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

 

Lombard Case Shows Directors Need To Be Diligent


INSTITUTE of DIRECTORS
MEDIA RELEASE

Lombard Case Shows Directors Need To Be Diligent, Says Institute of Directors President

“Because of the lack of criminal intent, recognised by Justice Robert Dobson, it is satisfying that the defendants have not received custodial sentences,” said President of the Institute of Directors, Denham Shale, in a public statement following the sentencing of the former directors of Lombard Finance & Investments Limited earlier today.

“However, the decision in this case has highlighted the fact that all who aspire to the position of company director must be diligent and need to be aware of their responsibilities and be prepared to give the necessary time and attention to the consideration of all matters surrounding their duties as a director.”

He said that the matters in respect of which the defendants have been found guilty evidence the manner in which some directors have not been fulfilling their clear responsibilities by leaving it to company executives and advisors to make decisions and give advice relative to directors’ responsibilities.

Mr Shale added, “It is also imperative that directors understand the financial affairs of the companies of which they are a director. Whenever they are uncertain as to the ramifications or other outcomes arising from the financial statements of their company, directors should ask the pertinent questions and obtain the necessary advice which will enable them to be able to make the necessary decisions on a proper basis.”

[ends]

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Consumer NZ: Buy-now, Pay-later Raking In $10m+ In Late Fees Annually

A Consumer NZ survey has found buy-now, pay-later services are costing shoppers more than $10 million a year in late fees. Close to four out of 10 Kiwi consumers use buy-now, pay-later services, such as Afterpay, Laybuy and Zip... More>>

Westpac: Catherine Mcgrath Appointed New Zealand CEO

Westpac Group CEO Peter King and the Westpac New Zealand Board today announced the appointment of Catherine McGrath as Chief Executive Officer, Westpac New Zealand... More>>


Amazon: AWS To Open Data Centres In New Zealand

Today, Amazon Web Services (AWS), announced plans to open an infrastructure region in Aotearoa New Zealand in 2024. The new AWS Asia Pacific (Auckland) Region will consist of three Availability Zones (AZs) and join the existing 81 Availability Zones across 25 geographic AWS Regions at launch... More>>

ALSO:



Statistics: Surge In Imports Results In Record Monthly Trade Deficit
Imports increased $1.8 billion in August 2021 compared with August 2020, resulting in a record monthly trade deficit of $2.1 billion, Stats NZ said today. Exports were little changed, down $42 million. "This is a larger deficit than normal because of higher values for imports.. More>>

Fonterra: Completes reset, announces annual results and long-term growth plan out to 2030

Fonterra Co-operative Group Limited today announced a strong set of results for the 2021 financial year, reflected in a final Farmgate Milk Price of $7.54, normalised earnings per share of 34 cents and a final dividend of 15 cents... More>>


Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>