Meeting in Auckland at the Annual & Special General Meetings, 85% of members voted to move from a statutory member based entity to a more modern company structure. The NZSE will now be restructured to form a more modern entity.
Speaking on the announcement, Chairman of the Board Simon Allen said "This is a historic day for New Zealand business. The Stock Exchange has operated in New Zealand for over 100 years, and now it moves into a new era of development. This vote changes the Exchange from a small member based entity, to one that is much better positioned to meet the needs of all participants in the New Zealand market.
"With the restructuring of the Exchange, the NZSE can now focus on developing our national market infrastructure and ensure there are more investment and capital raising opportunities for all New Zealanders, brought to the marketplace."
Mark Weldon, Chief Executive of the NZSE stated "The management of the Exchange is delighted that the members have voted in favour of demutualisation. The restructuring of the NZSE will align the company structure more closely with our business strategy and objectives. The NZSE is fully committed to the growth of New Zealand business, and we see this as a strong signal that the broker community supports our vision.
"We will now be moving into a more aggressive business development phase to ensure our company delivers against its commitment to invest and grow the New Zealand Capital Markets, which is critical to the growth of the country itself.
"Our over-riding goal is to make the New Zealand Capital Markets a world-class environment capable of attracting both national and international investment, while continuing to provide a low cost environment for companies seeking to access much needed capital for growth."
