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

 


Employment relations authority decides in favour of Abano

Employment relations authority decides in favour of Abano


Following an Employment Relations Authority decision released on Friday 16 May 2014, the Abano-appointed directors of Bay International Ltd (“Bay”) have terminated the employment agreements of Peter and Anya Hutson.

The Authority ruled that the Abano directors on the Bay board have the right on behalf of Bay to terminate the employment agreements between Bay and Peter and Anya Hutson, whose associated interests also own 50% of the shares in Bay.

Peter and Anya Hutson, along with Abano executives Alan Clarke and Richard Keys are the directors of Bay.

The Authority noted that in regard to the Hutsons’ conflicts of interests arising from the takeover bid in which they were involved last year, Alan Clarke and Richard Keys had suggested, “protocols be put in place to manage the conflicts”. This was rejected by Peter and Anya Hutson.

In ruling in favour of the Abano-appointed directors, the Authority noted that to not have the right claimed by Abano “flouts business common sense and would produce a commercially absurd outcome.”

The ruling confirms the position long maintained by the Abano-appointed directors and, on behalf of Bay, they have terminated the Hutsons’ employments.

This termination does not affect the Hutsons’ shareholding or their ongoing rights to board representation on Bay. Both shareholding groups are, to that extent, now on an equal footing.

Chairman of Bay, Alan Clarke, says that after a disappointing start to the audiology venture, several changes were made to local senior management teams in both Australia and Asia.

“The new executive team in Australia has made a material difference and we are seeing a significant improvement, with solid sales growth over the past two years. This has provided us with confidence that the business is now on track to achieve break even at EBITDA, and to then provide a positive profit contribution to the Abano Group.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news