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

 

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