Rules and Guidance Consultations

This page includes details of market developments and consultations undertaken by NZX on the NZX rule sets.

Should you wish to receive updates on policy related matters, please email us at policy@nzx.com with your request to be added to our mailing list.

This page was last updated on 29 May 2026.

Dual Class Share structures

NZX is consulting on amendments to the NZX Listing Rules and NZX Corporate Governance Code, and the introduction of a new Guidance Note to enable dual class share structures. These structures arise where an issuer has two classes of shares, superior shares with multiple voting rights, and ordinary shares which carry 1:1 voting rights.

We are also consulting on a minor change to remove the reference to prospective financial information (PFI) from the NZX Listing Rules.

The consultation paper, along with exposure drafts of the proposed amendments, are available below:

We invite interested parties to provide their viers on the matters raised in the consultation paper, by emailing a written submission to policy@nzx.com. Alternatively, please get in contact with us to provide a verbal submission. Please note that the final date for submissions is Friday, 10 July 2026.

Appraisal Reports

NZX is consulting on proposed amendments to the NZX Listing Rules (Rules) in relation to the approval of appraisers, and associated changes to the Approval of Appraisers Guidance Note (Guidance Note).

The changes propose removing the requirement for NZX to approve an appraiser under the Rules, instead requiring issuers to ensure an appraiser is independent, is appropriately qualified, and has sufficient expertise and resources. This is supported by proposed changes to the Guidance Note providing additional guidance for issuers undertaking this assessment.

The proposals involve significant changes to the scope of the Guidance Note, and as such we have proposed renaming the Guidance Note to “Appraisal Report Guidance Note” and have provided the document in both mark-up and clean for ease of review.

The consultation paper, along with the exposure drafts of the Rules and Guidance Note, are available below:

We invite interested parties to provide their views on the matters raised in the consultation paper by emailing a written submission to policy@nzx.com. Alternatively, please get in contact with us if you would like to provide a verbal submission.

Please note the final date for submissions is Thursday 23 July 2026.