Winton Land shares suspended after board resignations
Winton Land shares have been suspended from the NZX after the company failed to meet governance requirements following a wave of board resignations. The company is currently struggling with internal leadership instability and declining share value.
Why it matters
This highlights the importance of corporate governance standards in maintaining market confidence and protecting shareholder interests.
Shares of listed property developer Winton Land have been suspended by NZX's market regulator after the company fell short of the exchange's governance requirements.
NZ RegCo said Winton no longer met the minimum requirements for the number of independent directors on its board, and for the make-up of its audit committee.
The suspension follows last week's resignations of chairman Steven Joyce and independent director Guy Fergusson, who said they had a "fundamental misalignment of expectations" with the company's majority shareholder over corporate governance.
Fergusson also chaired Winton's audit and financial risk committee. His departure leaves Winton with only one independent director, Glen Tupuhiri.
A third director, Julian Cook, announced his resignation on Friday. James Kemp, who represents 22 percent shareholder Macquarie, resigned as chair of the remuneration committee but remains on the board.
Chris Meehan resigned as chief executive and chair of Winton Land in July.
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