NZX Governance Rankings — Highest-Scoring Companies
NZX-listed companies ranked by Governance Risk Score (GRS v2.0). Scored across 6 dimensions including board structure, executive remuneration, and shareholder rights.
Updates weekly · 116 companies
| # | Ticker | Company | Sector | GRS Score | Rating | Board Structure | Shareholder Rights |
|---|---|---|---|---|---|---|---|
| 1 | MHJ | Michael Hill International Limited | Consumer Discretionary | 95.2 | Good | 25.0 | 20.0 |
| 2 | CHI | Channel Infrastructure NZ Limited | Energy | 95.2 | Good | 25.0 | 20.0 |
| 3 | NZX | NZX Limited | Financials | 95.2 | Excellent | 25.0 | 20.0 |
| 4 | FBU | Fletcher Building | Materials | 93.1 | Excellent | 24.0 | 20.0 |
| 5 | AFI | Australian Foundation Investment Company Limited | Financials | 92.4 | Excellent | 25.0 | 20.0 |
| 6 | SKT | Sky Network Television Limited | Communication Services | 92.4 | Excellent | 24.0 | 19.0 |
| 7 | THL | Tourism Holdings Limited | Consumer Discretionary | 92.4 | Excellent | 25.0 | 20.0 |
| 8 | PHL | Promisia Healthcare Limited | Healthcare | 91.0 | Excellent | 24.0 | 20.0 |
| 9 | BRW | Bremworth Limited | Consumer Discretionary | 90.4 | Good | 20.0 | 20.0 |
| 10 | PGW | PGG Wrightson Limited | Industrials | 90.4 | Good | 23.0 | 20.0 |
| 11 | SPG | Stride Property Limited | Real Estate | 90.3 | Excellent | 24.0 | 20.0 |
| 12 | VNT | Ventia Services Group Limited | Industrials | 90.3 | Excellent | 25.0 | 20.0 |
| 13 | VCT | Vector Limited | Utilities | 89.7 | Excellent | 23.0 | 20.0 |
| 14 | AOF | AoFrio Limited | Financials | 89.6 | Good | 24.0 | 20.0 |
| 15 | DOW | Downer EDI Limited | Industrials | 89.2 | Good | 24.0 | 20.0 |
| 16 | IFT | Infratil Limited | Utilities | 88.8 | Good | 25.0 | 20.0 |
| 17 | PEB | Pacific Edge Limited | Healthcare | 88.3 | Excellent | 22.0 | 20.0 |
| 18 | MCY | Mercury NZ Limited | Utilities | 87.8 | Excellent | 23.0 | 20.0 |
| 19 | PFI | Property for Industry Limited | Real Estate | 87.6 | Excellent | 24.0 | 20.0 |
| 20 | SPN | South Port New Zealand Limited | Industrials | 87.0 | Excellent | 25.0 | 20.0 |
| 21 | BLT | BLIS Technologies Limited | Consumer Staples | 86.9 | Excellent | 25.0 | 19.0 |
| 22 | MFB | My Food Bag Group Limited | Financials | 86.9 | Excellent | 22.0 | 20.0 |
| 23 | AIA | Auckland International Airport Limited | Industrials | 86.2 | Excellent | 25.0 | 20.0 |
| 24 | CEN | Contact Energy Limited | Utilities | 86.2 | Excellent | 25.0 | 20.0 |
| 25 | NPH | Napier Port Holdings Limited | Industrials | 86.2 | Excellent | 23.0 | 20.0 |
| 26 | HGH | Heartland Group Holdings Limited | Financials | 86.1 | Good | 21.0 | 15.0 |
| 27 | TWR | Tower Limited | Financials | 85.6 | Good | 21.0 | 18.0 |
| 28 | SCL | Scales Corporation Limited | Industrials | 85.5 | Excellent | 20.0 | 20.0 |
| 29 | MEL | Meridian Energy Limited | Utilities | 85.5 | Excellent | 23.0 | 20.0 |
| 30 | WHS | The Warehouse Group Limited | Consumer Discretionary | 84.8 | Excellent | 25.0 | 20.0 |
| 31 | STU | Steel & Tube Holdings Limited | Materials | 84.8 | Excellent | 25.0 | 20.0 |
| 32 | SUM | Summerset Group Holdings Limited | Healthcare | 84.8 | Excellent | 25.0 | 20.0 |
| 33 | CDI | CDL Investments New Zealand Limited | Real Estate | 84.8 | Excellent | 23.0 | 20.0 |
| 34 | SPK | Spark New Zealand Limited | Communication Services | 84.8 | Excellent | 25.0 | 20.0 |
| 35 | KPG | Kiwi Property | Real Estate | 84.8 | Excellent | 22.0 | 20.0 |
| 36 | MPG | Metro Performance Glass | Real Estate | 84.4 | Good | 18.0 | 15.0 |
| 37 | SEK | Seeka Limited | Consumer Staples | 84.1 | Excellent | 21.0 | 20.0 |
| 38 | HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | 84.0 | Good | 21.0 | 17.0 |
| 39 | EBO | EBOS Group Limited | Healthcare | 83.5 | Excellent | 25.0 | 20.0 |
