Sealegs fined $8,000 by NZX over shortfall of independent directors

Tue, 23 Dec 2014

By Suze Metherell Dec. 24 (BusinessDesk) - Sealegs Corp, the amphibious vehicle maker, has been fined $8,000 and publicly censured by the New Zealand Markets Disciplinary Tribunal after failing to maintain the minimum number of independent directors on its board. Under listing rules, companies must have at least two independent directors and at least three members on its audit committee, of which the majority must be independent. The stock market operator and regulator pinged the Auckland-based company after it took 10 weeks to replace i...

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