What are the 9 independence factors?

The 9 factors from NZX Code Table 2.4 cover: (1) former executive or employee within 3 years, (2) professional adviser within 3 years, (3) material business relationship within 3 years, (4) 5%+ shareholder or officer of one, (5) material contractual relationship, (6) director fees as 50%+ of income, (7) cross-directorship or significant link with another director, (8) connected person of someone in factors 1-7, and (9) director tenure of 12+ years.

What does auto-detected mean?

NZXplorer automatically detects certain independence factors from available data. Factor 9 (12+ year tenure) is detected from appointment dates. Factor 1 (executive status) is detected from role classifications. These auto-detections highlight areas where independence may warrant closer examination, but do not substitute for the issuer's own disclosure.

Back to Insights

Independence Factor Disclosure

Q: What is NZX Listing Rule 3.8.1(f)?

Rule 3.8.1(f) requires NZX-listed issuers to disclose, in their annual report, which of the 9 independence assessment factors from NZX Code Table 2.4 are relevant to each director classified as independent. This helps investors assess whether independent directors truly meet independence criteria. The rule becomes mandatory from 31 March 2026.

NZX Listing Rule 3.8.1(f) compliance tracker

NZX Listing Rule 3.8.1(f) — Effective 31 March 2026

Issuers must disclose in their annual report which of the 9 NZX Code Table 2.4 independence factors are relevant to each director classified as independent. This page tracks auto-detectable factors and issuer disclosures across all NZX companies.

Companies tracked

129

Independent directors

587

Auto-detected flags

287

Tenure ≥12yr flagged

38 directors are classified as independent but have auto-detected independence factors that may warrant disclosure under Rule 3.8.1(f). This is based on available data and may not reflect all relevant circumstances.

NZX Code Table 2.4 — 9 Independence Factors

1Former executive/employee (3yr)Auto-detected

2Professional adviser (3yr)

3Material business relationship (3yr)

45%+ shareholder or officer

5Material contractual relationship

6Director fees ≥50% of income

7Cross-directorship / significant link

8Connected person (family)

