New Zealand No.1 in world for corporate ethics

New Zealand No.1 in world for corporate ethics

New Zealand has ranked number one in the world for auditing, corporate ethics and shareholder protection in a Global Competitiveness Report, released last week by the World Economic Forum.

In the survey of 113 indicators of competitiveness, New Zealand advanced four places overall to number 20 on the list of 113 nations and it was the only nation to improve its score on the previous year.

“New Zealand’s top 20 ranking and its lead place in corporate financial standards is a reflection of the professionalism and leadership of our business community,” said Steven Bailey, the New Zealand Institute of Chartered Accountants’ Director, Government Relations.

“This is the second survey in a week in which our business environment has come out as internationally competitive. Last week New Zealand was ranked second as the easiest country in which to do business in a World Bank survey,” said Mr Bailey.

In the World Economic Forum report New Zealand maintained or improved its ranking in 85 out of the 113 indicators. New Zealand was placed fifth on public institutions, first on private institutions and second on the efficiency of corporate boards. Overall, the environment was seen as conducive to business, supported by efficient goods and labour markets, and was ranked third for the soundest financial systems in the world.

“We are heartened by these pleasing international results, said Mr Bailey, “however, it is also a reminder to the Government to ensure New Zealand continues its reputation as a good place to do business.

“The report signals to the Government our strengths and weaknesses compared to other countries. For example, the extent and affect of our taxation was one of our worst ranking, as was infrastructure in need of upgrading.

“There are a number of initiatives the Government needs to put in place to maintain our reputation, attract investment and implement reform in the small business environment, particularly with taxation issues.

“Today’s difficult economic environment underscores the importance of not losing sight of long-term competitiveness fundamentals amidst short-term urgencies” said Mr Bailey.

ENDS

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