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

 


CORRECT: Marsden Maritime censured over council vote

CORRECT: Marsden Maritime censured over council vote on director fee hike

(Fixes Marsden Maritime argument in 4th graph)

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 not 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

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news