2026 Stewardship Code Review: confirmed scope and process
June 2026: The Aotearoa New Zealand Stewardship Code is undergoing a targeted review in 2026. This page sets out the confirmed scope and process for the review.
Why we are reviewing the Code
The Code has been in operation for four years. Over this period, stewardship practice in New Zealand has matured considerably — signatories have developed more sophisticated approaches to engagement, reporting, and the integration of stewardship into investment processes. At the same time, global stewardship standards have continued to evolve, with major frameworks including the UK Stewardship Code undergoing significant revision.
We have also heard from signatories and other stakeholders about areas of ambiguity, duplication, and the practical burden associated with reporting requirements.
A targeted review in 2026 is an opportunity to take stock of this progress — ensuring the Code keeps pace with improved market practice and international standards, while addressing areas where clarity and usability can be strengthened. The review is designed to refine the framework where necessary, while prioritising stability, continuity, and proportionality. It is not intended to redesign or substantially expand the Code.
The current Code continues to operate as usual throughout the review. Once the revised Code is published, a clear implementation pathway will be provided so signatories have sufficient time to respond to any changes.
What the review will cover
The review will:
- Clarify and streamline reporting expectations
- Consider whether further guidance and examples are needed to support practical implementation
- Address areas of ambiguity or duplication within the Code identified through four years of application
- Confirm continued alignment with leading international stewardship frameworks, including the revised UK Stewardship Code 2026
The review will not:
- Introduce new standalone principles
- Substantially expand reporting requirements
- Redesign the Code's core principles-based architecture
- Increase the compliance burden on signatories
How the review will be run
The review will be conducted in two main phases.
The first phase focuses on evidence collation and targeted engagement, drawing on four years of signatory reporting and structured outreach with the main groups engaged by the Code — signatories, industry bodies, and regulators. This includes engagement with Māori investors and subject matter experts to assess whether the Code's references to Te Ao Māori, Te Tiriti o Waitangi, and indigenous-related risks remain clear, proportionate, and practically applicable.
The second phase is a public consultation on the draft revised Code, planned to launch in September 2026. The revised Code is expected to be published in December 2026.
Stay informed
There is no change to current reporting obligations during the review. There will be opportunities to take part during the review, including the public consultation in September 2026.
For questions about the review, please info@stewardshipcode.nz.