals |
| AFT | AFT Pharmaceuticals Limited | Healthcare | 14 | Low | 23 | -- | 10 | -- | 38% | No significant vulnerability signals |
| MHJ | Michael Hill International Limited | Consumer Discretionary | 14 | Low | 23 | -- | 10 | -- | 38% | No significant vulnerability signals |
| OCA | Oceania Healthcare Limited | Healthcare | 14 | Low | 20 | -- | 10 | -- | 38% | No significant vulnerability signals |
| RAD | Radius Residential Care Limited | Healthcare | 14 | Low | 32 | -- | 0 | -- | 38% | No significant vulnerability signals |
| RTO | RTO Limited | Information Technology | 14 | Low | 32 | -- | 0 | -- | 38% | No significant vulnerability signals |
| SMI | Santana Minerals Ltd | Materials | 14 | Low | 31 | -- | 0 | -- | 38% | No significant vulnerability signals |
| SVR | Savor Limited | Consumer Staples | 14 | Low | 32 | -- | 0 | -- | 38% | No significant vulnerability signals |
| TGG | T&G Global Limited | Consumer Staples | 14 | Low | 31 | -- | 0 | -- | 38% | No significant vulnerability signals |
| VCT | Vector Limited | Utilities | 14 | Low | 27 | -- | 0 | -- | 38% | No significant vulnerability signals |
| AGL | Accordant Group Limited | Utilities | 13 | Low | 21 | -- | 10 | -- | 38% | No significant vulnerability signals |
| KPG | Kiwi Property | Real Estate | 13 | Low | 17 | -- | 10 | -- | 38% | No significant vulnerability signals |
| MPG | Metro Performance Glass | Real Estate | 13 | Low | 30 | -- | 0 | -- | 38% | No significant vulnerability signals |
| SPN | South Port New Zealand Limited | Industrials | 13 | Low | 30 | -- | 0 | -- | 38% | No significant vulnerability signals |
| TWL | TradeWindow Holdings Limited | Industrials | 13 | Low | 30 | -- | 0 | -- | 38% | No significant vulnerability signals |
| PHL | Promisia Healthcare Limited | Healthcare | 12 | Low | 27 | -- | 0 | -- | 38% | No significant vulnerability signals |
| PYS | PaySauce Limited | Information Technology | 12 | Low | 27 | -- | 0 | -- | 38% | No significant vulnerability signals |
| MEX | Minerals Exploration Limited | Materials | 11 | Low | 25 | -- | 0 | -- | 38% | No significant vulnerability signals |
| NPH | Napier Port Holdings Limited | Industrials | 11 | Low | 24 | -- | 0 | -- | 38% | No significant vulnerability signals |
| RUA | Rua Bioscience Limited | Healthcare | 11 | Low | 24 | -- | 0 | -- | 38% | No significant vulnerability signals |
| SCL | Scales Corporation Limited | Industrials | 11 | Low | 20 | -- | 0 | -- | 38% | No significant vulnerability signals |
| SPG | Stride Property Limited | Real Estate | 11 | Low | 10 | -- | 20 | -- | 38% | No significant vulnerability signals |
| BRW | Bremworth Limited | Consumer Discretionary | 10 | Low | 23 | -- | 0 | -- | 38% | No significant vulnerability signals |
| UVA | Uvre Limited | Materials | 0 | Low | -- | -- | 0 | -- | 25% | No significant vulnerability signals |
The Activist Vulnerability Score aggregates 8 factors into a single 0-100 composite score. Higher scores may indicate a greater number of characteristics associated with activist targeting, based on available data. The score is an analytical tool and does not predict or encourage activist activity.
Scores are normalized to account for missing data. Confidence level reflects the number of factors with available data: high (7-8 factors), medium (5-6), low (3-4), insufficient (<3). Where data is unavailable for a factor, that factor is excluded and the remaining factors are re-weighted proportionally.
See also: Corporate Risk Score — composite litigation, regulatory, governance risk. · Dissent Tracker — AGM voting dissent analysis. · Pay for Failure — CEO compensation vs shareholder returns. · Ownership Intelligence — top 20 shareholder analysis.
Data sourced from NZX governance data, shareholder registers, AGM voting records, financial statements, and political connection data. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
