Governance Red Flags Report
Companies with multiple governance indicators below common thresholds. Flags include: low board independence (<50%), no female directors, resolutions not passed, directors with 12+ year tenure (NZX independence threshold), and low GRS scores (<50).
🛡️ GovernanceLast Updated: 9 November 2026
Data sourced from publicly available NZX filings and annual reports. Our datasets may not be complete. Automated analysis can produce errors. Scores are calculated using disclosed methodology and are analytical tools, not investment ratings or recommendations. 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.
- Records
- 83
- Companies
- 83
- Median grs
- 76.6
- Median red flag count
- 1
- Median female count
- 2
| Company | Red Flags | GRS v2.0 | Issues Identified | Independence | Female | 12+ Years |
|---|---|---|---|---|---|---|
Rakon Limited RAK | 4 Issues | 44.1Poor | Low independence (<50%), No female directors, 3 resolutions not passed, Low GRS score (<50) | 38% | 0 | 0 |
Millennium & Copthorne Hotels New Zealand Limited MCK | 4 Issues | 71.0Very Good | Low independence (<50%), No female directors, 1 resolution not passed, 1 director with 12+ year tenure | 33% | 0 | 1 |
Accordant Group Limited AGL | 3 Issues | 62.8Good | Low independence (<50%), No female directors, 1 director with 12+ year tenure | 33% | 0 | 1 |
RTO Limited RTO | 3 Issues | 65.9Good | Low independence (<50%), No female directors, 1 director with 12+ year tenure | 33% | 0 | 1 |
The Colonial Motor Company Limited CMO | 2 Issues | 62.6Good | Low independence (<50%), 2 directors with 12+ year tenure | 43% | 1 | 2 |
Restaurant Brands New Zealand Limited RBD | 2 Issues | 75.9Very Good | Low independence (<50%), 2 directors with 12+ year tenure | 42% | 4 | 2 |
Manuka Resources Limited MKR | 2 Issues | 62.8Good | Low independence (<50%), No female directors | 33% | 0 | 0 |
Third Age Health Services Limited TAH | 2 Issues | 64.1Good | No female directors, 1 resolution not passed | 60% | 0 | 0 |
Burger Fuel Group Limited BFG | 2 Issues | 77.6Good | No female directors, 1 director with 12+ year tenure | 60% | 0 | 1 |
Asset Plus APL | 2 Issues | 79.3Very Good | 3 resolutions not passed, 1 director with 12+ year tenure | 100% | 1 | 1 |
Vulcan Steel Limited VSL | 2 Issues | 76.5Very Good | Low independence (<50%), 1 director with 12+ year tenure | 43% | 2 | 1 |
ikeGPS Group Limited IKE | 2 Issues | 73.8Very Good | Low independence (<50%), 1 director with 12+ year tenure | 40% | 1 | 1 |
Green Cross Health Limited GXH | 2 Issues | 72.8Good | Low independence (<50%), 3 directors with 12+ year tenure | 38% | 3 | 3 |
Minerals Exploration Limited MEX | 2 Issues | 65.7Good | Low independence (<50%), No female directors | 40% | 0 | 0 |
Scott Technology Limited SCT | 2 Issues | 82.8Excellent | Low independence (<50%), 1 director with 12+ year tenure | 38% | 1 | 1 |
Oceania Healthcare Limited OCA | 2 Issues | 65.5Good | 1 resolution not passed, 1 director with 12+ year tenure | 86% | 3 | 1 |
Turners Automotive Group TRA | 2 Issues | 66.2Good | Low independence (<50%), 2 directors with 12+ year tenure | 43% | 1 | 2 |
Fonterra Co-operative Group Limited FCG | 2 Issues | 75.9Very Good | Low independence (<50%), 4 resolutions not passed | 44% | 4 | 0 |
Foley Wines Limited FWL | 2 Issues | 78.6Very Good | No female directors, 1 director with 12+ year tenure | 75% | 0 | 1 |
Vista Group International Limited VGL | 2 Issues | 64.8Good | 1 resolution not passed, 3 directors with 12+ year tenure | 67% | 3 | 3 |
