Millennium & Copthorne fined for governance breaches

Millennium & Copthorne Hotels New Zealand has acknowledged and accepted responsibility for breaches relating to the disclosure of governance matters and the composition of its Audit Committee between 2018 and 2020.

The company has been ordered to pay a financial penalty of $50,000 and cover the costs of the investigation.

The breaches were historical in nature and had been identified and corrected by the company in 2020.

Millennium & Copthorne Hotels New Zealand is disappointed with the penalty amount, especially considering that no evidence of actual loss was presented.