Stock Exchange asks listed companies for Y2K progress reports

Companies listed on the New Zealand Stock Exchange have all been sent letters from the NZSE's managing director about their year 2000 compliance programmes. Bill Foster wants to ensure all company directors are aware of their responsibilities under the Companies Act with regards to Y2K. About half of the companies have responded already.

Companies listed on the New Zealand Stock Exchange have all been sent letters from the NZSE's managing director about their year 2000 compliance programmes.

Bill Foster wants to ensure all company directors are aware of their responsibilities under the Companies Act with regards to Y2K.

"About half the companies have responded already and we are collating their responses," says Wayne Zander, manager of IS at the NZSE.

"It has been an issue. Unlike Australia, which is a little more vigilant on what they're asking and mandating, we don't have quite the same supervisory role."

NZSE will inform shareholders of companies that don't have provision for Y2K compliance and leave it up to them to decide what should happen in their company.

"Our role is one of clarity of market — ensuring the shareholders know what is being done."

Directors who ignore the Y2K issue may find themselves personally responsible for any company losses under the Companies Act 1993.

Once the information is collated, the NZSE may either write to each company individually or release a report on the overall situation. Foster has threatened in the past that he would publish the names of those companies that don't respond to his request for information.

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