But they are still expected to behave with care for the environment. 

The Stewardship Code was developed after two years of work by a special steering group of finance industry professionals. 

It is intended to create and preserve inter-generational value, as well as to direct capital to where it is most needed for a resilient economy.

It also intends to bring transparency and accountability as well as advance sustainable outcomes and a decarbonised economy..

Several companies or organisations have already signed up to it, including Harbour Asset Management, Milford Asset Management, Kiwi Wealth, Devon Funds Trust Management, Westpac New Zealand and the NZ Super Fund.

“New Zealand joins about 20 other countries to have such a code.

Matthew Mimms is a finance industry professional and a board member of RIAA and says the thrust of the document is aimed mainly at investment advisers and fund managers.

He also helped develop the document.

“I think the impact of the document directly on advisers in the mortgage and insurance markets is less important,” he said. 

“Where it is relevant is for financial advisers who are providing advice in terms of investments.   They are going to be advising on investments in managed funds, and we expect most managed funds providers will be involved in stewardship.”

However, the head of the RIAA Simon O’Connor said the new rules would still give information that could be useful to mortgage advisers.

He said the code would reveal extra information about the financial institutions that advisers work with, and this would enable them to work in a way where they have better information about parts of their own industry.

For example, mortgage advisers would learn more about the workings of the banks or non bank lenders whom they deal with, and this could satisfy either their own or their clients’ expectations. 

The code’s nine principles guide investors to incorporate ESG matters in their investment design, to vote responsibly at shareholder meetings, and to disclose the nature and outcomes of their stewardship.