How IoD representation on NZX boards correlates with governance scores
Correlation does not imply causation. Higher-GRS boards may attract IoD-credentialed directors rather than IoD membership causing better governance. Boards with higher fee budgets may also attract more professionally credentialed directors. This analysis presents the association observed in the data without claiming a causal relationship.
| Sector | Issuers | Avg IoD Directors | Avg GRS |
|---|---|---|---|
| Communication Services | 4 | 3.5 | 69.1 |
| Utilities | 7 | 2.9 | 67.1 |
| Industrials | 23 | 2.3 | 64.1 |
| Real Estate | 16 | 2.0 | 65.0 |
| Energy | 1 | 2.0 | 45.5 |
This analysis counts the number of current directors with an IoD NZ designation (CFInstD, CMInstD, MInstD, or CDir) on each NZX-listed company board, then groups issuers by that count and computes the average Governance Risk Score (GRS) for each group.
IoD designations are extracted from director biographies and professional qualifications listed in NZX annual reports. GRS scores are computed using a multi-factor methodology covering board composition, independence, gender diversity, meeting attendance, and more.
Some directors may hold IoD designations not mentioned in publicly available biographies. Data may not capture all IoD members. Contact hello@nzxplorer.co.nz to report corrections.
Data sourced from publicly available records. 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.
AFI |
| 82.8 |
| 0 |
| None |
| Financials |
PFI | 82.8 | 2 | CMInstD x2 | Real Estate |
FBU | 82.8 | 2 | CFInstD x1CMInstD x1 | Materials |
CNU | 80.0 | 7 | CMInstD x6MInstD x1 | Communication Services |
SCL | 80.0 | 0 | None | Industrials |
SAN | 78.6 | 2 | CFInstD x2 | Consumer Staples |
MFB | 77.9 | 3 | MInstD x3 | Financials |
AIA | 77.2 | 5 | CFInstD x3CMInstD x2 | Industrials |
NZX | 76.5 | 4 | CFInstD x1CMInstD x2MInstD x1 | Financials |
MHJ | 75.9 | 0 | None | Consumer Discretionary |
CDI | 75.9 | 1 | CMInstD x1 | Real Estate |
OCA | 75.9 | 1 | MInstD x1 | Healthcare |
MCY | 75.9 | 1 | CFInstD x1 | Utilities |
RUA | 75.9 | 1 | MInstD x1 | Healthcare |
KMD | 75.2 | 1 | CFInstD x1 | Consumer Discretionary |
MLN | 75.2 | 4 | CFInstD x2CMInstD x2 | Financials |
MEX | 75.2 | 0 | None | Materials |
BRM | 75.2 | 4 | CFInstD x2CMInstD x2 | Financials |
STU | 75.2 | 1 | CFInstD x1 | Materials |
KPG | 74.5 | 6 | CMInstD x5MInstD x1 | Real Estate |
CCC | 73.8 | 0 | None | Consumer Staples |
BGP | 73.8 | 4 | CFInstD x3MInstD x1 | Consumer Discretionary |
KFL | 73.8 | 4 | CFInstD x2CMInstD x2 | Financials |
PYS | 73.1 | 0 | None | Information Technology |
AFT | 73.1 | 0 | None | Healthcare |
VCT | 73.1 | 6 | CFInstD x2CMInstD x4 | Utilities |
TRU | 73.1 | 0 | None | Industrials |
BPG | 72.4 | 1 | MInstD x1 | Real Estate |
BFG | 72.4 | 0 | None | Consumer Discretionary |
SCT | 72.4 | 2 | CMInstD x1MInstD x1 | Industrials |
SKL | 71.7 | 0 | None | Industrials |
NPH | 71.7 | 5 | CFInstD x2CMInstD x1MInstD x2 | Industrials |
GEN | 71.0 | 0 | None | Financials |
NTL | 71.0 | 2 | CFInstD x2 | Industrials |
WIN | 71.0 | 1 | MInstD x1 | Real Estate |
BRW | 70.3 | 4 | CFInstD x1CMInstD x3 | Consumer Discretionary |
TWL | 70.3 | 1 | CMInstD x1 | Industrials |
RBD | 70.3 | 2 | MInstD x2 | Consumer Discretionary |
SPN | 70.3 | 5 | CFInstD x2CMInstD x2MInstD x1 | Industrials |
AIR | 69.7 | 5 | CFInstD x1CMInstD x3MInstD x1 | Industrials |
BIT | 69.7 | 0 | None | Financials |
MFT | 69.7 | 1 | MInstD x1 | Industrials |
SMI | 69.0 | 0 | None | Materials |
MPG | 69.0 | 1 | MInstD x1 | Real Estate |
POT | 69.0 | 8 | CFInstD x2CMInstD x6 | Industrials |
TGG | 69.0 | 2 | CFInstD x1CMInstD x1 | Consumer Staples |
ATM | 69.0 | 3 | CFInstD x2CMInstD x1 | Consumer Staples |
AGL | 68.3 | 4 | CMInstD x3MInstD x1 | Utilities |
GNE | 68.3 | 0 | None | Utilities |
WCO | 68.3 | 1 | CMInstD x1 | Industrials |
TWR | 67.6 | 1 | CMInstD x1 | Financials |
GXH | 67.6 | 1 | CMInstD x1 | Healthcare |
RTO | 67.6 | 1 | CMInstD x1 | Information Technology |
