The New Zealand Refining Company sees governance as a core business activity essential for the maintenance of corporate health and growth.
Like safety and quality, governance includes a set of systems and processes; supported by people with the appropriate competencies, principles and behaviours to ensure the process is effective and working to the long-term benefit of the business.
Our directors and management team are committed to the continued achievement of effective governance within the business, providing our shareholders, customers, suppliers and stakeholders with the assurance that we deliver on our promises in a way that reflects our business principles.
As the New Zealand Refining Company operates in New Zealand and is listed on the New Zealand Stock Exchange (NZX), we are subject to regulatory control and monitoring by both the NZX and the Securities Commission. Appendix 16 of the NZX Listing Rules sets out some ‘Minimum Requirements’ for governance and the Securities Commission has also published ‘Principles and Guidelines – a handbook for directors, executives and advisors’.
We are of the view that if we make sufficient disclosure incorporating the recommendations of these two publications, all interested parties will be able to assess the effectiveness of our corporate governance.
Governance, by its very nature, is never complete. It is not a project that has a finite end. There is always more to do, new techniques, learnings from past experiences and other organisations that need to be considered, and if deemed necessary, incorporated into our systems. More importantly, we are continually observing the culture within our business as to its health and appropriateness, and taking action accordingly.