Working Paper 2021/11
TE HONONGA WAKA
Analysis of Donations
and Political Donations in
2020 Annual Reports by
NZSX-listed companies
Working Paper 2021/11 – Analysis of Donations and Political Donations
in 2020 Annual Reports by NZSX-listed companies
This paper forms part of the Institute’s ReportingNZ and CivicsNZ projects.
Copyright © McGuinness Institute Limited September 2021
(last updated 8 October 2021)
ISBN 978-1-990013-68-3 (paperback)
ISBN 978-1-990013-69-0 (PDF)
This document is available at www.mcguinnessinstitute.org and may be
reproduced or cited provided the source is acknowledged.
Wendy McGuinness, Pierce Day, Reuben Brady and Gemma Coutts
Dana King and Sophie Wells
Johanna Knox
McGuinness Institute
Phone (04) 499 8888
Level 1A, 15 Allen Street
PO Box 24222
Wellington 6011
New Zealand
www.mcguinnessinstitute.org
The McGuinness Institute has taken reasonable care in collecting and presenting
the information provided in this publication. However, the Institute makes
no representation or endorsement that this resource will be relevant or
appropriate for its readers’ purposes and does not guarantee the accuracy of the
information at any particular time for any particular purpose. The Institute
is not liable for any adverse consequences, whether they be direct or indirect,
arising from reliance on the content of this publication. Where this publication
contains links to any website or other source, such links are provided solely
for information purposes, and the Institute is not liable for the content of such
website or other source.
The McGuinness Institute is grateful for the work of Creative Commons, which
inspired our approach to copyright. This work is available under a Creative
Commons Attribution-Noncommercial-Share Alike 3.0 New Zealand Licence.
To view a copy of this licence visit:
http://creativecommons.org/licenses/by-nc-nd/3.0/nz
Title
Published
Prepared by
Research team
Designers
Editor
For further
information
Disclaimer
Publishing
Contents
1.0 Introduction 5
1.1 Purpose 5
1.2 Background 5
2.0 Methodology 6
2.1 Method 6
3.0 Results 7
4.0 Recommendations 8
Appendices
Appendix 1: 2016 Donations 10
Appendix 2: 2019 Donations 17
Appendix 3: 2020 Donations 21
Appendix 4: Press release: Government to review electoral law 27
Endnotes 28
List of Tables
Table 1: Data sets of NZSX-listed companies, 2017–2020 6
Table 2: The extent to which non-political donations are disclosed in the 2016–2020 annual reports of
NZSX-listed companies 7
Table 3: The extent to which political donations are disclosed in the 2016–2020 annual reports of
NZSX-listed companies 8
List of Figures
Figure 1: Example of ‘COVID-19 wage subsidies - Employer Search’ by New Zealand King Salmon 9
Figure 2: Political donations 2016 10
Figure 3: 2016 annual reports that disclosed political donations 10
Figure 4: Non-political donations 2016 12
Figure 5: 2016 annual reports that disclosed non-political donations 12
Figure 6: Political donations 2019 17
Figure 7: 2019 annual reports that disclosed political donations 17
Figure 8: Non-political donations 2019 19
Figure 9: 2019 annual reports that disclosed non-political donations 19
Figure 10: Political donations 2020 21
Figure 11: 2020 annual reports that disclosed political donations 21
Figure 12: Non-political donations 2020 24
Figure 13: 2020 annual reports that disclosed non-political donations 24
List of Lists
List 1: Political donations published in 2016 annual reports 11
List 2: Non-political donations published in 2016 annual reports 13
List 3: Political donations published in 2019 annual reports 18
List 4: Non-political donations published in 2019 annual reports 20
List 5: Political donations published in 2020 annual reports 22
List 6: Non-political donations published in 2020 annual reports 26
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
5
1.0 Introducon
1.1 Purpose
The purpose of this research is to understand the extent to which the reporting of donations and, in
particular, political donations by NZSX-listed companies has changed over time. The Institute undertook
similar research in 2016 and 2019.
1
1.2 Background
The reporting of political donations helps provide transparency over a country’s electoral system. Under
s211(1)(h) of the New Zealand Companies Act 1993, NZSX-listed companies, along with other qualifying
companies, are required to provide an annual report within which they must disclose ‘the total amount of
donations made by the company during the accounting period’. However, the Companies Act 1993 contains
no specific reference to political donations. There is also no requirement in the NZX Listing Rules, nor the
NZX Corporate Governance Code, for companies to disclose political donations or any other donations.
The Australian reporting framework similarly does include a requirement for publicly listed companies to
disclose political donations: neither the Australian Corporations Act 2001, nor the ASX Listing Rules make
reference to political donations at all.
In contrast, ss 362-369 of UK Companies Act 2006 specifically defines ‘political donations’ and ‘political
expenditure’, and requires political donations and expenditure to be authorised by company resolution.
Political donations and expenditure over a certain limit must be disclosed in the directors’ report, under sch
5 of the UK Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008. The UK
distinction between political donations and expenditure is discussed further in our recommendations.
A donation, of course, involves two parties: the donor and the recipient. In New Zealand, political parties
must disclose political donations in their annual return to the Electoral Commission. Disclosure is required
for party donations, contributions and loans over $15,000; anonymous party donations over $1,500; and
donations over $50 where the donor is believed to be an overseas person.
2
A party must also disclose
donations or loans totalling over $30,000 from a single donor or lender.
3
Additionally, a party candidate
must disclose candidate donations over $1,500.
4
The annual return for political party is made public by the Electoral Commission. However, the Electoral
Commission does not provide a search function for the public to find who has made a donation. The benefit
of such a function, in the form of a search engine, is discussed further in our recommendations.
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
6
2.0 Methodology
Public visibility over company donations is important for two reasons. The first is that donations often
indicate a company’s commitment to fulfilling aspects of its social licence. For example, a company with
a negative environmental footprint may elect to contribute to the community by providing a nature
reserve, or by supporting a bird or wildlife protection organisation. The second reason is that donations
may intentionally or unintentionally influence the behaviour or decisions of the recipient organisation. An
organisation receiving a donation may feel less able to challenge or lobby against the company providing
the donation. Taking the above example, the wildlife protection organisation, in receipt of donation
from the company with a negative environmental footprint, may feel unable to challenge the company’s
environmentally damaging activities.
The potential risk of influence becomes more problematic in the context of political donations. A company
may wish to make a donation to a member of parliament or a local member of council to help support their
election. The donation, however, may come accompanied by an expectation that the company will be able to
influence that person while they are in office, or otherwise benefit from that person being in office. At stake
is the public perception of, and trust in, the integrity of an electoral and political system.
For these reasons, this working paper provides a quantitative assessment of political donation reporting in
New Zealand. It does so by collating the disclosures made by NZSX-listed companies in their 2020 annual
reports. Comparing the information provided by NZSX-listed companies about their donations in the
following data sets provides insights into the reporting trends across the companies.
2.1 Method
The method used to create the data in 2016 and 2019 was repeated in 2020.
Step 1: Search
We first obtained a soft copy of the annual report for each NZSX-listed company for the 2020 Financial
Year.
This was done by searching the New Zealand Companies Register. If no annual report was found on
the Register, the company’s website was searched. If a company’s annual report was not found on either, it
was excluded from step 2. This occurred in two cases; one company was in receivership, and the other was
listed on the NZSX on 21 December 2020. In total, 130 annual reports progressed to step 2.
Step 2: Verify
Using the ‘search’ tool on Adobe Acrobat Pro, each of the 130 annual reports was searched for any mention
of ‘political donations’, ‘donations’, ‘political party/parties’, or ‘political contributions’.
Table 1: Data sets of NZSX-listed companies, 2017–2020
Data sets 2017 2018 2019 2020
No. of
entities
No. of
available
annual
reports
No. of
entities
No. of
available
annual
reports
No. of
entities
No. of
available
annual
reports
No. of
entities
No. of
available
annual
reports
NZSX-listed companies
129 126 124 123 132 130 132 130
Step 3: Analyse
Data from this search was divided into two broader categories. The first search was for political donations,
and the remainder were treated as non-political donations. If a company did not mention donations at all,
this was recorded as ‘did not disclose’.
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
7
3.0 Results
In the 2020 annual reports:
• 69 out of 130 [53%] did not disclose either a political donation or a non-political donation.
• 61 out of 130 [47%] disclosed either a political donation or a non-political donation.
• 11 out of 130 [9%] disclosed a political donation and a non-political donation.
• 50 out of 130 [38%] disclosed a non political donation, but did not disclose a political donation.
Political donations
• 11 out of 130 [9%] disclosed political donations. This may be due to an international requirement.
