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NZX-listed companies with the lowest Governance Risk Scores (GRS). Identifies companies where governance metrics are below common thresholds based on disclosed data.
Updates weekly · 119 companies
| # | Ticker | Company | Sector | GRS Score | Rating | Board Structure | Shareholder Rights |
|---|---|---|---|---|---|---|---|
| 1 | RGI | Rua Gold Inc | Materials | 17.1 | Very Poor | 12.0 | 0.0 |
| 2 | TCM | Taiko Critical Minerals Limited | Materials | 17.1 | Very Poor | 12.0 | 0.0 |
Data sourced from publicly available NZX filings and annual reports. Our datasets may not be complete. Automated analysis can produce errors. Scores are calculated using disclosed methodology and are analytical tools, not investment ratings or recommendations. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
Last updated: 12 May 2026.
| 3 | LOC | Locate Technologies Limited | Information Technology | 25.7 | Very Poor | 18.0 | 0.0 |
| 4 | UVA | Uvre Limited | Materials | 32.9 | Very Poor | 20.0 | 0.0 |
| 5 | PGW | PGG Wrightson Limited | Industrials | 42.1 | Poor | 20.0 | 2.0 |
| 6 | CRP | Chatham Rock Phosphate Limited | Industrials | 42.1 | Poor | 15.0 | 6.0 |
| 7 | CVT | Comvita Limited | Industrials | 42.1 | Poor | 14.0 | 2.0 |
| 8 | RAK | Rakon Limited | Information Technology | 42.8 | Poor | 13.0 | 2.0 |
| 9 | VHP | Vital Healthcare Property Trust | Real Estate | 43.5 | Poor | 20.0 | 2.0 |
| 10 | LIC | Livestock Improvement Corporation Limited | Financials | 45.5 | Poor | 11.0 | 4.0 |
| 11 | ENS | Enprise Group Limited | Information Technology | 48.3 | Poor | 10.0 | 9.0 |
| 12 | MEX | Minerals Exploration Limited | Materials | 50.3 | Adequate | 18.0 | 2.0 |
| 13 | NTL | New Talisman Gold Mines Ltd | Industrials | 53.1 | Adequate | 20.0 | 2.0 |
| 14 | TRA | Turners Automotive Group | Consumer Discretionary | 53.8 | Adequate | 9.0 | 16.0 |
| 15 | SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | 54.5 | Adequate | 15.0 | 11.0 |
| 16 | BAI | Being AI | Healthcare | 54.5 | Adequate | 10.0 | 16.0 |
| 17 | DGL | Delegat Group Limited | Consumer Staples | 56.5 | Adequate | 20.0 | 2.0 |
| 18 | ARB | ArborGen Holdings Limited | Industrials | 57.2 | Adequate | 17.0 | 14.0 |
| 19 | SDL | Solution Dynamics Limited | Consumer Discretionary | 57.9 | Adequate | 16.0 | 13.0 |
| 20 | FSF | Fonterra Shareholders' Fund | Consumer Staples | 60.0 | Good | 14.0 | 17.0 |
| 21 | NZK | New Zealand King Salmon Investments Limited | Consumer Staples | 60.7 | Good | 9.0 | 20.0 |
| 22 | CHI | Channel Infrastructure NZ Limited | Energy | 60.7 | Good | 23.0 | 7.0 |
| 23 | 2CC | 2 Cheap Cars Group Limited | Financials | 61.4 | Good | 13.0 | 16.0 |
| 24 | BLT | BLIS Technologies Limited | Consumer Staples | 61.4 | Good | 16.0 | 20.0 |
| 25 | FCG | Fonterra Co-operative Group Limited | Consumer Staples | 62.8 | Good | 17.0 | 17.0 |
| 26 | IPR | Iperion Limited | Real Estate | 62.8 | Good | 15.0 | 20.0 |
| 27 | SML | Synlait Milk Limited | Consumer Staples | 62.8 | Good | 10.0 | 20.0 |
| 28 | HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | 63.5 | Good | 15.0 | 17.0 |
| 29 | IKE | ikeGPS Group Limited | Materials | 63.5 | Good | 10.0 | 20.0 |
| 30 | WBC | Westpac Banking Corporation | Financials | 63.5 | Good | 20.0 | 9.0 |
| 31 | FWL | Foley Wines Limited | Consumer Staples | 64.1 | Good | 12.0 | 20.0 |
| 32 | RTO | RTO Limited | Information Technology | 64.1 | Good | 14.0 | 16.0 |
| 33 | GMT | Goodman Property Trust | Real Estate | 64.1 | Good | 20.0 | 13.0 |
| 34 | VSL | Vulcan Steel Limited | Materials | 64.1 | Good | 13.0 | 20.0 |
| 35 | TWR | Tower Limited | Financials | 64.8 | Good | 11.0 | 18.0 |