9Director tenure 12+ yearsAuto-detected

Company	Board	Independent	Auto Flags	Ind. w/ Flags	Tenure ≥12yr	Disclosures
HLGHallenstein Glasson Holdings LimitedConsumer Discretionary	12	7(58%)	7	3	4	Pending
SCTScott Technology LimitedIndustrials	11	5(45%)	5	3	3	Pending
PFIProperty for Industry LimitedReal Estate	10	9(90%)	4	3	3	Pending
MFTMainfreight LimitedIndustrials	10	5(50%)	7	2	4	Pending
GMTGoodman Property TrustReal Estate	10	5(50%)	5	2	2	Pending
TGGT&G Global LimitedConsumer Staples	9	3(33%)	4	2	2	Pending
AFIAustralian Foundation Investment Company LimitedFinancials	9	8(89%)	3	2	2	Pending
KFLKingfish LimitedFinancials	5	5(100%)	2	2	2	Pending
ATMThe a2 Milk Company LimitedConsumer Staples	17	4(24%)	9	1	1	Pending
EBOEBOS Group LimitedHealthcare	13	6(46%)	6	1	1	Pending
SUMSummerset Group Holdings LimitedHealthcare	12	7(58%)	6	1	1	Pending
RADRadius Residential Care LimitedHealthcare	10	4(40%)	5	1	1	Pending
SPNSouth Port New Zealand LimitedIndustrials	11	7(64%)	4	1	2	Pending
IFTInfratil LimitedUtilities	9	6(67%)	3	1	1	Pending
NZKNew Zealand King Salmon Investments LimitedConsumer Staples	11	4(36%)	3	1	1	Pending
SCLScales Corporation LimitedIndustrials	11	9(82%)	3	1	2	Pending
BGPBriscoe Group LimitedConsumer Discretionary	6	5(83%)	2	1	2	Pending
BRMBarramundi LimitedFinancials	7	6(86%)	2	1	2	Pending
KMDKMD Brands LimitedConsumer Discretionary	6	5(83%)	2	1	1	Pending
MCKMillennium & Copthorne Hotels New Zealand LimitedConsumer Discretionary	7	2(29%)	2	1	1	Pending
PCTPrecinct Properties New Zealand LimitedReal Estate	8	6(75%)	2	1	1	Pending
PEBPacific Edge LimitedHealthcare	8	6(75%)	2	1	1	Pending
SPGStride Property LimitedReal Estate	9	7(78%)	2	1	1	Pending
APLAsset PlusReal Estate	6	5(83%)	1	1	1	Pending
RTORTO LimitedInformation Technology	3	2(67%)	1	1	1	Pending
SPKSpark New Zealand LimitedCommunication Services	9	9(100%)	1	1	1	Pending
STUSteel & Tube Holdings LimitedMaterials	6	6(100%)	1	1	1	Pending
GTKGentrack Group LimitedInformation Technology	14	4(29%)	8	0	2	Pending
SKOSerko LimitedIndustrials	12	4(33%)	7	0	1	Pending
ERDEROADIndustrials	15	9(60%)	6	0	2	Pending
NZMNZME LimitedCommunication Services	15	8(53%)	6	0	-	Pending
CENContact Energy LimitedUtilities	13	6(46%)	5	0	-	Pending
IKEikeGPS Group LimitedMaterials	10	3(30%)	5	0	-	Pending
RGIRua Gold IncMaterials	5	0(0%)	5	0	-	Pending
SKTSky Network Television LimitedCommunication Services	11	6(55%)	5	0	-	Pending
CVTComvita LimitedIndustrials	13	2(15%)	4	0	-	Pending
MELMeridian Energy LimitedUtilities	12	4(33%)	4	0	-	Pending
SDLSolution Dynamics LimitedConsumer Discretionary	8	2(25%)	4	0	1	Pending
THLTourism Holdings LimitedConsumer Discretionary	11	6(55%)	4	0	1	Pending
TRATurners Automotive GroupConsumer Discretionary	9	4(44%)	4	0	2	Pending
BAIBeing AIHealthcare	14	3(21%)	3	0	1	Pending
BPGBlack Pearl Group LimitedReal Estate	7	3(43%)	3	0	-	Pending
CCCCooks Coffee Company LimitedConsumer Staples	8	4(50%)	3	0	1	Pending
CNUChorus LimitedCommunication Services	10	7(70%)	3	0	-	Pending
ENSEnprise Group LimitedInformation Technology	9	4(44%)	3	0	1	Pending
FRWFreightways Group LimitedIndustrials	11	7(64%)	3	0	-	Pending
GNEGenesis Energy LimitedUtilities	11	8(73%)	3	0	-	Pending
MPGMetro Performance GlassReal Estate	12	3(25%)	3	0	1	Pending
NZXNZX LimitedFinancials	11	6(55%)	3	0	2	Pending
SKLSkellerup Holdings LimitedIndustrials	8	5(63%)	3	0	1	Pending
TRUTRUSCREEN GROUP LIMITEDIndustrials	8	5(63%)	3	0	-	Pending
TWLTradeWindow Holdings LimitedIndustrials	7	2(29%)	3	0	-	Pending
VSLVulcan Steel LimitedMaterials	8	3(38%)	3	0	-	Pending
WHSThe Warehouse Group LimitedConsumer Discretionary	13	7(54%)	3	0	1	Pending
AFTAFT Pharmaceuticals LimitedHealthcare	6	4(67%)	2	0	2	Pending
AIRAir New ZealandIndustrials	10	8(80%)	2	0	-	Pending
ARGArgosy Property LimitedReal Estate	9	4(44%)	2	0	1	Pending
CMOThe Colonial Motor Company LimitedConsumer Discretionary	7	3(43%)	2	0	1	Pending
CRPChatham Rock Phosphate LimitedIndustrials	7	2(29%)	2	0	-	Pending
FBUFletcher BuildingMaterials	11	7(64%)	2	0	-	Pending
FWLFoley Wines LimitedConsumer Staples	7	3(43%)	2	0	1	Pending
GXHGreen Cross Health LimitedHealthcare	9	4(44%)	2	0	1	Pending
KPGKiwi PropertyReal Estate	8	4(50%)	2	0	1	Pending
MEEMe Today LimitedConsumer Staples	7	3(43%)	2	0	1	Pending
MKRManuka Resources LimitedMaterials	3	1(33%)	2	0	-	Pending
MOVMOVE Logistics Group LimitedIndustrials	5	2(40%)	2	0	-	Pending
NPHNapier Port Holdings LimitedIndustrials	12	7(58%)	2	0	-	Pending
NTLNew Talisman Gold Mines LtdIndustrials	9	7(78%)	2	0	-	Pending
OCAOceania Healthcare LimitedHealthcare	9	7(78%)	2	0	-	Pending
