Investor information

Invest in New Zealand's fibre future

Chorus provides updates through investor days and our half year and full year results announcements.

Click on "Pages" or "Next Page" to view 2013 and 2012 presentations

Investor presentations 2014

Update of FPP modelling information from Analysys Mason 

4 December 2014

At the Commerce Commission’s request, Analysys Mason provided a briefing at 10am on Thursday 4 December on its total service long run incremental cost (TSLRIC) UCLL and UBA models. The presentation and videos are now available:

Introduction from Mark Ratcliffe, Chorus CEO

James Allen, Analysys Mason

Chorus releases update of its FPP modelling data 

2 December 2014

Chorus provided an update on its work with world leading experts Analysys Mason to develop economic models that can be used to inform the Commerce Commission’s Final Pricing Principle (FPP) processes.

This information updates the market on the previous presentation given on 7 October 2014.

Analysys Mason is a global telecommunications consultancy, and has assisted regulators in undertaking similar work for networks in Australia, Norway, Denmark, France and the Netherlands. The modelling from Analysys Mason was submitted by Chorus to the Commerce Commission on 1 December 2014, in line with the Commission’s published timetable.

A presentation summarising Chorus’ models is attached as an update to the 7 October 2014 presentation:

At the Commerce Commission’s request, Analysys Mason will provide a briefing at 10am on Thursday 4 December on its total service long run incremental cost (TSLRIC) UCLL and UBA models. The briefing will be webcast at

Investor update 

7 October 2014

On 7 October 2014 we hosted an investor update in Auckland.

Mark Ratcliffe - overview including broadband connections and fibre update

Anna Moodie - regulatory environment and UBA pricing

Andrew Carroll - financials and UFB installation costs

Mark Ratcliffe - summary and questions

Forsyth Barr presentation 

Presentation by Rosalie Nelson, Manager Market Strategy & Insight, at Forsyth Barr ‘Future of TV’ seminar.

Chorus Investor Day 

21 May 2014

Chorus held a briefing for institutional investors and analysts in Wellington, New Zealand, on Wednesday 21 May, which was also webcast live. 



Mark Ratcliffe, Chorus CEO, sets the scene and outlines the programme for the day.

Anna Moodie, Assistant General Counsel, talks about the telecommunications regulatory environment.

Go to our regulatory submissions

Martin Sharrock, Head of Network Engineering, talks about telecommunications technology and trends.

Ed Beattie, General Manager Infrastructure, talks about the UFB rollout.

Rosalie Nelson, Market Insight and Strategy Manager, talks about the growing numbers of connectable devices and the Internet of things:

Questions on the session

Click on "Pages" or "Next Page" to view 2013 and 2012 submissions.

Submissions on regulatory issues 2014

Chorus submission on regulated UBA and Boost proposals 

19 September 2014

Chorus yesterday sent the Commerce Commission its submission in response to their consultation paper on issues relating to Chorus’ proposed changes to the UBA service. The submission included Chorus; external legal advice, from Minter Ellison Rudd Watts.

Read the media release "Chorus submission on regulated UBA and Boost proposals"

Submission to Commerce Commission 

6 August 2014

In response to the Commerce Commission’s Consultation paper outlining its proposed view on the regulatory framework and modelling approach for UBA and UCLL services (9 July 2014)

This submission responds to the Commission’s preliminary views on the modelling choices and inputs for setting monthly and transactional TSLRIC prices for UCLL, SLU and UBA (with the UCLL price flowing through to the UCLFS service).

Chorus makes submission on UBA FPP process 

24 February 2014

Chorus has made a submission on the Commerce Commission’s process and issues paper as part of the final pricing principle review of the Commission’s initial decision of the price Chorus can charge for the unbundled bitstream access service.

Chorus UCLL and UCLFS submissions 

17 February 2014

Chorus has proposed a method by which the Commerce Commission’s two Final Pricing Principle (FPP) regulatory processes could both be completed by the end of 2014.

The proposal forms part of Chorus’ submissions to the Commerce Commission on the FPP review of the price Chorus can charge for the Unbundled Copper Local Loop (UCLL) service.

“It was pleasing to see the Commerce Commission aiming to complete the related FPP review of Unbundled Bitstream Access (UBA) by the end of the year,” said Chorus CEO Mark Ratcliffe.

“We acknowledge that the UCLL and UBA FPP processes have critical linkages, and the aggregate price will be the most relevant to the industry. To that end, we believe resolution of both processes by the end of the year would provide everyone with greater certainty.”

As requested by the Commission, and to support the timely resolution of the FPP processes, Chorus has proposed a process that would allow the Commission to model the full copper network in order to determine UCLL and UBA prices in parallel.

“We believe this will help the Commission meet its obligation to complete the FPP process as soon as practicable and do so in a way that takes appropriate account of all costs,” he said.

Chorus has also provided advice from Analysys Mason, world leading experts on economic cost modelling, on an appropriate approach to modelling.

“While the Commission and the industry are investing a significant amount of resource into these FPP processes, which will provide the pricing copper-based services during the transitional period through to 2020, it is worth noting that a new regulatory regime will come into existence in 2020. At this stage no-one knows what form it will take, so we also look forward to more clarity on this.”

