Skellerup fined over board make-up

ERJ staff report (DS)

Christchurch, New Zealand -- Skellerup Holdings has been hit with a $20,000 fine for not finding a replacement independent director quickly enough.

In a determination of the NZ Markets Disciplinary Tribunal (the Tribunal) dated 10 May 2011, the Tribunal found that Skellerup acted in breach of NZSX Listing Rules 3.3.1(c), 3.6.2(b) and 3.6.2(c) (the Rules) and as at the date of that determination remained in breach of those Rules.

The breach continued for over nine months. As a consequence, the Tribunal has issued fines totalling NZ$25 000 against Skellerup.

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Press release from NZ Markets Disciplinary Tribunal