| 36 | VNT | Ventia Services Group Limited | Industrials | 64.8 | Good | 14.0 | 13.0 |
| 37 | CCC | Cooks Coffee Company Limited | Consumer Staples | 65.5 | Good | 14.0 | 20.0 |
| 38 | DOW | Downer EDI Limited | Industrials | 65.5 | Good | 18.0 | 16.0 |
| 39 | CMO | The Colonial Motor Company Limited | Consumer Discretionary | 66.2 | Good | 14.0 | 17.0 |
| 40 | MEL | Meridian Energy Limited | Utilities | 66.2 | Good | 12.0 | 20.0 |
| 41 | SEK | Seeka Limited | Consumer Staples | 66.2 | Good | 11.0 | 20.0 |
| 42 | AFC | AFC Group Holdings Limited | Financials | 66.9 | Good | 17.0 | 20.0 |
| 43 | THL | Tourism Holdings Limited | Consumer Discretionary | 66.9 | Good | 12.0 | 20.0 |
| 44 | WCO | WasteCo Group Limited | Industrials | 66.9 | Good | 13.0 | 20.0 |
| 45 | SKT | Sky Network Television Limited | Communication Services | 67.6 | Good | 16.0 | 16.0 |
| 46 | VCT | Vector Limited | Utilities | 67.6 | Good | 15.0 | 20.0 |
| 47 | ANZ | ANZ Group Holdings Limited | Financials | 67.6 | Good | 25.0 | 6.0 |
| 48 | ERD | EROAD | Industrials | 68.3 | Good | 16.0 | 20.0 |
| 49 | BPG | Black Pearl Group Limited | Information Technology | 68.3 | Good | 19.0 | 14.0 |
| 50 | SVR | Savor Limited | Consumer Staples | 68.3 | Good | 13.0 | 20.0 |
| 51 | TWL | TradeWindow Holdings Limited | Industrials | 68.3 | Good | 17.0 | 16.0 |
| 52 | SPN | South Port New Zealand Limited | Industrials | 68.3 | Good | 14.0 | 20.0 |
| 53 | FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 69.0 | Good | 14.0 | 20.0 |
| 54 | GXH | Green Cross Health Limited | Healthcare | 69.0 | Good | 13.0 | 20.0 |
| 55 | MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | 69.0 | Good | 12.0 | 20.0 |
| 56 | SMI | Santana Minerals Ltd | Materials | 69.0 | Good | 14.0 | 20.0 |
| 57 | IFT | Infratil Limited | Utilities | 69.0 | Good | 21.0 | 17.0 |
| 58 | POT | Port of Tauranga Limited | Industrials | 69.0 | Good | 12.0 | 20.0 |
| 59 | TRU | TRUSCREEN GROUP LIMITED | Industrials | 69.0 | Good | 18.0 | 16.0 |
| 60 | ARG | Argosy Property Limited | Real Estate | 69.7 | Good | 15.0 | 20.0 |
| 61 | APL | Asset Plus | Real Estate | 69.7 | Good | 15.0 | 20.0 |
| 62 | MOV | MOVE Logistics Group Limited | Industrials | 69.7 | Good | 16.0 | 16.0 |
| 63 | RYM | Ryman Healthcare Limited | Healthcare | 69.7 | Good | 14.0 | 20.0 |
| 64 | GTK | Gentrack Group Limited | Information Technology | 69.7 | Good | 18.0 | 16.0 |
| 65 | PCT | Precinct Properties New Zealand Limited | Real Estate | 69.7 | Good | 15.0 | 20.0 |
| 66 | TAH | Third Age Health Services Limited | Consumer Discretionary | 70.3 | Very Good | 18.0 | 20.0 |
| 67 | MHJ | Michael Hill International Limited | Consumer Discretionary | 70.3 | Very Good | 13.0 | 20.0 |
| 68 | MPG | Metro Performance Glass | Real Estate | 70.3 | Very Good | 10.0 | 20.0 |
| 69 | BGP | Briscoe Group Limited | Consumer Discretionary | 71.0 | Very Good | 18.0 | 20.0 |
| 70 | MKR | Manuka Resources Limited | Materials | 71.0 | Very Good | 15.0 | 20.0 |
| 71 | VGL | Vista Group International Limited | Information Technology | 71.0 | Very Good | 20.0 | 20.0 |
| 72 | ATM | The a2 Milk Company Limited | Consumer Staples | 71.0 | Very Good | 18.0 | 20.0 |
| 73 | PYS | PaySauce Limited | Information Technology | 71.7 | Very Good | 18.0 | 17.0 |
| 74 | BRW | Bremworth Limited | Consumer Discretionary | 71.7 | Very Good | 18.0 | 20.0 |
| 75 | TGG | T&G Global Limited | Consumer Staples | 71.7 | Very Good | 13.0 | 20.0 |
| 76 | AGL | Accordant Group Limited | Utilities | 72.4 | Very Good | 20.0 | 16.0 |
| 77 | GEN | General Capital Limited | Financials | 72.4 | Very Good | 18.0 | 20.0 |
