Big fine for PGC
The NZ Markets Disciplinary Tribunal has fined Pyne Gould Corporation Limited $300,000 plus costs, for breaches of NZX’s Main Board Listing Rules.
The breaches included the late filing of annual and interim financial information, and failure to comply with board composition requirements.
NZX Regulation determined that a referral to the tribunal was the appropriate enforcement outcome given the nature of PGC’s breaches.
Head of Market Supervision Joost van Amelsfort said: “NZX considers compliance with periodic reporting, and corporate governance obligations, fundamental to ensuring investor confidence in New Zealand’s capital markets.
“While there were mitigating factors – including PGC’s co-operation during the investigation – the length of the breaches and the fact that these were repeat breaches by PGC, were major contributing factors. NZX Regulation considers this indicative of the level of penalty that will likely be sought in relation to breaches of these fundamental obligations in future.”
PGC’s penalty is significantly higher than previous fines imposed by the tribunal.
