MCK statement on NZMDT determination
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND
NZX ANNOUNCEMENT 16 NOVEMBER 2023
Millennium & Copthorne Hotels New Zealand Limited (MCK) acknowledges the determination
and public announcement released by the NZ Markets Disciplinary Tribunal (the “Tribunal”)
today, regarding breaches relating to disclosure of certain governance matters and the historical
composition of its Audit Committee between 2018 and 2020.
MCK accepts responsibility for the breaches and fully complied with NZ RegCo’s investigation.
MCK has been ordered to pay a financial penalty of $50,000 in respect of these breaches, and
to meet the NZ RegCo’s and the Tribunal’s costs in connection with the matter.
In its determination, the Tribunal acknowledged that MCK was well-intentioned when including
only Independent Directors on its Audit Committee, thereby reducing it to two members rather
than three as required under Rule 2.13.2(b). MCK notes that this breach was historical in nature
(occurring over three years ago) and had been identified and self-corrected by the company in
2020.
MCK is disappointed by the amount of the penalty, particularly given the historical nature of the
Rule 2.13.2(b) breach. MCK notes that the Tribunal found that NZRegCo had not presented
evidence that the breaches have caused actual loss.
ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
About Millennium & Copthorne Hotels New Zealand Limited
Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) is the only NZpX listed hotel owner – operator with 18 owned /
leased / franchised hotels based in New Zealand under the Millennium, Grand Millennium, M Social, Copthorne and Kingsgate
brands. As part of the Millennium & Copthorne Hotels group, we are proud to be part of a global network of over 120 properties in
gateway cities across Asia, Europe, North America, the Middle East and New Zealand. MCK is also the majority shareholder in
land developer CDL Investments New Zealand Limited (NZX:CDI) and also has property interests in Australia through its Kingsgate
Group subsidiaries.
For more information, visit our website:
www.millenniumhotels.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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