In our September legal update we outlined the requirements of the new NZX gender diversity rule which places obligations on issuers to include gender diversity information in their annual reports. This rule was subject to approval from the Financial Markets Authority which was given on 19 October 2012.

This means that issuers with balance dates from 31 December 2012 will be required to include a qualitative breakdown of the gender of their directors and "officers". Issuers with formal gender policies will also be required to set out an evaluation of their performance against any such policy.