In every instance, the donation reported was zero. These 11 companies also all disclosed a non-political
donation.
• This was a decrease from 2019 where 12 companies [9%] disclosed political donations.
• 119 out of 130 [92%] did not mention political donations. This occurred where either: the company did
not make any donation disclosure (political or non-political) or the company only made a non-political
disclosure.
• This is an increase from 2019 where 118 companies [91%] did not disclose political donations.
Non-political donations
• 61 out of the 130 [47%] disclosed a non-political donation (as required under s 211(1)(h)). This is a
notable decrease from 2019 where 102 companies [79%] disclosed non-political donations.
• 69 out of the 130 [53%] did not disclose non-political donations. This is a notable increase from 2019
where 28 companies [22%] did not disclose non-political donations.
• We do not know the explanation for this change in non-political donation reporting from 2019 to 2020.
Initial scoping of the New Zealand reporting framework did not reveal a cause for the change. This gap
may be the subject to future research by the Institute.
Table 2: The extent to which non-polical donaons are disclosed in the 2016–2020 annual reports of
NZSX-listed companies
Source: (McGuinness Institute, 2018; 2020)
(i) Non-political Donations
NZSX-listed companies Annual reports that ‘disclosed’ non-political
donations made
Annual reports that ‘did not disclose’ non-political
donations made
2016 [126] 100 [79%] 26 [21%]
2019 [130] 102 [79%] 28 [22%]
2020 [130] 61 [47%] 69 [53%]
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
8
Table 3: The extent to which polical donaons are disclosed in the 2016–2020 annual reports of
NZSX-listed companies
Source: (McGuinness Institute, 2018; 2020)
(ii) Political donations
NZSX-listed
companies
Political donations disclosed (all $0) Annual reports that did not disclose political
donations
2016 [126] 12 [10%] 114 [91%]
2019 [130] 12 [9%] 118 [91%]
2020 [130] 11 [8%] 119 [92%]
4.0 Recommendaons
Based on our findings, the Institute makes four recommendations. These recommendations aim to increase
transparency over donations made by companies to political parties.
In October 2021 the Government announced an Independent Review of New Zealand’s electoral laws
and targeted changes to ensure New Zealand’s electoral rules are ‘fit for purpose’.
5
The targeted changes
will include ‘looking at the transparency of political donations to make it easier to see where the money is
coming from.’
6
It is hoped that this paper will be of use in the context of the review. The Companies Act 1993 provides a
useful avenue for increasing electoral transparency in New Zealand. The Institute considers it important that
the Companies Act 1993 and Electoral Act 1993 work in-step; addressing the making of donations and the
receiving of donations, putting a reporting onus on both companies and political parties/candidates.
1. Define ‘political donation’ and ‘political expenditure’ in the Companies Act 1993.
The Institute recommends that the Companies Act 1993 is amended to include, under Part 12 (disclosure
by companies), a requirement to disclose, in addition to ‘donations’, specifically ‘political donations’ and
‘political expenditure’. The distinction between ‘political donations’ and ‘political expenditure’could follow
that applied under the UK Companies Act 2006.
Westpac NZ was the only company to make a distinction between ‘political donations’ and ‘political
expenditure’ in their annual report.
7
The Institute suggests the following definitions be included in the Companies Act 1993:
• political donations means a financial donation made by a company to any registered political party or
candidature for election in Parliament or in a local body election [and]
• political expenditure means a non-financial donation that includes the preparation, publication
or dissemination of advertising or other promotional or publicity material that is capable of being
reasonably regarded as intended to affect public support for a political party or other political
organisation, or an independent election candidate, or activities on the part of the company that are
capable of being reasonably regarded as intended to affect public support for a political party or other
political organisation, or an independent election candidate, or to influence voters in relation to any
national or regional referendum held under New Zealand law.
As mentioned above, these definitions reflect those used in the UK Companies Act 2006, ss 364 – 365.
2. Require a statement of political donations to be included in the Companies Act 1993.
A small number of companies made a statement on political donations in their annual report (11 in 2020). In
all cases the amount of the political donation was nil. We believe all NZSX-listed companies should do this
as a matter of good practice. This could be progressed through the NZX Listing Rules or the NZX Corporate
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
9
Governance Code, however, we consider the Companies Act 1993 is a better way forward, placing the
requirement on all large companies that are required to publish an annual report (as opposed to only NZSX-
listed companies).
3. Require donations by a company to be authorised by the Board.
This practice is set out in UK legislation,
but we have not been able to find an equivalent requirement in
New Zealand legislation. This could be a useful mechanism for both transparency and good governance.
4. The Electoral Commission makes available a search engine for political donations
The Institute recommends that a similar register to the ‘COVID-19 wage subsidies - Employer Search’ is
established by the Electoral Commission.
8
This could be: ‘Political donations and expenditure – Donor
Search’.
Figure 1: Example of ‘COVID-19 wage subsidies - Employer Search’ by New Zealand King Salmon
Making political donations searchable by the donor (whether it be a company, trust or individual) would
increase trust in the political system through increased transparency, and ease of public access to this
information. It would also provide those who are assuring annual reports with more clarity over whether
company statements are correct. Currently, it is difficult to be able to confirm that what a political party
says it has received from a company was, in fact, donated by that company. The data from the candidate and
party return could be uploaded to the search engine to enable the public to not only gain data by recipient
(being the candidate or the party), but also by donor.
Information disclosed could include: the full name of donor, the donation amount, the date, whether
the donation provided was funds or as expenditure (e.g. the preparation, publication or dissemination of
advertising or other promotional or publicity material) and the name of the candidate and/or party that
received the benefit.
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
10
Appendix1:2016donaons
Policaldonaons
Figure3:2016annualreportsthatdisclosedpolicaldonaons
Figure2:Policaldonaons2016
Annual reports that did not disclose
political donations [114]
Political donations disclosed
(all $0) [12]
9.5%
90.5%
* All political donations disclosures were zero.
Companies that prepared a 2016 annual report.
See list 1 overleaf [126]
Companies that did not disclose a
statement on political donations 90.5%
[114]
Companies that disclosed a statement
on political donations 9.5% [12]*
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
