Securities administration - New Zealand
Income collection
| Dividends | |
| Market Record date | The delay between the record date and the payment date is defined on a case-by-case basis. |
| Ex-date | 1 business day before record date. |
| Basis for entitlement | Settled position on record date. |
| Standard interest calculation rule | Not applicable. |
| Interest | |
| Market Record date | Generally the 10th calendar day preceding the payment date (if that day falls on a weekend, the record date will be adjusted to the previous business day. |
| Ex-date | 1 business day before record date. |
| Basis for entitlement | Settled position on record date. |
| Standard interest calculation rule | Actual/365 or Actual/Actual. |
Corporate actions
Besides cash dividends, the main corporate actions affecting New Zealand equities are dividend reinvestment plans, rights issues, bonus issues, mergers, takeovers and capital reconstructions. Dividends are usually paid semi-annually between March and May and between September and November.
Shareholder meetings
New Zealand companies must call an annual general meeting (AGM) of shareholders that is to be held no later than six months after the end of their business year and within 15 months following the previous meeting. Meeting notices must be released at least 10 business days before the actual meeting.
Proxy voting
Meeting notices containing ordinary resolutions and the proxy material must be made available to registered shareholders no less than 10 business days before the meeting date and shareholders must be registered by the Record date (generally two business days before the meeting date) in order to cast their votes. There are no voting restrictions for foreign investors. Votes may be lodged by physical representation or by proxy.
Market compensation rules
Please refer to the Clearstream Banking Entitlement Compensation Rules - New Zealand.