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

 


Marsden Maritime censured over council vote on fees

Marsden Maritime censured over council vote on director fee hike

By Paul McBeth

Aug. 21 (BusinessDesk) - Marsden Maritime Holdings, formerly known as Northland Port Corp, has been publicly censured by the stock market's disciplinary tribunal, which said Northland Regional Council was a related entity and shouldn't have participated in a vote to hike the pool of director fees.

The tribunal said the Whangarei-based company and council, which holds a 53 percent stake, were associated entities because Marsden Maritime director Colin Mitten was also chairman of Northland Inc, a wholly owned subsidiary of the council, at the time of last year's annual meeting.

Under NZX rules, that meant the council should not have voted on whether to hike the pool for directors' fees to $200,000 from $182,600. NZX didn't seek a financial penalty or costs, as the matter raised questions of interpretation as to whether the council should be captured by the listing rules.

"In the tribunal's view, the fact that influence could exist as a consequence of a relationship between the relevant parties is sufficient," it said in its decision. "It is not necessary that the first person would be, or was, influenced in respect of the particular matter in order for them to be associated persons."

Marsden Maritime argued the council was an associated entity, as there was no relationship between Mitten and the council, no evidence of a connection between the two, and even if such a connection could be established, he held no sway over the vote.

"The board of the company is extremely disappointed to learn that the company has been censured in relation to what the board considers is no more than a technical question decided by the tribunal on the proper interpretation of a listing rule," Marsden Maritime chairman John Goulter said in a separate statement.

The company's shares rose 1.4 percent to $2.85 yesterday, and have increased by the same amount this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news