New Zealand King Salmon Investments Limited NZK | 2 Issues | 72.8Good | Low independence (<50%), 1 director with 12+ year tenure | 33% | 2 | 1 |
AFC Group Holdings Limited AFC | 2 Issues | 78.4Good | Low independence (<50%), 4 resolutions not passed | 40% | 1 | 0 |
Solution Dynamics Limited SDL | 2 Issues | 72.4Very Good | No female directors, 1 director with 12+ year tenure | 67% | 0 | 1 |
Synlait Milk Limited SML | 2 Issues | 73.4Very Good | Low independence (<50%), 1 director with 12+ year tenure | 17% | 1 | 1 |
TRUSCREEN GROUP LIMITED TRU | 2 Issues | 72.8Good | Low independence (<50%), 1 director with 12+ year tenure | 43% | 1 | 1 |
Being AI BAI | 2 Issues | 67.4Good | Low independence (<50%), No female directors | 25% | 0 | 0 |
Enprise Group Limited ENS | 1 Issue | 73.8Very Good | 2 directors with 12+ year tenure | 56% | 3 | 2 |
Rua Bioscience Limited RUA | 1 Issue | 79.3Very Good | Low independence (<50%) | 40% | 2 | 0 |
Iperion Limited IPR | 1 Issue | 79.2Good | No female directors | 67% | 0 | 0 |
The Bankers Investment Trust PLC BIT | 1 Issue | 89.9Good | 1 director with 12+ year tenure | 80% | 4 | 1 |
AoFrio Limited AOF | 1 Issue | 89.6Good | 1 director with 12+ year tenure | 83% | 2 | 1 |
Scales Corporation Limited SCL | 1 Issue | 85.5Excellent | 2 directors with 12+ year tenure | 56% | 3 | 2 |
Channel Infrastructure NZ Limited CHI | 1 Issue | 95.2Good | 4 resolutions not passed | 83% | 3 | 0 |
Hallenstein Glasson Holdings Limited HLG | 1 Issue | 84.0Good | 5 directors with 12+ year tenure | 80% | 3 | 5 |
Allied Farmers Limited ALF | 1 Issue | 76.5Very Good | 1 director with 12+ year tenure | 67% | 1 | 1 |
Cooks Coffee Company Limited CCC | 1 Issue | 76.5Very Good | 1 director with 12+ year tenure | 50% | 2 | 1 |
ArborGen Holdings Limited ARB | 1 Issue | 75.2Very Good | No female directors | 57% | 0 | 0 |
South Port New Zealand Limited SPN | 1 Issue | 87.0Excellent | 1 director with 12+ year tenure | 50% | 2 | 1 |
Comvita Limited CVT | 1 Issue | 63.5Good | 1 resolution not passed | 50% | 1 | 0 |
TradeWindow Holdings Limited TWL | 1 Issue | 61.5Good | Low independence (<50%) | 33% | 1 | 0 |
Summerset Group Holdings Limited SUM | 1 Issue | 84.8Excellent | 1 director with 12+ year tenure | 88% | 4 | 1 |
T&G Global Limited TGG | 1 Issue | 72.7Very Good | 2 directors with 12+ year tenure | 50% | 1 | 2 |
Fonterra Shareholders' Fund FSF | 1 Issue | 78.6Very Good | 4 resolutions not passed | 71% | 4 | 0 |
Westpac Banking Corporation WBC | 1 Issue | 68.3Good | 6 resolutions not passed | 82% | 4 | 0 |
WasteCo Group Limited WCO | 1 Issue | 68.3Good | Low independence (<50%) | 25% | 1 | 0 |
EROAD ERD | 1 Issue | 64.1Good | 5 resolutions not passed | 86% | 2 | 0 |
EBOS Group Limited EBO | 1 Issue | 83.5Excellent | 1 director with 12+ year tenure | 86% | 4 | 1 |
Freightways Group Limited FRW | 1 Issue | 79.3Very Good | 1 director with 12+ year tenure | 100% | 2 | 1 |
Rua Gold Inc RGI | 1 Issue | N/A | Low independence (<50%) | 44% | 1 | 0 |
Private Land and Property Fund PLP | 1 Issue | N/A | Low independence (<50%) | 20% | 2 | 0 |
New Talisman Gold Mines Ltd NTL | 1 Issue | 83.5Excellent | 2 resolutions not passed | 100% | 1 | 0 |
Pacific Edge Limited PEB | 1 Issue | 88.3Excellent | 1 director with 12+ year tenure | 57% | 2 | 1 |
Promisia Healthcare Limited PHL | 1 Issue | 91.0Excellent | 1 director with 12+ year tenure | 80% | 2 | 1 |