11
List 1: Polical donaons published in 2016 annual reports
1. [AIR] Air New Zealand Limited*
2. [ALF] Allied Farmers Limited*
3. [AWK] Airwork Holdings Limited*
4. [CEN] Contact Energy Limited*
5. [CNU] Chorus Limited*
6. [FBU] Fletcher Building Limited*
7. [MCY] Mercury NZ Limited*
8. [MEL] Meridian Energy Limited*
9. [NZR] The New Zealand Refining Company
Limited*
10. [RYM] Ryman Healthcare Limited*
11. [SPK] Spark New Zealand Limited*
12. [WBC] Westpac Banking Corporation*
Companies that disclosed a
statement on political donations [12]
Companies that did not disclose a
statement on political donations [114]
1. [ABA] Abano Healthcare Group Limited
2. [AFI] Australian Foundation Investment
Company Limited
3. [AFT] AFT Pharmaceuticals Limited
4. [AIA] Auckland International Airport Limited
5. [AMP] AMP Limited
6. [ANZ] Australia and New Zealand Banking
Group Limited
7. [AOR] Aorere Resources Limited
8. [ARG] Argosy Property Limited
9. [ARV] Arvida Group Limited
10. [ASB] ASB Capital Limited
11. [ATM] The a2 Milk Company Limited
12. [AUG] Augusta Capital Limited
13. [AWF] AWF Madison Group Limited
14. [BGR] Briscoe Group Limited
15. [BIL] Bethunes Investments Limited
16. [BLT] BLIS Technologies Limited
17. [BRM] Barramundi Limited
18. [CAV] Cavalier Corporation Limited
19. [CBL] CBL Corporation Limited
20. [CDI] CDL Investments New Zealand Limited
21. [CMO] The Colonial Motor Company Limited
22. [CVT] Comvita Limited
23. [DGL] Delegat Group Limited
24. [DOW] Downer EDI Limited
25. [EBO] Ebos Group Limited
26. [ERD] EROAD Limited
27. [EVO] Evolve Education Group Limited
28. [FIN] Finzsoft Solutions Limited
29. [FLI] Fliway Group Limited
30. [FMS] Future Mobility Solutions Limited
31. [FPH] Fisher & Paykel Healthcare
Corporation Limited
32. [FRE] Freightways Limited
33. [GNE] Genesis Energy Limited
34. [GTK] Gentrack Group Limited
35. [GXH] Green Cross Health Limited
36. [HBL] Heartland Bank Limited
37. [HFL] Henderson Far East Income Limited
38. [HLG] Hallenstein Glasson Holdings Limited
39. [IFT] Infratil Limited
40. [IKE] ikeGPS Group Limited
41. [IQE] Intueri Education Group Limited (in
administration)
42. [KFL] Kingfish Limited
43. [KMD] Kathmandu Holdings Limited
44. [KPG] Kiwi Property Group Limited
45. [MAD] Energy Mad Limited
46. [MCK] Millennium & Copthorne Hotels New
Zealand Limited
47. [MET] Metlifecare Limited
48. [MFT] Mainfreight Limited
49. [MGL] Mercer Group Limited
50. [MHJ] Michael Hill International Limited
51. [MLN] Marlin Global Limited
52. [MMH] Marsden Maritime Holdings Limited
53. [MOA] Moa Group Limited
54. [MPG] Metro Performance Glass Limited
55. [MVN] Methven Limited
56. [MVT] Mercantile Investment Company
Limited
57. [NPT] NPT Limited
58. [NTL] New Talisman Gold Mines Limited
59. [NWF] NZ Windfarms Limited
60. [NZF] NZF Group Limited (after 30 June
2017 becomes [BGI] Blackwell Global
Holdings Limited)
61. [NZK] New Zealand King Salmon
Investments Limited
62. [NZM] NZME Limited
63. [NZO] New Zealand Oil and Gas Limited
64. [NZX] NZX Limited
65. [OCA] Oceania Healthcare Limited
66. [OHE] Orion Health Group Limited
67. [OIC] Opus International Consultants
Limited
68. [PCT] Precinct Properties New Zealand
Limited
69. [PEB] Pacific Edge Limited
70. [PFI] Property for Industry Limited
71. [PGC] Pyne Gould Corporation Limited
72. [PGW] PGG Wrightson Limited
73. [PIL] Promisia Integrative Limited
74. [PLX] Plexure Group Limited
75. [POT] Port of Tauranga Limited
76. [PPH] Pushpay Holdings Limited
77. [RAK] Rakon Limited
78. [RBC] Rubicon Limited
79. [RBD] Restaurant Brands
New Zealand Limited
80. [SAN] Sanford Limited
81. [SCL] Scales Corporation Limited
82. [SCT] Scott Technology Limited
83. [SCY] Smiths City Group Limited
84. [SEA] SeaDragon Limited
85. [SEK] Seeka Limited
86. [SKC] SKYCITY Entertainment Group
Limited
87. [SKL] Skellerup Holdings Limited
88. [SKO] Serko Limited
89. [SKT] Sky Network Television Limited
90. [SLI] SLI Systems Limited
91. [SML] Synlait Milk Limited
92. [SPG] Stride Property Ltd & Stride
Investment Management Ltd
93. [SPN] South Port New Zealand Limited
94. [SPY] Smartpay Holdings Limited
95. [STU] Steel & Tube Holdings Limited
96. [SUM] Summerset Group Holdings Limited
97. [TEN] Tenon Limited
98. [TGG] T&G Global Limited
99. [TGH] Tegel Group Holdings Limited
100. [THL] Tourism Holdings Limited
101. [TIL] Trilogy International Limited
102. [TLS] Telstra Corporation Limited
103. [TME] Trade Me Group Limited
104. [TRA] Turners Automotive Group Limited
(Previously [TNR] Turners Limited)
105. [TRS] TRS Investments Limited
106. [TTK] TeamTalk Limited
107. [TWR] Tower Limited
108. [VCT] Vector Limited
109. [VGL] Vista Group International Limited
110. [VIL] Veritas Investments Limited
111. [WDT] Wellington Drive Technologies
Limited
112. [WHS] The Warehouse Group Limited
113. [XRO] Xero Limited
114. [ZEL] Z Energy Limited
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
12
Figure5:2016annualreportsthatdisclosednon-policaldonaons
79.4%
20.6%
Annual reports that did not disclose
non-political donations made [26]
Annual reports that disclosed
non-political donations made [100]
Companies that prepared a 2016 annual report.
See list 2 overleaf [126]
Companies that disclosed a
statement on donations (in
numerical terms specific to
the company) 79.4% [100]
Disclosed in the annual report
(as non-financial information)
but not in the financial
statements (as an expense)
60% [60]
Disclosed in the financial
statements only (as an expense)
22% [22]
Figures disclosed in the
financial statements
were the same as the
figures published in the
non-financial information
of the annual report
83.3% [15]
Figures disclosed in the
financial statements were
not exactly the same as
the figures published
in the non-financial
information of the annual
report 16.7% [3]
Disclosed in both the financial
statements (as an expense)
and in the annual report (as
non-financial information)
18% [18]
Below NZD$0.5
36% [36]
Above NZD$0.5
64% [64]
Companies that did not
disclose a statement on
donations (in numerical
terms specific to the
company) 20.6% [26]
Disclosed as an expense
in the income statement
0% [0]
Disclosed as an expense
in the notes to the
financial statements
100% [22]
Figure4:Non-policaldonaons2016
Appendix1:2016donaons
Non-policaldonaons
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
13
42. [TEN] Tenon Limited $2
43. [CBL] CBL Corporation Limited $3
44. [CNU] Chorus Limited $3
45. [RAK] Rakon Limited $3
46. [SML] Synlait Milk Limited $3
47. [CAV] Cavalier Corporation Limited $4
48. [ERD] EROAD Limited $4
49. [MMH] Marsden Maritime Holdings
Limited $4
50. [SPN] South Port New Zealand Limited $4
51. [AUG] Augusta Capital Limited $5
52. [CMO] The Colonial Motor Company
Limited $5
53. [NZM] NZME Limited $5
54. [PGW] PGG Wrightson Limited $5
55. [CEN] Contact Energy Limited $6
56. [EVO] Evolve Education Group Limited $7
57. [TRA] Turners Automotive Group Limited
(Previously [TNR] Turners Limited) $7
58. [BLT] BLIS Technologies Limited $9
59. [GTK] Gentrack Group Limited $10
60. [SKC] SKYCITY Entertainment Group
Limited $10
61. [IQE] Intueri Education Group Limited (in
administration) $11
62. [MVN] Methven Limited $11
63. [SCT] Scott Technology Limited $11
64. [THL] Tourism Holdings Limited $11
65. [AWF] AWF Madison Group Limited $13
66. [NZK] New Zealand King Salmon
Investments Limited $14
67. [SCL] Scales Corporation Limited $14
68. [VGL] Vista Group International Limited
$14
69. [NZX] NZX Limited $17
70. [PCT] Precinct Properties New Zealand
Limited $19
71. [AWK] Airwork Holdings Limited $20
