Vasudev, P.M. --- "Corporate Stakeholders in New Zealand – The Present, and Possibilities for the Future" [2012] ELECD 388; in Vasudev, M. P.; Watson, Susan (eds), "Corporate Governance after the Financial Crisis" (Edward Elgar Publishing, 2012)

Book Title: Corporate Governance after the Financial Crisis

Editor(s): Vasudev, M. P.; Watson, Susan

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9780857931528

Section: Chapter 6

Section Title: Corporate Stakeholders in New Zealand – The Present, and Possibilities for the Future

Author(s): Vasudev, P.M.

Number of pages: 25

Extract:

6. Corporate stakeholders in New
Zealand ­ the present, and
possibilities for the future
P.M. Vasudev

The interaction between global economic growth and global social challenge has
led to changes in the character and behaviour of corporations and in public expect-
ations about the role and responsibility of corporations within society.

(James Post et al. 2002)


1 INTRODUCTION

The stakeholder principle has gained significant recognition in corporate
governance in recent times. It represents a refinement of the more limited
conception of business corporations as vehicles designed to promote the
economic interests of their shareholders. The stakeholder vision articu-
lated in recent times is more expansive and proactive. It covers a large
number of non-shareholder groups ­ employees, suppliers, communities
and so on ­ and advocates greater corporate engagement in protecting
their interests and enhancing their welfare.
This chapter presents the results of a survey of the companies listed
on the New Zealand Stock Exchange (NZSX) to determine how far they
reflect the stakeholder idea in their governance policies. The results of the
survey, summarized below, point towards rising acceptance of the stake-
holder vision in New Zealand.

Out of the 130 companies that have listed their shares on the NZSX,
91 recognize stakeholders in some form. The references are found in
different documents ­ namely, governance charters, annual reports,
mission statements and so on (herein collectively termed `govern-
ance documents').
Among these 130 listed companies, 20 are incorporated overseas.
Three-fourths or 15 of the companies incorporated outside New

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