| 40 | KMD | KMD Brands Limited | Consumer Discretionary | 83.5 | Excellent | 24.0 | 20.0 |
| 41 | CNU | Chorus Limited | Communication Services | 83.5 | Excellent | 23.0 | 20.0 |
| 42 | NTL | New Talisman Gold Mines Ltd | Industrials | 83.5 | Excellent | 21.0 | 20.0 |
| 43 | PCT | Precinct Properties New Zealand Limited | Real Estate | 83.5 | Excellent | 25.0 | 20.0 |
| 44 | SCT | Scott Technology Limited | Industrials | 82.8 | Excellent | 18.0 | 20.0 |
| 45 | FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 82.8 | Excellent | 22.0 | 19.0 |
| 46 | GNE | Genesis Energy Limited | Utilities | 82.8 | Excellent | 21.0 | 20.0 |
| 47 | SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | 82.1 | Excellent | 24.0 | 19.0 |
| 48 | ATM | The a2 Milk Company Limited | Consumer Staples | 82.1 | Excellent | 23.0 | 20.0 |
| 49 | SKL | Skellerup Holdings Limited | Industrials | 81.4 | Excellent | 18.0 | 20.0 |
| 50 | RAD | Radius Residential Care Limited | Healthcare | 81.4 | Excellent | 17.0 | 20.0 |
| 51 | AIR | Air New Zealand | Industrials | 80.7 | Excellent | 25.0 | 20.0 |
| 52 | BPG | Black Pearl Group Limited | Information Technology | 80.7 | Excellent | 19.0 | 20.0 |
| 53 | MOV | MOVE Logistics Group Limited | Industrials | 80.7 | Excellent | 17.0 | 20.0 |
| 54 | MEE | Me Today Limited | Consumer Staples | 80.0 | Excellent | 17.0 | 20.0 |
| 55 | MFT | Mainfreight Limited | Industrials | 80.0 | Good | 20.0 | 15.0 |
| 56 | AFT | AFT Pharmaceuticals Limited | Healthcare | 79.3 | Very Good | 19.0 | 20.0 |
| 57 | 2CC | 2 Cheap Cars Group Limited | Financials | 79.3 | Very Good | 16.0 | 20.0 |
| 58 | APL | Asset Plus | Real Estate | 79.3 | Very Good | 19.0 | 20.0 |
| 59 | ARG | Argosy Property Limited | Real Estate | 79.3 | Very Good | 20.0 | 20.0 |
| 60 | FRW | Freightways Group Limited | Industrials | 79.3 | Very Good | 21.0 | 20.0 |
| 61 | RUA | Rua Bioscience Limited | Healthcare | 79.3 | Very Good | 18.0 | 20.0 |
| 62 | IPR | Iperion Limited | Real Estate | 79.2 | Good | 16.0 | 20.0 |
| 63 | FWL | Foley Wines Limited | Consumer Staples | 78.6 | Very Good | 18.0 | 17.0 |
| 64 | FSF | Fonterra Shareholders' Fund | Consumer Staples | 78.6 | Very Good | 22.0 | 17.0 |
| 65 | AFC | AFC Group Holdings Limited | Financials | 78.4 | Good | 15.0 | 20.0 |
| 66 | BGP | Briscoe Group Limited | Consumer Discretionary | 77.9 | Very Good | 18.0 | 20.0 |
| 67 | SKO | Serko Limited | Industrials | 77.9 | Very Good | 20.0 | 20.0 |
| 68 | BFG | Burger Fuel Group Limited | Consumer Discretionary | 77.6 | Good | 18.0 | 17.0 |
| 69 | POT | Port of Tauranga Limited | Industrials | 77.2 | Very Good | 16.0 | 20.0 |
| 70 | ALF | Allied Farmers Limited | Financials | 76.5 | Very Good | 18.0 | 19.0 |
| 71 | CCC | Cooks Coffee Company Limited | Consumer Staples | 76.5 | Very Good | 19.0 | 20.0 |
| 72 | VSL | Vulcan Steel Limited | Materials | 76.5 | Very Good | 19.0 | 20.0 |
| 73 | PYS | PaySauce Limited | Information Technology | 76.3 | Good | 19.0 | 15.0 |
| 74 | DGL | Delegat Group Limited | Consumer Staples | 76.2 | Good | 18.0 | 0.0 |
| 75 | SMI | Santana Minerals Ltd | Materials | 76.0 | Good | 14.0 | 20.0 |
| 76 | SVR | Savor Limited | Consumer Staples | 75.9 | Very Good | 13.0 | 20.0 |
| 77 | FCG | Fonterra Co-operative Group Limited | Consumer Staples | 75.9 | Very Good | 19.0 | 17.0 |
| 78 | RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | 75.9 | Very Good | 12.0 | 20.0 |
| 79 | ARB | ArborGen Holdings Limited | Industrials | 75.2 | Very Good | 17.0 | 20.0 |
| 80 | ENS | Enprise Group Limited | Information Technology | 73.8 | Very Good | 22.0 | 13.0 |
| 81 | IKE | ikeGPS Group Limited | Materials | 73.8 | Very Good | 17.0 | 20.0 |
| 82 | SML | Synlait Milk Limited | Consumer Staples | 73.4 | Very Good | 14.0 | 20.0 |