72. [GXH] Green Cross Health Limited $20
73. [GNE] Genesis Energy Limited $25
74. [STU] Steel & Tube Holdings Limited $27
75. [ARG] Argosy Property Limited $28
76. [POT] Port of Tauranga Limited $28
77. [AIA] Auckland International Airport
Limited $32
78. [TWR] Tower Limited $39
79. [NZR] The New Zealand Refining
Company Limited $41
80. [MET] Metlifecare Limited $46
81. [TIL] Trilogy International Limited $46
1. [AFT] AFT Pharmaceuticals Limited $0
2. [AOR] Aorere Resources Limited $0
3. [ARV] Arvida Group Limited $0
4. [ASB] ASB Capital Limited $0
5. [BRM] Barramundi Limited $0
6. [CDI] CDL Investments New Zealand
Limited $0
7. [FIN] Finzsoft Solutions Limited $0
8. [FLI] Fliway Group Limited $0
9. [HLG] Hallenstein Glasson Holdings
Limited $0
10. [IKE] ikeGPS Group Limited $0
11. [KFL] Kingfish Limited $0
12. [KPG] Kiwi Property Group Limited $0
13. [MAD] Energy Mad Limited $0
14. [MGL] Mercer Group Limited $0
15. [MLN] Marlin Global Limited $0
16. [NPT] NPT Limited $0
17. [NWF] NZ Windfarms Limited $0
18. [NZF] NZF Group Limited (after 30 June
2017 becomes [BGI] Blackwell Global
Holdings Limited) $0
19. [NZO] New Zealand Oil and Gas Limited
$0
20. [PEB] Pacific Edge Limited $0
21. [PFI] Property for Industry Limited $0
22. [PGC] Pyne Gould Corporation Limited $0
23. [PIL] Promisia Integrative Limited $0
24. [PLX] Plexure Group Limited $0
25. [PPH] Pushpay Holdings Limited $0
26. [SEA] SeaDragon Limited $0
27. [SEK] Seeka Limited $0
28. [SKO] Serko Limited $0
29. [SLI] SLI Systems Limited $0
30. [SPG] Stride Property Ltd & Stride
Investment Management Ltd $0
31. [SUM] Summerset Group Holdings Limited
$0
32. [TGH] Tegel Group Holdings Limited $0
33. [TME] Trade Me Group Limited $0
34. [TRS] TRS Investments Limited $0
35. [VCT] Vector Limited $0
36. [VIL] Veritas Investments Limited $0
37. [DGL] Delegat Group Limited $1
38. [MCK] Millennium & Copthorne Hotels
New Zealand Limited $1
39. [MEL] Meridian Energy Limited $1
40. [OHE] Orion Health Group Limited $2
41. [RBC] Rubicon Limited $2
Companies that disclosed a statement on donations (in numerical terms specific to the company) [100]
List 2: Non-polical donaons published in 2016 annual reports
82. [ABA] Abano Healthcare Group Limited
$47
83. [AIR] Air New Zealand Limited $59
84. [FPH] Fisher & Paykel Healthcare
Corporation Limited $69
85. [CVT] Comvita Limited $89
86. [EBO] Ebos Group Limited $101
87. [MCY] Mercury NZ Limited $101
88. [RBD] Restaurant Brands New Zealand
Limited $148
89. [SAN] Sanford Limited $152
90. [FRE] Freightways Limited $199
91. [ATM] The a2 Milk Company Limited $297
92. [RYM] Ryman Healthcare Limited $335
93. [SKT] Sky Network Television Limited
$366
94. [WHS] The Warehouse Group Limited
$747
95. [IFT] Infratil Limited $900
96. [MFT] Mainfreight Limited $912
97. [FBU] Fletcher Building Limited $1,000
98. [ZEL] Z Energy Limited $1,256
99. [TLS] Telstra Corporation Limited $1,566
100. [SPK] Spark New Zealand Limited $2,395
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
14
Above NZD$0.5 [64]
1. [AFT] AFT Pharmaceuticals Limited $0
2. [AOR] Aorere Resources Limited $0
3. [ARV] Arvida Group Limited $0
4. [ASB] ASB Capital Limited $0
5. [BRM] Barramundi Limited $0
6. [CDI] CDL Investments New Zealand
Limited $0
7. [FIN] Finzsoft Solutions Limited $0
8. [FLI] Fliway Group Limited $0
9. [HLG] Hallenstein Glasson Holdings
Limited $0
10. [IKE] ikeGPS Group Limited $0
11. [KFL] Kingfish Limited $0
12. [KPG] Kiwi Property Group Limited $0
13. [MAD] Energy Mad Limited $0
14. [MGL] Mercer Group Limited $0
15. [MLN] Marlin Global Limited $0
16. [NPT] NPT Limited $0
17. [NWF] NZ Windfarms Limited $0
18. [NZF] NZF Group Limited (after 30 June
2017 becomes [BGI] Blackwell Global
Holdings Limited) $0
19. [NZO] New Zealand Oil and Gas Limited
$0
20. [PEB] Pacific Edge Limited $0
21. [PFI] Property for Industry Limited $0
22. [PGC] Pyne Gould Corporation Limited $0
23. [PIL] Promisia Integrative Limited $0
24. [PLX] Plexure Group Limited $0
25. [PPH] Pushpay Holdings Limited $0
26. [SEA] SeaDragon Limited $0
27. [SEK] Seeka Limited $0
28. [SKO] Serko Limited $0
29. [SLI] SLI Systems Limited $0
30. [SPG] Stride Property Ltd & Stride
Investment Management Ltd $0
31. [SUM] Summerset Group Holdings Limited
$0
32. [TGH] Tegel Group Holdings Limited $0
33. [TME] Trade Me Group Limited $0
34. [TRS] TRS Investments Limited $0
35. [VCT] Vector Limited $0
36. [VIL] Veritas Investments Limited $0
1. [DGL] Delegat Group Limited $1
2. [MCK] Millennium & Copthorne Hotels
New Zealand Limited $1
3. [MEL] Meridian Energy Limited $1
4. [OHE] Orion Health Group Limited $2
5. [RBC] Rubicon Limited $2
6. [TEN] Tenon Limited $2
7. [CBL] CBL Corporation Limited $3
8. [CNU] Chorus Limited $3
9. [RAK] Rakon Limited $3
10. [SML] Synlait Milk Limited $3
11. [CAV] Cavalier Corporation Limited $4
12. [ERD] EROAD Limited $4
13. [MMH] Marsden Maritime Holdings
Limited $4
14. [SPN] South Port New Zealand Limited $4
15. [AUG] Augusta Capital Limited $5
16. [CMO] The Colonial Motor Company
Limited $5
17. [NZM] NZME Limited $5
18. [PGW] PGG Wrightson Limited $5
19. [CEN] Contact Energy Limited $6
20. [EVO] Evolve Education Group Limited $7
21. [TRA] Turners Automotive Group Limited
(Previously [TNR] Turners Limited) $7
22. [BLT] BLIS Technologies Limited $9
23. [GTK] Gentrack Group Limited $10
24. [SKC] SKYCITY Entertainment Group
Limited $10
25. [IQE] Intueri Education Group Limited (in
administration) $11
26. [SCT] Scott Technology Limited $11
27. [THL] Tourism Holdings Limited $11
28. [MVN] Methven Limited $11
29. [AWF] AWF Madison Group Limited $13
30. [NZK] New Zealand King Salmon
Investments Limited $14
31. [SCL] Scales Corporation Limited $14
32. [VGL] Vista Group International Limited
$14
33. [NZX] NZX Limited $17
34. [PCT] Precinct Properties New Zealand
Limited $19
35. [AWK] Airwork Holdings Limited $20
36. [GXH] Green Cross Health Limited $20
37. [GNE] Genesis Energy Limited $25
38. [STU] Steel & Tube Holdings Limited $27
39. [ARG] Argosy Property Limited $28
40. [POT] Port of Tauranga Limited $28
41. [AIA] Auckland International Airport
Limited $32
42. [TWR] Tower Limited $39
43. [NZR] The New Zealand Refining
Company Limited $41
44. [MET] Metlifecare Limited $46
45. [TIL] Trilogy International Limited $46
46. [ABA] Abano Healthcare Group Limited
$47
47. [AIR] Air New Zealand Limited $59
48. [FPH] Fisher & Paykel Healthcare
Corporation Limited $69
49. [CVT] Comvita Limited $89
50. [EBO] Ebos Group Limited $101
51. [MCY] Mercury NZ Limited $101
52. [RBD] Restaurant Brands New Zealand
Limited $148
53. [SAN] Sanford Limited $152
54. [FRE] Freightways Limited $199
55. [ATM] The a2 Milk Company Limited $297
56. [RYM] Ryman Healthcare Limited $335
57. [SKT] Sky Network Television Limited
$366
58. [WHS] The Warehouse Group Limited $747
59. [IFT] Infratil Limited $900
60. [MFT] Mainfreight Limited $912
61. [FBU] Fletcher Building Limited $1,000
62. [ZEL] Z Energy Limited $1,256
63. [TLS] Telstra Corporation Limited $1,566
64. [SPK] Spark New Zealand Limited $2,395
Non-polical donaons published in 2016 annual reports
Below NZD$0.5 [36]
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
15
Companies that did not disclose a statement
on donations (in numerical terms specific to
the company) [26]
Disclosed in the financial statements only
(as an expense) [22]
1. [HLG] Hallenstein Glasson Holdings
Limited $0
2. [MAD] Energy Mad Limited $0
3. [SUM] Summerset Group Holdings Limited
$0
4. [OHE] Orion Health Group Limited $2
5. [CNU] Chorus Limited $3
6. [MMH] Marsden Maritime Holdings
Limited $4
7. [SPN] South Port New Zealand Limited $4