Skellerup Holdings Limited SKL | 1 Issue | 81.4Excellent | 1 director with 12+ year tenure | 71% | 1 | 1 |
Chatham Rock Phosphate Limited CRP | 1 Issue | 62.0Good | Low independence (<50%) | 40% | 1 | 0 |
Australian Foundation Investment Company Limited AFI | 1 Issue | 92.4Excellent | 1 director with 12+ year tenure | 75% | 3 | 1 |
Livestock Improvement Corporation Limited LIC | 1 Issue | 69.0Good | 1 resolution not passed | 89% | 3 | 0 |
Mainfreight Limited MFT | 1 Issue | 80.0Good | 4 directors with 12+ year tenure | 71% | 3 | 4 |
Meridian Energy Limited MEL | 1 Issue | 85.5Excellent | Low independence (<50%) | 40% | 5 | 0 |
NZME Limited NZM | 1 Issue | 62.8Good | 1 resolution not passed | 83% | 2 | 0 |
The Warehouse Group Limited WHS | 1 Issue | 84.8Excellent | 1 director with 12+ year tenure | 71% | 3 | 1 |
Santana Minerals Ltd SMI | 1 Issue | 76.0Good | Low independence (<50%) | 0% | 2 | 0 |
General Capital Limited GEN | 1 Issue | 55.9Adequate | 1 resolution not passed | 71% | 1 | 0 |
Taiko Critical Minerals Limited TCM | 1 Issue | 71.1Good | Low independence (<50%) | 40% | 1 | 0 |
2 Cheap Cars Group Limited 2CC | 1 Issue | 79.3Very Good | No female directors | 67% | 0 | 0 |
Port of Tauranga Limited POT | 1 Issue | 77.2Very Good | Low independence (<50%) | 40% | 2 | 0 |
Serko Limited SKO | 1 Issue | 77.9Very Good | 3 directors with 12+ year tenure | 67% | 2 | 3 |
Metro Performance Glass MPG | 1 Issue | 84.4Good | 1 resolution not passed | 50% | 1 | 0 |
Precinct Properties New Zealand Limited PCT | 1 Issue | 83.5Excellent | 1 director with 12+ year tenure | 100% | 3 | 1 |
Tourism Holdings Limited THL | 1 Issue | 92.4Excellent | 1 director with 12+ year tenure | 86% | 4 | 1 |
Goodman NZ GNZ | 1 Issue | 73.3Good | 2 directors with 12+ year tenure | 57% | 2 | 2 |
KMD Brands Limited KMD | 1 Issue | 83.5Excellent | 1 director with 12+ year tenure | 86% | 2 | 1 |
Templeton Emerging Markets Investment Trust PLC TEM | 1 Issue | 90.4Good | 1 director with 12+ year tenure | 70% | 4 | 1 |
Argosy Property Limited ARG | 1 Issue | 79.3Very Good | 1 director with 12+ year tenure | 75% | 1 | 1 |
AFT Pharmaceuticals Limited AFT | 1 Issue | 79.3Very Good | 2 directors with 12+ year tenure | 67% | 2 | 2 |
Radius Residential Care Limited RAD | 1 Issue | 81.4Excellent | 1 director with 12+ year tenure | 57% | 1 | 1 |
ANZ Group Holdings Limited ANZ | 1 Issue | 66.2Good | 5 resolutions not passed | 78% | 4 | 0 |
Infratil Limited IFT | 1 Issue | 88.8Good | 1 director with 12+ year tenure | 86% | 3 | 1 |
Winton Land Limited WIN | 1 Issue | 73.1Very Good | Low independence (<50%) | 40% | 1 | 0 |
Spark New Zealand Limited SPK | 1 Issue | 84.8Excellent | 1 director with 12+ year tenure | 89% | 5 | 1 |
Savor Limited SVR | 1 Issue | 75.9Very Good | Low independence (<50%) | 25% | 1 | 0 |
Fisher & Paykel Healthcare Corporation Limited FPH | 1 Issue | 82.8Excellent | Low independence (<50%) | 42% | 5 | 0 |
Briscoe Group Limited BGP | 1 Issue | 77.9Very Good | 2 directors with 12+ year tenure | 83% | 1 | 2 |
What Next?
Continue your analysis with these related reports
NZX Governance League Table
A data-driven ranking of all NZX companies by their Governance Risk Score (v2.0)
Director Over-boarding Watchlist
Directors serving on 4+ NZX boards (potential time commitment concerns)
Director Track Record & Failure Rate
Analyse NZX director board histories. Track associations with companies that subsequently entered liquidation, receivership, or were struck off the register.