Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Diligent board to run ruler over executive incentive schemes

Diligent board to run ruler over executive incentive schemes

By Paul McBeth

Dec. 24 (BusinessDesk) - Diligent Board Member Services will have a look at its executives' incentive schemes after a New York law firm raised a flag over some compensation plans.

The NZX-listed company's board has appointed a special committee to review the options and shares granted to some executives after it was questioned whether they had all been issued in "strict compliance with the relevant stock option and incentive plans," Diligent said in a statement.

"Should it be determined that options or shares have been issued otherwise than in strict accordance with the relevant plans, the board of Diligent will seek to rectify the position, as appropriate," it said.

The move comes after New York-based law firm Levi & Korsinsky LLP last month said it was investigating Diligent and its board "in connection with the compensation provided to certain of its executive officers."

The law firm asked Diligent shareholders to get in touch with partner Eduard Korsinsky, with a possible view to filing a class suit. Levi & Korsinsky specialises in class actions for shareholders and victims of corporate abuse, according to its website.

Diligent has been one of the market darlings this year, with the stock surging 183 percent this year to a record $5.46 a share on Friday.

The tech company's strength in the past two years hinged on it cashing in on the increasing popularity of Apple Inc's iPad with its Boardbooks application.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news