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