The Panel's role

Established in 2000 under the Takeovers Act 1993, the Takeovers Panel is an independent Crown entity which regulates New Zealand's takeovers market. Our mandate is to strengthen investor confidence in New Zealand’s capital markets by enforcing the Takeovers Code.

The Code is aimed at ensuring that all shareholders, no matter their size or influence, have equal opportunity to participate in transactions involving Code companies (companies listed on the New Zealand Stock Exchange, or which have 50 or more shareholders and 50 or more share parcels).

As a specialist regulator, the Panel:

  • enforces the Takeovers Code to ensure that Code-regulated transactions are transparent and equitable;
  • assists participants in complying with their Code obligations;
  • reviews market practice and undertakes policy development;
  • considers applications for exemptions from the Code;
  • recommends reform to takeovers law; and
  • promotes public understanding of takeovers law.

The Panel plays a sharply focused role in a fast-paced environment. We operate with speed and accuracy to create clarity and certainty, responding with genuine interest and expertise to enable compliance rather than inhibit development. We have a significant mandate, and everything we do is designed to ensure we deliver.

While we wear a number of hats, one thing remains constant. The Takeovers Panel will always ensure shareholders, no matter what their size or influence, have equal, informed opportunities to participate in major share transactions. It’s our central foundation for a strong and efficient takeovers market.