Sharechat Logo

Diligent to put new director, auditor to shareholders at June annual meeting

Thursday 4th April 2013

Text too small?

Diligent Board Member Services, whose trebling of annual profit has been undermined by administrative errors, will ask shareholders to appoint a new director and auditor at the upcoming annual meeting in June.

The New York-based firm's board today resolved to add another director and will ask shareholders to appoint ex-tech company chief financial officer Greg Petersen at the AGM, it said in a statement. Petersen is currently a private investor and sits on the boards of US software firms PROS Holdings and KIT Digital.

"Greg's business experience including as a chief financial officer of several successful software companies and as a director of two publicly listed companies will add additional strength to Diligent's board," chairman David Liptak said.

Diligent will also seek ratification for Deloitte Touche LLP as auditor after it existing arrangement with Holtz Rubenstein Reminick LLP didn't meet New Zealand reporting requirements.

The company faces breaching local listing rules after failing to meet the reporting requirements and not getting a waiver from authorities.

The software maker fell afoul of legislation because Holtz Rubenstein Reminick LLP, which has audited Diligent's accounts since 2008, was not licenced in New Zealand and couldn't be registered because of its limited liability partnership status.

Diligent's auditor oversight was another embarrassment for the firm after it found it had inadvertently issued executives more options than they were entitled to, tarnishing an otherwise strong operational year.

The shares were unchanged at $6.30 today, and have gained 14 percent this year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Diligent censured, fined for numerous listing rules breaches
Diligent misses filing date for first-half earnings, shares drop to 9-month low
Diligent to restate revenue from past three years, says US sales slow in 2Q
NZX queries Diligent price fall since announcing revenue recognition problems
Diligent says no dividend this year, mulls US listing
Diligent makes mistake recognising revenue in accounts before it should have
Diligent CEO Sodi may get extra US$6.7 mln in tax-efficient bonus scheme
Diligent sees growing importance in European sales
Diligent boosts 1Q sales 84 percent amid strong growth outside US
Diligent directors come up with new CEO incentive scheme