Firms fail to comply with NZSE Y2K requests

Nearly 20 per cent of New Zealand's listed companies have failed to comply with Stock Exchange (NZSE) requests for information about their latest year 2000 readiness plans.

NZSE managing director Bill Foster asked companies to report on their progress in combating the year 2000 bug. In July Foster sent a letter to all listed companies requiring them to "advise the market whether or not all their business operations and systems are Y2K-compliant".

The results are ranked according to the amount of information provided. Of the 133 listed companies that are New Zealand-based, 25 had still not responded as Computerworld went to press. Fourteen were listed as giving an "adequate" response and five responses were "comprehensive". None of the responses were graded as inadequate, the lowest ranking.

"Failure to have achieved compliance by now may impose risks to business continuity and the NZSE considers that the market should be well informed regarding the status of each listed company with regard to Y2K concerns," Foster said in the July letter.

But at least two of the companies listed as being non-responsive refute that finding.

"We're not even a listed company - it's our parent company that is listed," says UDC Finance year 2000 project leader Con Paris. He was surprised to find his company's name on the list and will be contacting the NZSE to determine just what's going on.

Distribution company Renaissance also makes the hit list, despite having updated the NZSE in the past few days.

"I think there's some problem there. Besides, how will they deal with those companies that aren't reporting their compliance?" asks Renaissance operations manager John Hayson, who claims Renaissance is ready for year 2000.

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