| 83 | GNZ | Goodman NZ | Real Estate | 73.3 | Good | 18.0 | 15.0 |
| 84 | WIN | Winton Land Limited | Real Estate | 73.1 | Very Good | 14.0 | 20.0 |
| 85 | TRU | TRUSCREEN GROUP LIMITED | Industrials | 72.8 | Good | 15.0 | 17.0 |
| 86 | GXH | Green Cross Health Limited | Healthcare | 72.8 | Good | 14.0 | 20.0 |
| 87 | NZK | New Zealand King Salmon Investments Limited | Consumer Staples | 72.8 | Good | 15.0 | 20.0 |
| 88 | SAN | Sanford Limited | Consumer Staples | 72.7 | Very Good | 16.0 | 20.0 |
| 89 | TGG | T&G Global Limited | Consumer Staples | 72.7 | Very Good | 16.0 | 20.0 |
| 90 | SDL | Solution Dynamics Limited | Consumer Discretionary | 72.4 | Very Good | 18.0 | 20.0 |
| 91 | RYM | Ryman Healthcare Limited | Healthcare | 72.4 | Very Good | 22.0 | 13.0 |
| 92 | GTK | Gentrack Group Limited | Information Technology | 72.4 | Very Good | 20.0 | 16.0 |
| 93 | TCM | Taiko Critical Minerals Limited | Materials | 71.1 | Good | 12.0 | 20.0 |
| 94 | MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | 71.0 | Very Good | 12.0 | 20.0 |
| 95 | VHP | Vital Healthcare Property Trust | Real Estate | 69.5 | Good | 19.0 | 0.0 |
| 96 | LIC | Livestock Improvement Corporation Limited | Financials | 69.0 | Good | 23.0 | 8.0 |
| 97 | WCO | WasteCo Group Limited | Industrials | 68.3 | Good | 11.0 | 20.0 |
| 98 | WBC | Westpac Banking Corporation | Financials | 68.3 | Good | 23.0 | 9.0 |
| 99 | BAI | Being AI | Healthcare | 67.4 | Good | 9.0 | 15.0 |
| 100 | TRA | Turners Automotive Group | Consumer Discretionary | 66.2 | Good | 13.0 | 20.0 |
| 101 | ANZ | ANZ Group Holdings Limited | Financials | 66.2 | Good | 24.0 | 6.0 |
| 102 | RTO | RTO Limited | Information Technology | 65.9 | Good | 8.0 | 20.0 |
| 103 | MEX | Minerals Exploration Limited | Materials | 65.7 | Good | 16.0 | 0.0 |
| 104 | OCA | Oceania Healthcare Limited | Healthcare | 65.5 | Good | 24.0 | 4.0 |
| 105 | VGL | Vista Group International Limited | Information Technology | 64.8 | Good | 22.0 | 4.0 |
| 106 | TAH | Third Age Health Services Limited | Consumer Discretionary | 64.1 | Good | 17.0 | 11.0 |
| 107 | ERD | EROAD | Industrials | 64.1 | Good | 24.0 | 2.0 |
| 108 | CVT | Comvita Limited | Industrials | 63.5 | Good | 20.0 | 6.0 |
| 109 | AGL | Accordant Group Limited | Utilities | 62.8 | Good | 8.0 | 20.0 |
| 110 | MKR | Manuka Resources Limited | Materials | 62.8 | Good | 10.0 | 20.0 |
| 111 | NZM | NZME Limited | Communication Services | 62.8 | Good | 23.0 | 4.0 |
| 112 | CMO | The Colonial Motor Company Limited | Consumer Discretionary | 62.6 | Good | 12.0 | 17.0 |
| 113 | CRP | Chatham Rock Phosphate Limited | Industrials | 62.0 | Good | 15.0 | 0.0 |
| 114 | TWL | TradeWindow Holdings Limited | Industrials | 61.5 | Good | 13.0 | 11.0 |
| 115 | GEN | General Capital Limited | Financials | 55.9 | Adequate | 19.0 | 2.0 |
| 116 | RAK | Rakon Limited | Information Technology | 44.1 | Poor | 11.0 | 2.0 |
Frequently Asked Questions
What is the Governance Risk Score (GRS)?
The GRS is a 0-100 composite score calculated by NZXplorer across 6 governance dimensions: Board Structure, Executive Remuneration, Shareholder Rights, Board Effectiveness, Audit & Risk, and Remuneration Disclosure. Higher scores indicate stronger observed governance practices based on available data.
How does governance quality affect company performance?
Academic research suggests a correlation between governance quality and long-term performance, though the relationship is complex. The GRS is an analytical tool that describes governance patterns based on disclosed data, not a predictor of future returns.
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Disclaimer
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.