Chorus has also made submissions on the Commission’s review of the standard terms determination price list for Chorus’ unbundled copper low frequency service (UCLFS).

Copies of the UCLL and UCLFS submissions:

Annual and half year reports

Download copies of Chorus Annual Reports

Chorus Annual Report 2014 

Chorus Annual Report 2013

Chorus Annual report 2012

Half year reports 

Crown Fibre Holdings securities 

This document summarises the key terms of the securities issued by Chorus to CFH under the Subscription Agreement.

Scheme booklet 

The Scheme Booklet sets out details of Chorus' demerger from Telecom (Spark).

Click on "Pages" or "Next Page" to view the 2013 and 2012 annual general meetings.

Chorus annual general meeting 2014

Chorus' 2014 AGM was held at the Amora Hotel in Wellington on Wednesday, 29 October 2014. The resolutions and presentations from the meeting are available.

Video of the AGM

Presentations from the AGM


Resolution 1 That Ms Anne Urlwin be elected as a director of Chorus.
For: 199,064,006 (99.65%)
Against: 704,092 (0.35%)
Abstain: 1,446,784
Resolution 2 That Dr Keith Turner be elected as a director of Chorus.
For: 199,448,743 (99.82%)
Against: 353,949 (0.18%)
Abstain: 1,412,090
Resolution 3 That the maximum aggregate remuneration able to be paid to all directors (in their capacity as directors) be increased by $120,000 from $980,000 per annum to $1,100,000 per annum. For: 192,793,601 (97.61%) Against: 4,720,008 (2.39%) Abstain: 3,701,173
Resolution 4 That the Chorus Board be authorised to fix the fees and expenses of KPMG as auditor. For: 199,521,910 (99.80%) Against: 406,373 (0.20%)
Abstain: 1,286,499

Investor FAQs

1. Does Chorus offer a programme to buy back small shareholdings? 

Chorus does not have a programme in place for small shareholdings, but shareholders may wish to consider the Shares for Good programme which donates proceeds to a selected charity. This programme enables shareholders to donate NZX listed shares free of brokerage and potentially receive a tax credit. For more information please visit

2. When will Chorus pay a dividend? 

As part of the 25 July 2014 bank amendments, Chorus agreed that no dividends will be paid until the later of the conclusion of the Commerce Commission's final pricing principle review processes or 30 June 2015. The Commission has indicated 30 September 2015 as the due date for its final determination.

In addition to this, Chorus has entered into a conditional agreement with CFH which gives Chorus the option to bring forward part of CFH's existing investment funding. If Chorus uses the facility, Chorus would be unable to pay a dividend before December 2019 without CFH approval, unless Chorus normalises the CFH funding profile.

Find out more about Chorus dividends.

3. Where can I find more information on the regulatory issues facing Chorus? 

For the latest information on regulatory developments, please refer to the Commerce Commission website. An overview of regulatory matters is also provided in Chorus’ recent half year and annual reports. For further background, refer to the letter sent to shareholders in December 2013 and the ‘Addressing the myths’ document in the Shareholder Information section.

4.What is an American Depositary Receipt (ADR)? 

An ADR is a negotiable U.S. certificate issued by a depositary bank representing ownership of shares in a non-U.S. corporation. Chorus’ depositary is the Bank of New York Mellon. ADRs can be bought through a U.S. broker in the same manner as U.S. securities.

American Depositary Shares (ADSs), each representing five ordinary Chorus shares and evidenced by ADRs are not listed but are traded on the over-the-counter (OTC) market in the United States under the ticker symbol ‘CHRYY’.

For more information visit and search for the Chorus ADR profile.

5. Why can’t I find Chorus on the Computershare Australia investor portal? 

Australian shareholders currently need to access their Chorus holdings details via the Computershare New Zealand investor portal:

A Faster Identification Number (FIN) and Shareholder Number is initially required to log-in to this portal. Please note: your Shareholder Number is not the same number as a Holder Identification Number (HIN).

New shareholders who are on the Australian and CHESS registers will receive their FIN by post. A FIN or Shareholder Number can also be obtained by contacting Computershare Investor Services Limited in New Zealand at or by calling +64 9 488 8777.

6. How do I update my shareholder details for a change of address/email? 

Please either contact the share registrar, Computershare Investor Services (phone: +64 9 488 8777 or email, or you can update your details online by logging on at Select ‘My profile’ and click on the ‘update’ button on the communication preferences tile.

Note: If you don’t already have a User ID and password you will need your CSN or Holder Number and FIN to register your account.

7. I need a dividend statement for tax purposes. How can I request one? 

You can log on and view dividend details for your holding at Select ‘Statements and Documents’ and click on ‘Chorus Limited’ to view all available payment statements.

Note: If you don’t already have a User ID and password you will need your CSN or Holder Number and FIN to register your account.

Alternatively, email or call +64 9 488 8777.

8. Does Chorus have a dividend reinvestment plan? 

Chorus has suspended its Dividend Reinvestment Plan (the Plan). The Plan was previously available to shareholders resident in New Zealand or Australia. Participation was not available to shareholders whose address is outside New Zealand or Australia because of the costs and requirements involved in ensuring the Plan’s compliance with laws of additional jurisdictions.