| 78 | SPK | Spark New Zealand Limited | Communication Services | 72.4 | Very Good | 19.0 | 20.0 |
| 79 | SKO | Serko Limited | Industrials | 72.4 | Very Good | 18.0 | 20.0 |
| 80 | CEN | Contact Energy Limited | Utilities | 73.1 | Very Good | 16.0 | 20.0 |
| 81 | FRW | Freightways Group Limited | Industrials | 73.1 | Very Good | 17.0 | 20.0 |
| 82 | NZM | NZME Limited | Communication Services | 73.1 | Very Good | 17.0 | 17.0 |
| 83 | RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | 73.1 | Very Good | 13.0 | 20.0 |
| 84 | MEE | Me Today Limited | Consumer Staples | 73.8 | Very Good | 17.0 | 20.0 |
| 85 | ALF | Allied Farmers Limited | Financials | 73.8 | Very Good | 19.0 | 19.0 |
| 86 | EBO | EBOS Group Limited | Healthcare | 73.8 | Very Good | 21.0 | 20.0 |
| 87 | SCT | Scott Technology Limited | Industrials | 73.8 | Very Good | 10.0 | 20.0 |
| 88 | WIN | Winton Land Limited | Real Estate | 73.8 | Very Good | 14.0 | 20.0 |
| 89 | RAD | Radius Residential Care Limited | Healthcare | 74.5 | Very Good | 15.0 | 20.0 |
| 90 | AIR | Air New Zealand | Industrials | 75.2 | Very Good | 24.0 | 20.0 |
| 91 | WHS | The Warehouse Group Limited | Consumer Discretionary | 75.2 | Very Good | 18.0 | 20.0 |
| 92 | BFG | Burger Fuel Group Limited | Consumer Discretionary | 75.9 | Very Good | 17.0 | 20.0 |
| 93 | HGH | Heartland Group Holdings Limited | Financials | 75.9 | Very Good | 21.0 | 16.0 |
| 94 | CNU | Chorus Limited | Communication Services | 75.9 | Very Good | 20.0 | 20.0 |
| 95 | SKL | Skellerup Holdings Limited | Industrials | 75.9 | Very Good | 17.0 | 20.0 |
| 96 | GNE | Genesis Energy Limited | Utilities | 75.9 | Very Good | 18.0 | 20.0 |
| 97 | MFT | Mainfreight Limited | Industrials | 75.9 | Very Good | 15.0 | 20.0 |
| 98 | SCL | Scales Corporation Limited | Industrials | 75.9 | Very Good | 16.0 | 20.0 |
| 99 | CDI | CDL Investments New Zealand Limited | Real Estate | 76.5 | Very Good | 20.0 | 20.0 |
| 100 | AOF | AoFrio Limited | Financials | 77.2 | Very Good | 23.0 | 20.0 |
| 101 | AFT | AFT Pharmaceuticals Limited | Healthcare | 77.2 | Very Good | 20.0 | 20.0 |
| 102 | NPH | Napier Port Holdings Limited | Industrials | 77.2 | Very Good | 17.0 | 20.0 |
| 103 | STU | Steel & Tube Holdings Limited | Materials | 77.9 | Very Good | 23.0 | 20.0 |
| 104 | SAN | Sanford Limited | Consumer Staples | 78.6 | Very Good | 20.0 | 20.0 |
| 105 | KMD | KMD Brands Limited | Consumer Discretionary | 79.3 | Very Good | 24.0 | 20.0 |
| 106 | SUM | Summerset Group Holdings Limited | Healthcare | 79.3 | Very Good | 24.0 | 20.0 |
| 107 | MFB | My Food Bag Group Limited | Financials | 80.0 | Excellent | 19.0 | 20.0 |
| 108 | PFI | Property for Industry Limited | Real Estate | 80.0 | Excellent | 19.0 | 20.0 |
| 109 | NZX | NZX Limited | Financials | 80.7 | Excellent | 17.0 | 20.0 |
| 110 | KPG | Kiwi Property | Real Estate | 80.7 | Excellent | 18.0 | 20.0 |
| 111 | AIA | Auckland International Airport Limited | Industrials | 81.4 | Excellent | 21.0 | 20.0 |
| 112 | RUA | Rua Bioscience Limited | Healthcare | 82.1 | Excellent | 21.0 | 20.0 |
| 113 | AFI | Australian Foundation Investment Company Limited | Financials | 82.8 | Excellent | 20.0 | 20.0 |
| 114 | MCY | Mercury NZ Limited | Utilities | 82.8 | Excellent | 21.0 | 20.0 |
| 115 | PEB | Pacific Edge Limited | Healthcare | 84.1 | Excellent | 22.0 | 20.0 |
| 116 | PHL | Promisia Healthcare Limited | Healthcare | 84.1 | Excellent | 22.0 | 20.0 |
| 117 | OCA | Oceania Healthcare Limited | Healthcare | 85.5 | Excellent | 22.0 | 20.0 |
| 118 | SPG | Stride Property Limited | Real Estate | 86.2 | Excellent | 21.0 | 20.0 |
| 119 | FBU | Fletcher Building | Materials | 86.2 | Excellent | 24.0 | 20.0 |