8. [CMO] The Colonial Motor Company
Limited $5
9. [TRA] Turners Automotive Group Limited
(Previously [TNR] Turners Limited) $7
10. [MVN] Methven Limited $11
11. [THL] Tourism Holdings Limited $11
12. [AWF] AWF Madison Group Limited $13
13. [NZK] New Zealand King Salmon
Investments Limited $14
14. [STU] Steel & Tube Holdings Limited $27
15. [TIL] Trilogy International Limited $46
16. [ABA] Abano Healthcare Group Limited
$47
17. [EBO] Ebos Group Limited $101
18. [RBD] Restaurant Brands New Zealand
Limited $148
19. [SAN] Sanford Limited $152
20. [FRE] Freightways Limited $199
21. [RYM] Ryman Healthcare Limited $335
22. [FBU] Fletcher Building Limited $1,000
Disclosed in both the financial statements
(as an expense) and in the annual report
(as non-financial information) [18]
1. [AFT] AFT Pharmaceuticals Limited $0
2. [NZO] New Zealand Oil and Gas Limited $0
3. [RAK] Rakon Limited $3
4. [SML] Synlait Milk Limited $3
5. [CAV] Cavalier Corporation Limited $4
6. [PGW] PGG Wrightson Limited $5
7. [SKC] SKYCITY Entertainment Group
Limited $10
8. [SCL] Scales Corporation Limited $14
9. [AWK] Airwork Holdings Limited $20
10. [NZR] The New Zealand Refining Company
Limited $41
11. [MET] Metlifecare Limited $46
12. [FPH] Fisher & Paykel Healthcare
Corporation Limited $69
13. [CVT] Comvita Limited $89
14. [SKT] Sky Network Television Limited
$366
15. [WHS] The Warehouse Group Limited $747
16. [IFT] Infratil Limited $900
17. [MFT] Mainfreight Limited $912
18. [SPK] Spark New Zealand Limited $2,395
Non-polical donaons published in 2016 annual reports
1. [AFI] Australian Foundation Investment
Company Limited
2. [ALF] Allied Farmers Limited
3. [AMP] AMP Limited
4. [ANZ] Australia and New Zealand Banking
Group Limited
5. [BGR] Briscoe Group Limited
6. [BIL] Bethunes Investments Limited
7. [DOW] Downer EDI Limited
8. [FMS] Future Mobility Solutions Limited
9. [HBL] Heartland Bank Limited
10. [HFL] Henderson Far East Income Limited
11. [KMD] Kathmandu Holdings Limited
12. [MHJ] Michael Hill International Limited
13. [MOA] Moa Group Limited
14. [MPG] Metro Performance Glass Limited
15. [MVT] Mercantile Investment Company
Limited
16. [NTL] New Talisman Gold Mines Limited
17. [OCA] Oceania Healthcare Limited
18. [OIC] Opus International Consultants
Limited
19. [SCY] Smiths City Group Limited
20. [SKL] Skellerup Holdings Limited
21. [SPY] Smartpay Holdings Limited
22. [TGG] T&G Global Limited
23. [TTK] TeamTalk Limited
24. [WBC] Westpac Banking Corporation
25. [WDT] Wellington Drive Technologies
Limited
26. [XRO] Xero Limited
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
16
Non-polical donaons published in 2016 annual reports
1. [AOR] Aorere Resources Limited $0
2. [ARV] Arvida Group Limited $0
3. [ASB] ASB Capital Limited $0
4. [BRM] Barramundi Limited $0
5. [CDI] CDL Investments New Zealand
Limited $0
6. [FIN] Finzsoft Solutions Limited $0
7. [FLI] Fliway Group Limited $0
8. [IKE] ikeGPS Group Limited $0
9. [KFL] Kingfish Limited $0
10. [KPG] Kiwi Property Group Limited $0
11. [MGL] Mercer Group Limited $0
12. [MLN] Marlin Global Limited $0
13. [NPT] NPT Limited $0
14. [NWF] NZ Windfarms Limited $0
15. [NZF] NZF Group Limited (after 30 June
2017 becomes [BGI] Blackwell Global
Holdings Limited) $0
16. [PEB] Pacific Edge Limited $0
17. [PFI] Property for Industry Limited $0
18. [PGC] Pyne Gould Corporation Limited $0
19. [PIL] Promisia Integrative Limited $0
20. [PLX] Plexure Group Limited $0
21. [PPH] Pushpay Holdings Limited $0
22. [SEA] SeaDragon Limited $0
23. [SEK] Seeka Limited $0
24. [SKO] Serko Limited $0
25. [SLI] SLI Systems Limited $0
26. [SPG] Stride Property Ltd & Stride
Investment Management Ltd $0
27. [TGH] Tegel Group Holdings Limited $0
28. [TME] Trade Me Group Limited $0
29. [TRS] TRS Investments Limited $0
30. [VCT] Vector Limited $0
31. [VIL] Veritas Investments Limited $0
32. [DGL] Delegat Group Limited $1
33. [MCK] Millennium & Copthorne Hotels
New Zealand Limited $1
34. [MEL] Meridian Energy Limited $1
35. [RBC] Rubicon Limited $2
36. [TEN] Tenon Limited $2
37. [CBL] CBL Corporation Limited $3
38. [ERD] EROAD Limited $4
39. [AUG] Augusta Capital Limited $5
40. [NZM] NZME Limited $5
41. [CEN] Contact Energy Limited $6
42. [EVO] Evolve Education Group Limited $7
43. [BLT] BLIS Technologies Limited $9
44. [GTK] Gentrack Group Limited $10
45. [IQE] Intueri Education Group Limited (in
administration) $11
46. [SCT] Scott Technology Limited $11
47. [VGL] Vista Group International Limited
$14
48. [NZX] NZX Limited $17
49. [PCT] Precinct Properties New Zealand
Limited $19
50. [GXH] Green Cross Health Limited $20
51. [GNE] Genesis Energy Limited $25
52. [ARG] Argosy Property Limited $28
53. [POT] Port of Tauranga Limited $28
54. [AIA] Auckland International Airport
Limited $32
55. [TWR] Tower Limited $39
56. [AIR] Air New Zealand Limited $59
57. [MCY] Mercury NZ Limited $101
58. [ATM] The a2 Milk Company Limited $297
59. [ZEL] Z Energy Limited $1,256
60. [TLS] Telstra Corporation Limited $1,566
Disclosed as an expense on the income
statement [0]
Disclosed as an expense in the notes to the
financial statements [22]
1. [HLG] Hallenstein Glasson Holdings
Limited $0
2. [MAD] Energy Mad Limited $0
3. [SUM] Summerset Group Holdings Limited
$0
4. [OHE] Orion Health Group Limited $2
5. [CNU] Chorus Limited $3
6. [MMH] Marsden Maritime Holdings
Limited $4
7. [SPN] South Port New Zealand Limited $4
8. [CMO] The Colonial Motor Company
Limited $5
9. [TRA] Turners Automotive Group Limited
(Previously [TNR] Turners Limited) $7
10. [MVN] Methven Limited $11
11. [THL] Tourism Holdings Limited $11
12. [AWF] AWF Madison Group Limited $13
13. [NZK] New Zealand King Salmon
Investments Limited $14
14. [STU] Steel & Tube Holdings Limited $27
15. [TIL] Trilogy International Limited $46
16. [ABA] Abano Healthcare Group Limited
$47
17. [EBO] Ebos Group Limited $101
18. [RBD] Restaurant Brands New Zealand
Limited $148
19. [SAN] Sanford Limited $152
20. [FRE] Freightways Limited $199
21. [RYM] Ryman Healthcare Limited $335
22. [FBU] Fletcher Building Limited $1,000
Disclosed in the annual report (as non-financial information) but not in the financial
statements (as an expense) [60]
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
17
Figures disclosed in the financial statements
were the same as the figures published in
the non-financial information of the annual
report [15]
Figures disclosed in the financial
statements were not exactly the same as
the figures published in the non-financial
information of the annual report [3]
1. [AFT] AFT Pharmaceuticals Limited $0
2. [NZO] New Zealand Oil and Gas Limited $0
3. [RAK] Rakon Limited $3
4. [SML] Synlait Milk Limited $3
5. [CAV] Cavalier Corporation Limited $4
6. [SCL] Scales Corporation Limited $14
7. [AWK] Airwork Holdings Limited $20
8. [NZR] The New Zealand Refining Company
Limited $41
9. [MET] Metlifecare Limited $46
10. [FPH] Fisher & Paykel Healthcare
Corporation Limited $69
11. [CVT] Comvita Limited $89
12. [SKT] Sky Network Television Limited
$366
13. [WHS] The Warehouse Group Limited $747
14. [IFT] Infratil Limited $900
15. [MFT] Mainfreight Limited $912
1. [PGW] PGG Wrightson Limited $5
2. [SKC] SKYCITY Entertainment Group
Limited $10
3. [SPK] Spark New Zealand Limited $2,395
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
18
Appendix2:2019Donaons
Policaldonaons
Companies that prepared a 2019 annual report [130].
See list 3 overleaf.
Annual reports that did not disclose
a statement on political donations 91%
[118].
Annual reports that disclosed a
statement on political donations 9% [12]
(all $0).
