Act In force Latest version as at 03 August 2023 (as enacted) | 2023 No 43 | Administered by Ministry of Business, Innovation, and Employment

Companies (Directors’ Duties) Amendment Act 2023

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Section 131 amended (Duty of directors to act in good faith and in best interests of company)

Legislative history

Companies (Directors’ Duties) Amendment Act 2023

Public Act		2023 No 43
Date of assent		3 August 2023
Commencement		see section 2

1	Title
2	Commencement
3	Principal Act
4	Section 131 amended (Duty of directors to act in good faith and in best interests of company)
	Legislative history
	Administrative information

The Parliament of New Zealand enacts as follows:

1 Title

This Act is the Companies (Directors’ Duties) Amendment Act 2023.

2 Commencement

This Act comes into force on the day after the date on which it receives the Royal assent.

3 Principal Act

This Act amends the Companies Act 1993.

4 Section 131 amended (Duty of directors to act in good faith and in best interests of company)

After section 131(4), insert:

(5)

To avoid doubt, in considering the best interests of a company or holding company for the purposes of this section, a director may consider matters other than the maximisation of profit (for example, environmental, social, and governance matters).

Legislative history

23 September 2021		Introduction (Bill 75–1)
9 November 2022		First reading and referral to Economic Development, Science and Innovation Committee
8 May 2023		Reported from Economic Development, Science and Innovation Committee (Bill 75–2)
7 June 2023		Second reading
26 July 2023		Committee of the whole House (Bill 75–3)
1 August 2023		Third reading
3 August 2023		Royal assent

This Act is administered by the Ministry of Business, Innovation, and Employment.

Companies (Directors’ Duties) Amendment Act 2023