Thursday 16th November 2023 |
Text too small? |
Millennium & Copthorne Hotels New Zealand Limited (MCK) acknowledges the determination and public announcement released by the NZ Markets Disciplinary Tribunal (the “Tribunal”) today, regarding breaches relating to disclosure of certain governance matters and the historical composition of its Audit Committee between 2018 and 2020.
MCK accepts responsibility for the breaches and fully complied with NZ RegCo’s investigation.
MCK has been ordered to pay a financial penalty of $50,000 in respect of these breaches, and to meet the NZ RegCo’s and the Tribunal’s costs in connection with the matter.
In its determination, the Tribunal acknowledged that MCK was well-intentioned when including only Independent Directors on its Audit Committee, thereby reducing it to two members rather than three as required under Rule 2.13.2(b). MCK notes that this breach was historical in nature (occurring over three years ago) and had been identified and self-corrected by the company in 2020.
MCK is disappointed by the amount of the penalty, particularly given the historical nature of the Rule 2.13.2(b) breach. MCK notes that the Tribunal found that NZRegCo had not presented evidence that the breaches have caused actual loss.
ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
No comments yet
New Zealand Government Bonds - through the pandemic and beyond
DOW - Refinance of Syndicated Sustainability Linked Loan facility
OCA - Appointment of Chief People Officer
CHI - Director changes at Channel Infrastructure
December 6th Morning Report
December 5th Morning Report
TWR - Tower announces strategic review
PFI - 11 Sheffield Street, Blenheim Divestment
December 4th Morning Report
Me Today - Notice of Annual Shareholder Meeting