Figure 7: 2019annualreportsthatdisclosedpolicaldonaons
Figure6:Policaldonaons2019
Annual reports that did not disclose
political donations [118]
Political donations disclosed
(all $0) [12]
91%
9%
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
19
List 3: Polical donaons published in 2019 annual reports
1. [AFT] AFT Pharmaceuticals
2. [AIR] Air New Zealand
3. [ALF] Allied Farmers
4. [CNU] Chorus
5. [FBU] Fletcher Building
6. [MCY] Mercury
7. [MEL] Meridian Energy
8. [NZR] Refining NZ
9. [NZX] New Zealand Exchange
10. [RYM] Ryman Healthcare
11. [SPK] Spark
12. [WBC] Westpac Banking Corp
2019 NZSX-listed companies’ annual reports
that disclosed political donations (all $0)
2019 NZSX-listed companies’ annual reports
that did not disclose political donations
made
1. [ABA] Abano Healthcare
2. [AFC] AFC Group Holdings
3. [AFI] Australian Foundation Investment
4. [AIA] Auckland Airport
5. [AMP] AMP Limited
6. [ANZ] ANZ Banking Group
7. [AOR] Aorere Resources Ltd
8. [APL] Asset Plus Ltd
9. [ARB] Arborgen Holdings
10. [ARG] Argosy Property Ltd
11. [ARV] Arvida Group Ltd
12. [ATM] A2 Milk
13. [AUG] Augusta Capitol Ltd
14. [AWF] AWF Madison
15. [BFG] Burger Fuel Group
16. [BGI] Blackwell Global Holdings Ltd
17. [BGP] Briscoe Group
18. [BLT] Blis Technologies
19. [BRM] Barramundi Ltd
20. [CAV] Cavalier Corporation
21. [CBD] Cannasouth Ltd
22. [CDI] CDL Investments
23. [CEN] Contact Energy
24. [CGF] Cooks Global Foods
25. [CMO] Colonial Motors
26. [CRP] Chatham Rock Phosphate Ltd
27. [CSM] CSM Group Limited
28. [CVT] Comvita Group Ltd
29. [DGL] Delegat Group
30. [DOW] Downer Group EDI
31. [EBO] EBOS Group
32. [ENS] Enprise Group Limited
33. [ERD] EROAD Limited
34. [EVO] Evolve Education Group Ltd
35. [FPH] F&P Healthcare
36. [FRE] Freightways
37. [FWL] Foley Wines Ltd
38. [GEN] General Capitol Ltd
39. [GEO] Geo Ltd
40. [GFL] Geneva Finance Ltd
41. [GNE] Genesis Energy
42. [GSH] Good Spirits Hospitatility
43. [GTK] Gentrack Group Ltd
44. [GXH] Green Cross Health
45. [HFL] Henderson Far East Income Ltd
46. [HGH] Heartland Group Holdings
47. [HLG] Hallenstein Glasson
48. [IFT] Infratil
49. [IKE] ikeGPS Group Ltd
50. [IPL] Investore Property Ltd
51. [JLG] Just life Group Ltd
52. [KFL] Kingfish Ltd
53. [KMD] Kathmandu
54. [KPG] Kiwi Property
55. [LIC] Livestock Improvement Corp
56. [MCK] Millenium Copthorne Hotels
57. [MET] Metlifecare Ltd
58. [MFT] Mainfreight
59. [MGL] Mercer Group Limited
60. [MHJ] Michael Hill International
61. [MLN] Marlin Global
62. [MMH] Marsden Maritime Holdings
63. [MOA] Moa Group Ltd
64. [MPG] Metro Glass
65. [MWE] Marlborough Wine Estate Group
66. [NPH] Napier Port Holdings Ltd
67. [NTL] New Talisman Gold Mines
68. [NWF] NZ Windfarms
69. [NZK] New Zealand King Salmon
70. [NZM] NZME
71. [NZO] NZ Oil and Gas
72. [OCA] Oceania Healthcare
73. [PCT] Precinct Properties NZ
74. [PEB] Pacific Edge Ltd
75. [PFI] Property for Investment Ltd
76. [PGW] Pgg Wrightson
77. [PIL] Promisia Intergrative Ltd
78. [PLX] Plexure Group
79. [POT] Port of Tauranga
80. [PPH] Pushpay Holdings Ltd
81. [PYS] PaySauce Ltd
82. [QEX] QEX Logistics Ltd
83. [RAK] Rakon Ltd
84. [RBD] Restaurant Brands
85. [SAN] Sanford
86. [SCL] Scales Corp
87. [SCT] Scott Technologies Ltd
88. [SCY] Smiths City Group
89. [SDL] Solution Dynamics Ltd
90. [SEA] Sea Dragon Ltd
91. [SEK] Seeka Ltd
92. [SKC] Skycity
93. [SKL] Skellerup
94. [SKO] Serko Ltd
95. [SKT] Sky Tv
96. [SML] Synlait Milk
97. [SNC] Southern Charter Financial Group Ltd
98. [SPG] Stride Property Investment
99. [SPN] South Port New Zealand Ltd
100. [SPY] Smartpay Holdings Ltd
101. [STU] Steel and Tube
102. [SUM] Summerset Group Holdings Ltd
103. [TGG] T&G Global Ltd
104. [THL] Tourism Holdings
105. [TLL] TIL Logistics
106. [TLS] Telstra Corporation Ltd
107. [TLT] Tilt Renewables
108. [TPW] Trustpower
109. [TRA] Turners Automotive
110. [TRS] TRS Investments LTD
111. [TRU] Truscreen Ltd
112. [TWR] Tower Ltd
113. [VCT] Vector
114. [VGL] Vista Group International
115. [VTL] Vital Ltd
116. WDT] Wellington Drive Tech Ltd
117. [WHS] Warehouse Group
118. [ZEL] Z Energy
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
20
Companies that prepared a 2020 annual report [130].
See list 4 overleaf.
Annual reports that did not disclose a
statement on non-political donations
22% [28].
Annual reports that disclosed a
statement on non-political donations
78% [102].
Figure 9: 2019 annual reportsthatdisclosednon-policaldonaons
Figure8:Non-policaldonaons2019
Annual reports that did not disclose
political donations [28]
Annual reports that disclosed
non-political donations [102]
78%
22%
Non-policaldonaons
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
21
List 4: Non-polical donaons published in 2019 annual reports
1. [ABA] Abano Healthcare
2. [AFT] AFT Pharmaceuticals
3. [AIA] Auckland Airport
4. [AIR] Air New Zealand
5. [ALF] Allied Farmers
6. [ANZ] ANZ Banking Group
7. [AOR] Aorere Resources Ltd
8. [APL] Asset Plus Ltd
9. [ARB] Arborgen Holdings
10. [ARG] Argosy Property Ltd
11. [ARV] Arvida Group Ltd
12. [ATM] A2 Milk
13. [AUG] Augusta Capitol Ltd
14. [BGI] Blackwell Global Holdings Ltd
15. [BLT] Blis Technologies
16. [BRM] Barramundi Ltd
17. [CAV] Cavalier Corporation
18. [CBD] Cannasouth Ltd
19. [CDI] CDL Investments
20. [CEN] Contact Energy
21. [CGF] Cooks Global Foods
22. [CMO] Colonial Motors
23. [CNU] Chorus
24. [CSM] CSM Group Ltd
25. [DGL] Delegat Group
26. [EBO] EBOS Group
27. [ENS] Enprise Group Ltd
28. [ERD] EROAD Ltd
29. [EVO] Evolve Education Group Ltd
30. [FBU] Fletcher Building
31. [FPH] F&P Healthcare
32. [FRE] Freightways
33. [FWL] Foley Wines Ltd
34. [GEO] Geo Ltd
35. [GNE] Genesis Energy
36. [GSH] Good Spirits Hospitatility
37. [GTK] Gentrack Group Ltd
38. [GXH] Green Cross Health
39. [IFT] Infratil
40. [IKE] ikeGPS Group Ltd
41. [IPL] Investore Property Ltd
42. [JLG] Just life Group Ltd
43. [KFL] Kingfish Ltd
44. [KPG] Kiwi Property
45. [LIC] Livestock Improvement Corp
46. [MCK] Millenium Copthorne Hotels
47. [MCY] Mercury
48. [MEL] Meridian Energy
2019 NZSX-listed companies’ annual reports that disclosed non-political donations made 2019 NZSX-listed companies’ annual reports
that disclosed non-political donations made
2019 NZSX-listed companies’ annual
reports that did not disclose non-political
donations made
1. [AFC] AFC Group Holdings
2. [AFC] Australian Foundation Investment
3. [AMP] AMP Limited
4. [AWF] AWF Madison
5. [BFG] Burger Fuel Group
6. [BGP] Briscoe Group
7. [CRP] Chatham Rock Phosphate Ltd
8. [CVT] Comvita Group Ltd
9. [DOW] Downer Group EDI
