Submission on NZX Continuous Disclosure (Correcting Consensus Guidance)

Analysts and other third parties track the performance of NZX issuers and publish guidance that can have a significant effect on market expectations.

Under proposed amendments to NZX’s Guidance Note on continuous disclosure, issuers would be expected to correct such guidance where they are sufficiently certain that a material deviation (between market expectations and actual financial performance) will arise.

We generally support this disclosure requirement, however we have expressed some concerns with the proposed commentary.