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Camilla Belich

Companies (Directors’ Duties) Amendment Bill

Member’s Bill

75—3

	Key
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

The Parliament of New Zealand enacts as follows:

1 Title

This Act is the Companies (Directors’ Duties) Amendment Act 2021.

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)

Companies (Directors’ Duties) Amendment Bill