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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news