RYM | 67.6 | 4 | CFInstD x2CMInstD x2 | Healthcare |
SVR | 67.6 | 0 | None | Consumer Staples |
NZM | 67.6 | 2 | CMInstD x2 | Communication Services |
PHL | 67.6 | 0 | None | Healthcare |
RAD | 67.6 | 2 | CFInstD x1CMInstD x1 | Healthcare |
ANZ | 67.6 | 3 | CFInstD x1CMInstD x1MInstD x1 | Financials |
AFC | 66.9 | 0 | None | Financials |
ERD | 66.9 | 2 | CFInstD x2 | Industrials |
SPK | 66.9 | 0 | None | Communication Services |
SKO | 66.9 | 3 | CFInstD x1MInstD x2 | Industrials |
SML | 66.9 | 0 | None | Consumer Staples |
ARG | 66.2 | 4 | MInstD x4 | Real Estate |
SEK | 66.2 | 0 | None | Consumer Staples |
WBC | 66.2 | 1 | CMInstD x1 | Financials |
IPL | 65.5 | 3 | CFInstD x2CMInstD x1 | Real Estate |
MKR | 65.5 | 0 | None | Materials |
WHS | 65.5 | 2 | CMInstD x2 | Consumer Discretionary |
CEN | 64.8 | 3 | CMInstD x2MInstD x1 | Utilities |
MOV | 64.8 | 0 | None | Industrials |
MCK | 64.8 | 0 | None | Consumer Discretionary |
MEE | 64.1 | 0 | None | Consumer Staples |
PCT | 64.1 | 3 | CFInstD x2CMInstD x1 | Real Estate |
TAH | 63.5 | 1 | CMInstD x1 | Consumer Discretionary |
IKE | 63.5 | 0 | None | Materials |
VSL | 63.5 | 1 | CMInstD x1 | Materials |
AOF | 62.8 | 2 | CFInstD x2 | Financials |
FCT | 62.8 | 0 | None | Financials |
FPH | 62.8 | 2 | CFInstD x1MInstD x1 | Healthcare |
GMT | 62.8 | 5 | CFInstD x1CMInstD x4 | Real Estate |
VGL | 62.8 | 1 | CFInstD x1 | Information Technology |
HGH | 62.1 | 2 | CFInstD x1CMInstD x1 | Financials |
FCG | 62.1 | 2 | CFInstD x1CMInstD x1 | Consumer Staples |
SKT | 62.1 | 5 | CFInstD x1CMInstD x4 | Communication Services |
IFT | 62.1 | 3 | CFInstD x1MInstD x2 | Utilities |
ALF | 61.4 | 0 | None | Financials |
EBO | 61.4 | 0 | None | Healthcare |
GTK | 61.4 | 2 | CFInstD x1MInstD x1 | Information Technology |
IPR | 61.4 | 0 | None | Real Estate |
SUM | 61.4 | 4 | CFInstD x3MInstD x1 | Healthcare |
THL | 60.7 | 2 | CFInstD x1CMInstD x1 | Consumer Discretionary |
FWL | 60.0 | 0 | None | Consumer Staples |
NZL | 60.0 | 0 | None | Real Estate |
SKC | 60.0 | 1 | MInstD x1 | Consumer Discretionary |
2CC | 59.3 | 2 | CFInstD x1CMInstD x1 | Financials |
TEM | 58.6 | 0 | None | Financials |
FRW | 57.9 | 4 | CFInstD x3CMInstD x1 | Industrials |
HLG | 57.9 | 1 | CMInstD x1 | Consumer Discretionary |
MEL | 57.2 | 3 | CFInstD x3 | Utilities |
BLT | 57.2 | 1 | MInstD x1 | Consumer Staples |
NZK | 57.2 | 0 | None | Consumer Staples |
VNT | 56.5 | 1 | CFInstD x1 | Industrials |
FSF | 55.9 | 3 | CFInstD x1CMInstD x2 | Consumer Staples |
TRA | 55.2 | 0 | None | Consumer Discretionary |
BAI | 54.5 | 5 | CFInstD x3CMInstD x2 | Healthcare |
APL | 51.7 | 1 | CMInstD x1 | Real Estate |
DOW | 51.7 | 0 | None | Industrials |
SDL | 50.3 | 0 | None | Consumer Discretionary |
ENS | 49.7 | 0 | None | Information Technology |
ARB | 47.6 | 0 | None | Industrials |
DGL | 45.5 | 6 | CFInstD x2MInstD x4 | Consumer Staples |
CHI | 45.5 | 2 | CFInstD x1MInstD x1 | Energy |
CMO | 44.8 | 1 | MInstD x1 | Consumer Discretionary |
VHP | 44.1 | 0 | None | Real Estate |
HFL | 43.5 | 0 | None | Financials |
PGW | 42.8 | 2 | CFInstD x1MInstD x1 | Industrials |
LIC | 42.8 | 0 | None | Financials |
CVT | 42.8 | 5 | CFInstD x2CMInstD x1MInstD x2 | Industrials |
CRP | 42.1 | 0 | None | Industrials |
RAK | 41.4 | 1 | CMInstD x1 | Information Technology |
BIF | 33.8 | 0 | None | Financials |
CO2 | 30.0 | 0 | None | Financials |
PLP | 29.7 | 0 | None | Real Estate |
LOC | 25.7 | 0 | None | Information Technology |
RGI | 17.1 | 0 | None | Materials |
TCM | 17.1 | 0 | None | Materials |
| Healthcare |
| 12 |
| 1.8 |
| 68.3 |
| Financials | 22 | 1.4 | 63.1 |
| Consumer Staples | 14 | 1.4 | 63.8 |
| Consumer Discretionary | 15 | 1.3 | 64.0 |
| Information Technology | 7 | 0.7 | 54.5 |
| Materials | 9 | 0.4 | 58.8 |
Sectors are ranked by average IoD director count. Sectors with higher IoD representation tend to show higher average governance scores, though this may reflect sector-level governance maturity rather than a direct IoD effect.