10. [GEN] General Capitol Ltd
11. [GFL] Geneva Finance Ltd
12. [HFL] Henderson Far East Income Ltd
13. [HGH] Heartland Group Holdings
14. [HLG] Hallenstein Glasson
15. [KMD] Kathmandu
16. [MHJ] Michael Hill International
17. [MOA] Moa Group Ltd
18. [NTL] New Talisman Gold Mines
19. [SCY] Smiths City Group
20. [SKL] Skellerup
21. [SPY] Smartpay Holdings Ltd
22. [TGG] T&G Global Ltd
23. [TLS] Telstra Corporation Ltd
24. [TRA] Turners Automotive
25. [TRU] Truscreen Ltd
26. [VTL] Vital Ltd
27. [WDT] Wellington Drive Tech Ltd
28. [ZEL] Z Energy
49. [MET] Metlifecare Ltd
50. [MFT] Mainfreight
51. [MGL] Mercer Group Limited
52. [MLN] Marlin Global
53. [MMH] Marsden Maritime Holdings
54. [MPG] Metro Glass
55. [MWE] Marlborough Wine Estate Group
56. [NPH] Napier Port Holdings Ltd
57. [NWF] NZ Windfarms
58. [NZK] New Zealand King Salmon
59. [NZM] NZME
60. [NZO] NZ Oil and Gas
61. [NZR] Refining NZ
62. [NZX] New Zealand Exchange
63. [OCA] Oceania Healthcare
64. [PCT] Precinct Properties NZ
65. [PEB] Pacific Edge Ltd
66. [PFI] Property for Investment Ltd
67. [PGW] Pgg Wrightson
68. [PIL] Promisia Intergrative Ltd
69. [PLX] Plexure Group
70. [POT] Port of Tauranga
71. [PPH] Pushpay Holdings Ltd
72. [PYS ] PaySauce Ltd
73. [QEX] QEX Logistics Ltd
74. [RAK] Rakon Ltd
75. [RBD] Restaurant Brands
76. [RYM] Ryman Healthcare
77. [SAN] Sanford
78. [SCL] Scales Corp
79. [SCT] Scott Technologies Ltd
80. [SDL] Solution Dynamics Ltd
81. [SEA] Sea Dragon Ltd
82. [SEK] Seeka Ltd
83. [SKC] Skycity
84. [SKO] Serko Ltd
85. [SKT] Sky Tv
86. [SML] Synlait Milk
87. [SNC] Southern Charter Financial Group Ltd
88. [SPG] Stride Property Investment
89. [SPK] Spark
90. [SPN] South Port New Zealand Ltd
91. [STU] Steel and Tube
92. [SUM] Summerset Group Holdings Ltd
93. [THL] Tourism Holdings
94. [TLL] TIL Logistics
95. [TLT] Tilt Renewables
96. [TPW] Trustpower
97. [TRS] TRS Investments LTD
98. [TWR] Tower Ltd
99. [VCT] Vector
100. [VGL] Vista Group International
101. [WBC] Westpac Banking Corp
102. [WHS] Warehouse Group
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
22
Appendix3:2020Donaons
Policaldonaons
Companies that prepared a 2020 annual report [130].
See list 5 overleaf.
Annual reports that did not disclose a
statement on political donations 92%
[119].
Annual reports that disclosed a
statement on political donations 8% [11]
(all $0).
Figure 11: 2020 annualreportsthatdisclosedpolicaldonaons
Figure10:Policaldonaons2020
Annual reports that did not disclose
political donations [119]
Annual reports that disclosed
political donations (all $0) [11]
8%
92%
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
23
List 5: Polical donaons published in 2020 annual reports
1. [AIR] Air New Zealand
2. [CEN] Contact Energy
3. [CNU] Chorus
4. [MCY] Mercury Energy
5. [NZR] Refining NZ
6. [NZX] New Zealand Exchange
7. [RYM] Ryman Healthcare
8. [SPK] Spark
9. [VGL] Vista Group International
10. [WBC] Westpac Banking Corp
11. [WHS] Warehouse Group
2020 NZSX-listed companies’ annual reports
that disclosed political donations (all $0)
1. [ACE] Ascension Capital
2. [AFC] AFC Group Holdings
3. [AFI] Australian Foundation Investment
4. [AFT] AFT Pharmaceuticals
5. [AIA] AAuckland Airport
6. [ALF] Allied Farmers
7. [AMP] AMP Limited
8. [ANZ] ANZ Bank
9. [APL] Asset Plus Ltd
10. [ARB] Arborgen Holdings
11. [ARG] Argosy Property Ltd
12. [ARV] Arvida Group Ltd
13. [AWF] AWF
14. [ATM] A2 Milk
15. [BFG] Burger Fuel Group
16. [BGI] Blackwell Global Holdings Ltd
17. [BGP] Briscoe Group
18. [BLT] Blis Technologies
19. [BRM] Barramundi Ltd
20. [CAV] Cavalier Corporation
21. [CDB] Cannasouth Ltd
22. [CDI] CDL Investments
23. [CGF] Cooks Global Foods
24. [CMO] Colonial Motors
25. [CRP] Chatham Rock Phosphate Ltd
26. [CSM] CSM Group Limited (MEE Today)
27. [CVT] Comvita Group Ltd
28. [DGL] Delegat Group.pdf
29. [DOW] Downer Group EDI
30. [EBO] EBOS Group
31. [ENS] Enprise Group Limited
32. [ERD] EROAD Limited
33. [EVO] Evolve Education Group Ltd
2020 NZSX-listed companies’ annual
reports that did not disclose political
donations
34. [FBU] Fletcher Building
35. [FBH] F&P Healthcare
36. [FRE] FRE Freightways
37. [FWL] Foley Wines Ltd
38. [GEN] General Capitol Ltd
39. [GEO] Geo Ltd
40. [GFL] Geneva Finance Ltd
41. [GNE] Genesis Energy
42. [GSH] Good Spirits Hospitality
43. [GTK] Gentrack Group Ltd
44. [GXH] Green Cross Health
45. [HFL] Henderson Far East Income Ltd
46. [HGH] Heartland Group Holdings
47. [HGL] Hallenstein Glasson
48. [HMY] Harmoney
49. [IFT] Infratil
50. [IKE] ikeGPS Group Ltd
51. [IPL] Investore Property Ltd
52. [JLG] Just life Group Ltd
53. [KFL] Kingfish Ltd
54. [KMD] Kathmandu
55. [KPG] Kiwi Property
56. [LIC] Livestock Improvement Corp
57. [MCK] Millenium Copthorne Hotels
58. [MEL] Meridian Energy
59. [MFT] Mainfreight
60. [MHJ] Michael Hill International
61. [MHM] MHM Automation
62. [MLN] Marlin Global
63. [MMH] Marsden Maritime Holdings
64. [MOA] Moa Group Ltd
65. [MPG] Metro Glass
66. [MWE] Marlborough Wine Estate Group
67. [NPH] Napier Port Holdings Ltd
68. [NTL] New Talisman Gold Mines
69. [NWF] NZ Windfarms
70. [NZK] New Zealand King Salmon
71. [NZM] NZME
72. [NZO] NZ Oil and Gas
73. [OCA] Oceania Healthcare
74. [PCT] Precinct Properties NZ
75. [PEB] Pacific Edge Ltd
76. [PFI] Property for Investment Ltd
77. [PGW] Pgg Wrightson
78. [PHL] Promisia Intergrative Ltd
79. [PX1] Plexure Group
80. [POT] Port of Tauranga
81. [PPH] Pushpay Holdings Ltd
82. [PYS] PaySauce Ltd
83. [QES] QEX Logistics Ltd.pdf
84. [RAD] Radius
85. [RAK] Rakon Ltd
86. [RBD] Restaurant Brands
87. [RUA] Bioscience
88. [SAN] Sanford
89. [SCL] Scales Corp
90. [SCT] Scott Technologies Ltd
91. [SDL] Solution Dynamics Ltd
92. [SEK] Seeka Ltd
93. [SKC] Skycity
94. [SKL] Skellerup
95. [SKO] Serko Ltd
96. [SKT] Sky Tv
97. [SML] Synlait Milk
98. [SMW] SMW (Aorere)
99. [SNC] Southern Charter Financial Group Ltd
100. [SNK] Snakk media Ltd
101. [SPG] Stride Property Investment
102. [SPN] South Port New Zealand Ltd
103. [SPY] Smartpay Holdings Ltd
104. [STU] Steel and Tube
105. [SUM] Summerset Group Holdings Ltd
106. [TAH] Third Age Health Limited
107. [TGG] T&G Global Ltd
108. [THL] Tourism Holdings
109. [TLL] TIL Logistics
110. [TLS] Telstra Corporation Ltd
111. [TLT] Tilt Renewables
112. [TPW] Trustpower.pdf
113. [TRA] Turners Automotive
114. [TRU] Truscreen Ltd
115. [TWR] TWR Tower Ltd
116. [VCT] Vector
117. [VTL] Vital Ltd
118. [WDT] Wellington Drive Tech Ltd
119. [ZEL] Z Energy
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
24
Companies that prepared a 2020 annual report [130].