PGWPGG Wrightson LimitedIndustrials	9	6(67%)	2	0	-	Pending
POTPort of Tauranga LimitedIndustrials	9	3(33%)	2	0	-	Pending
RAKRakon LimitedInformation Technology	8	4(50%)	2	0	-	Pending
RBDRestaurant Brands New Zealand LimitedConsumer Discretionary	10	3(30%)	2	0	-	Pending
SEKSeeka LimitedConsumer Staples	11	5(45%)	2	0	1	Pending
SMLSynlait Milk LimitedConsumer Staples	7	2(29%)	2	0	1	Pending
SVRSavor LimitedConsumer Staples	5	0(0%)	2	0	-	Pending
VHPVital Healthcare Property TrustReal Estate	5	3(60%)	2	0	-	Pending
WCOWasteCo Group LimitedIndustrials	10	4(40%)	2	0	-	Pending
WINWinton Land LimitedReal Estate	11	4(36%)	2	0	-	Pending
2CC2 Cheap Cars Group LimitedFinancials	3	2(67%)	1	0	-	Pending
AGLAccordant Group LimitedUtilities	6	4(67%)	1	0	1	Pending
ALFAllied Farmers LimitedFinancials	3	2(67%)	1	0	-	Pending
ANZANZ Group Holdings LimitedFinancials	10	9(90%)	1	0	-	Pending
ARBArborGen Holdings LimitedIndustrials	6	4(67%)	1	0	-	Pending
BFGBurger Fuel Group LimitedConsumer Discretionary	5	3(60%)	1	0	1	Pending
BRWBremworth LimitedConsumer Discretionary	9	8(89%)	1	0	-	Pending
CDICDL Investments New Zealand LimitedReal Estate	4	2(50%)	1	0	-	Pending
CO2Carbon FundFinancials	4	3(75%)	1	0	-	Pending
DGLDelegat Group LimitedConsumer Staples	7	4(57%)	1	0	-	Pending
DOWDowner EDI LimitedIndustrials	5	4(80%)	1	0	-	Pending
FCTF&C INVESTMENT TRUST PLCFinancials	9	5(56%)	1	0	-	Pending
FPHFisher & Paykel Healthcare Corporation LimitedHealthcare	8	6(75%)	1	0	-	Pending
GENGeneral Capital LimitedFinancials	7	5(71%)	1	0	-	Pending
HGHHeartland Group Holdings LimitedFinancials	7	6(86%)	1	0	-	Pending
IPRIperion LimitedReal Estate	4	2(50%)	1	0	-	Pending
LICLivestock Improvement Corporation LimitedFinancials	12	8(67%)	1	0	-	Pending
MEXMinerals Exploration LimitedMaterials	6	5(83%)	1	0	-	Pending
MHJMichael Hill International LimitedConsumer Discretionary	9	5(56%)	1	0	-	Pending
PHLPromisia Healthcare LimitedHealthcare	6	2(33%)	1	0	1	Pending
PYSPaySauce LimitedInformation Technology	7	4(57%)	1	0	-	Pending
RUARua Bioscience LimitedHealthcare	6	3(50%)	1	0	-	Pending
RYMRyman Healthcare LimitedHealthcare	8	7(88%)	1	0	-	Pending
SANSanford LimitedConsumer Staples	8	4(50%)	1	0	-	Pending
SKCSkyCity Entertainment Group LimitedConsumer Discretionary	7	6(86%)	1	0	-	Pending
SMISantana Minerals LtdMaterials	5	0(0%)	1	0	-	Pending
TCMTaiko Critical Minerals LimitedMaterials	5	2(40%)	1	0	-	Pending
TEMTempleton Emerging Markets Investment Trust PLCFinancials	9	2(22%)	1	0	1	Pending
TWRTower LimitedFinancials	5	3(60%)	1	0	-	Pending
UVAUvre LimitedMaterials	4	0(0%)	1	0	-	Pending
VCTVector LimitedUtilities	9	7(78%)	1	0	-	Pending
VGLVista Group International LimitedInformation Technology	7	4(57%)	1	0	-	Pending
VNTVentia Services Group LimitedIndustrials	7	4(57%)	1	0	-	Pending
WBCWestpac Banking CorporationFinancials	9	7(78%)	1	0	-	Pending
AFCAFC Group Holdings LimitedFinancials	12	8(67%)	0	0	-	Pending
AIAAuckland International Airport LimitedIndustrials	9	7(78%)	0	0	-	Pending
AOFAoFrio LimitedFinancials	7	6(86%)	0	0	-	Pending
BIFBooster Innovation FundFinancials	5	3(60%)	0	0	-	Pending
BITThe Bankers Investment Trust PLCFinancials	8	7(88%)	0	0	-	Pending
BLTBLIS Technologies LimitedConsumer Staples	7	4(57%)	0	0	-	Pending
CHIChannel Infrastructure NZ LimitedEnergy	6	5(83%)	0	0	-	Pending
FCGFonterra Co-operative Group LimitedConsumer Staples	9	3(33%)	0	0	-	Pending
FSFFonterra Shareholders' FundConsumer Staples	10	2(20%)	0	0	-	Pending
HFLHenderson Far East Income LimitedFinancials	8	5(63%)	0	0	-	Pending
IPLInvestore Property LimitedReal Estate	5	3(60%)	0	0	-	Pending
MCYMercury NZ LimitedUtilities	8	2(25%)	0	0	-	Pending
MFBMy Food Bag Group LimitedFinancials	5	3(60%)	0	0	-	Pending
MLNMarlin Global LimitedFinancials	5	5(100%)	0	0	-	Pending
NZLNew Zealand Rural Land Company LimitedReal Estate	4	2(50%)	0	0	-	Pending
TAHThird Age Health Services LimitedConsumer Discretionary	5	2(40%)	0	0	-	Pending

Showing 129 of 129 companies

Methodology

Factor 9 (tenure ≥12 years) is auto-detected from director appointment dates recorded in NZXplorer.
Factor 1 (executive status) is auto-detected from role classifications.
Factors 2-8 require issuer disclosure and are tracked when available from annual reports and governance statements.
Auto-detection highlights areas for examination — it does not confirm that a factor impairs independence.
A director may have factors present yet still be appropriately classified as independent if explained by the board.

Data sourced from NZX company announcements and governance disclosures. 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.