See list 6 overleaf.
Annual reports that did not disclose a
statement on non-political donations
53% [69].
Annual reports that disclosed a
statement on non-political donations
47% [61]. *
Figure13:2020annualreportsthatdisclosednon-policaldonaons
Figure12:Non-policaldonaons2020
* Note: 50 annual reports disclosed non-political donations only, 11 disclosed both a political donation and a non-political donation.
Annual reports that did not disclose
non-political donations [69]
Annual reports that disclosed
non-political donations [61]
47%
53%
Non-policaldonaons
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
25
List 6: Non-polical donaons published in 2020 annual reports
1. [AFT] AFT Pharmaceuticals
2. [AIA] Auckland Airport
3. [AIR] Air NZ
4. [APL] Asset Plus Ltd
5. [ARB] Arborgen Holdings
6. [ARG] Argosy Property Ltd
7. [ARV] Arvida Group Ltd
8. [ATM] A2 Milk
9. [BLT] Blis Technologies
10. [CAV] Cavalier Corporation
11. [CBD] Cannasouth Ltd
12. [CEN] Contact Energy
13. [CNU] Chorus
14. [CSM] CSM Group Ltd
15. [CVT] Comvita Group
16. [DGL] Delegat Group
17. [ERD] EROAD Ltd
18. [FBU] Fletcher Building
19. [FPH] F&P Healthcare
20. [FRE] Freightways
21. [FWL] Foley Wines Ltd
22. [HMY] Harmoney
23. [IFT] Infratil
24. [IKE] ikeGPS Group Ltd
25. [IPL] Investore Property Ltd
26. [JLG] Just life Group Ltd
27. [KPG] Kiwi Property
28. [LIC] Livestock Improvement Corp
29. [MCY] Mercury
30. [MFT] Mainfreight
31. [MHM] MHM Automation
32. [MMH] Marsden Maritime Holdings
33. [MPG] Metro Glass
34. [NPH] Napier Port Holdings
35. [NZR] Refining NZ
36. [NZX] New Zealand Exchange
37. [PFI] Property for Industry Ltd
38. [PGW] PGG Wrightson
39. [PX1] Plexure Group
40. [POT] Port of Tauranga
41. [PPH] Pushpay Holdings Ltd
42. [QEX] QEX Logistics Ltd
43. [RYM] Ryman Healthcare
44. [SAN] Sanford
45. [SCT] Scott Technologies Ltd
46. [SDL] Solution Dynamics Ltd
47. [SEK] Seeka Ltd
48. [SKO] Serko Ltd
2020 NZSX-listed companies’ annual reports
that disclosed non-political donations made
1. [ACE] Ascension Capital
2. [AFC] AFC Group Holdings
3. [AFI] Australian Foundation Investment
4. [ALF] Allied Farmers
5. [AMP] AMP Limited
6. [ANZ] ANZ Bank
7. [AWF] AWF
8. [BFG] Burger Fuel Group
9. [BGI] Blackwell Global Holdings
10. [BGP] Briscoe Group
11. [BRM] Barramundi
12. [CDI] CDL Investments
13. [CGF] Cooks Global Foods
14. [CMO] Colonial Motors
15. [CRP] Chatham Rock Phosphate
16. [DOW] Downer Group EDI
17. [EBO] EBOS Group
18. [ENS] Enprise Group
19. [EVO] Evolve Education Group
20. [GEN] General Capitol Ltd
21. [GEO] Geo Ltd
22. [GFL] Geneva Finance
23. [GNE] Genesis Energy
24. [GSH] Good Spirits Hospitality
25. [GTK] Gentrack Group
26. [GXH] Green Cross Health
27. [HFL] Henderson Far East Income Ltd
28. [HGH] Heartland Group Holdings
29. [HGL] Hallenstein Glassons
30. [KFL] Kingfish Ltd
31. [KMD] Kathmandu
32. [MCK] Milleniumm Copthorne Hotels
33. [MEL] Meridian Group
34. [MHJ] Michael Hill International
35. [MLN] Marlin Global
36. [MOA] Moa Group Ltd
37. [MWE] Marlborough Wine Estate Group
38. [NTL] New Talisman Gold Mines
39. [NWF] NZ Windfarms
40. [NZK] New Zealand King Salmon
41. [NZM] NZME
42. [NZO] NZ Oil and Gas
43. [OCA] Oceania Healthcare
44. [PCT] Precinct Properties NZ
45. [PEB] Pacific Edge Ltd
46. [PHL] Promisia Intergrative Ltd
47. [PYS] PaySauce Ltd
48. [RAD] Radius
49. [SKT] Sky Tv
50. [SML] Synlait Milk
51. [SNK] Snakk
52. [SPG] Stride Property Investment
53. [SPK] Spark
54. [SPN] South Port New Zealand Ltd
55. [THL] Tourism Holdings
56. [TLL] TIL Logistics
57. [TPW] Trustpower
58. [VCT] Vector
59. [VGL] Vista Group International
60. [WBC] Westpac Banking Corp
61. [WHS] Warehouse Group
2020 NZSX-listed companies’ annual
reports that did not disclose non-political
donations made
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
26
2020 NZSX-listed companies’ annual
reports that did not disclose non-political
donations made
49. [RAK] Rakon Ltd
50. [RBD] Restaurant Brands
51. [RUA] Bioscience
52. [SCL] Scales Corp
53. [SKC] Skycity
54. [SKL] Skellerup
55. [SMW] SMW (Aorere)
56. [SNC] Southern Charter Financial Group Ltd
57. [SPY] Smartpay Holdings Ltd
58. [STU] Steel and Tube
59. [SUM] Summerset Group Holdings Ltd
60. [TAH] Third Age Health Limited
61. [TGG] T&G Global Ltd
62. [TLS] Telstra Corporation Ltd
63. [TLT] Tilt Renewables
64. [TRA] Turners Automotive
65. [TRU] Truscreen Ltd
66. [TWR] Tower Ltd
67. [VTL] Vital Ltd
68. [WDT] Wellington Drive Tech Ltd
69. [ZEL] Z Energy
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
27
Appendix 4: Press release: Government to
review electoral law
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
28
Endnotes
1 See McGuinness Institute. (2018). Working Paper 2018/01: NZSX-listed Company Tables, pp. 127-137.
Retrieved 8 June 2021 from https://www.mcguinnessinstitute.org/publications/working-papers . See
also McGuinness Institute. (2020). Project 2058 Report 17: ReportingNZ: Building a Reporting Framework
Fit for Purpose, p. 68. Retrieved 8 June 2021 from https://www.mcguinnessinstitute.org/publications/
project-2058/
2 See Electoral Commission. (n.d.). Rules for party donations and loans. Retrieved 8 June 2021 from
https://elections.nz/guidance-and-rules/donations-and-loans/rules-for-party-donations-and-loans/
3 See Electoral Commission. (n.d.). Rules for party donations and loans. Retrieved 8 June 2021 from
https://elections.nz/guidance-and-rules/donations-and-loans/rules-for-party-donations-and-loans/
4 See Electoral Commission. (n.d.) Rules for candidate donations. Retrieved 28 September 2021 from
https://elections.nz/guidance-and-rules/donations-and-loans/rules-for-candidate-donations/
5 The Independent Review will look at electoral rules including: ‘voting age and overseas voting, funding
of political parties, the length of the parliamentary term, the Electoral Commission’s recommendations
on MMP.’ The targeted electoral changes are aimed at supporting ‘the delivery of, and participation
in the 2023 General Election.’ See Faafoi, K. (5 October 2021). Government to review electoral law.
Beehive.govt.nz. Retrieved 6 October 2021 from https://www.beehive.govt.nz/release/government-
review-electoral-law
6 See Faafoi, K. (5 October 2021). Government to review electoral law. Beehive.govt.nz. Retrieved 6
October 2021 from https://www.beehive.govt.nz/release/government-review-electoral-law
7 See Westpac Banking Corporation. (2020). Westpac Group Annual Report 2020. Retrieved 28 September
2021 from https://www.westpac.com.au/about-westpac/investor-centre/financial-information/annual-
reports-archive/
8 See Ministry of Social Development (MSD). (n.d.). COVID-19 wage subsidies – Employer Search.
Retrieved 8 June 2021 from https://services.workandincome.govt.nz/eps
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
29
WORKING PAPER 2021/11 | MCGUINNESS INSTITUTE
30