Co-founder defends director picks
The major shareholder of NZ Automotive Investments (NZAI) has defended his choice of nominations to become directors on the company’s board following concerns being raised by the stock exchange regulator.
David Sena, who co-founded the parent company of 2 Cheap Cars with Eugene Williams in 2011, issued a statement on August 8 ahead of a deadline to provide NZ RegCo with assurances NZAI was complying with corporate governance guidelines under NZX listing rules.
The market watchdog has questioned the forthcoming appointment of Gordon Shaw and Michael Stiassny as independent directors of NZAI’s board to fill vacancies left following the mass resignation of four board members in July.
Sena, pictured, says he is confident Shaw and Stiassny will qualify as independent directors and expects this will be backed up by the NZAI’s board assessment, which was due to be provided to NZ RegCo by close of business on August 8.
“I firmly believe the principles of good governance and significantly improved, cost-effective management of the company are essential if NZAI is to regain its footing in the market,” explains Sena.
“This is in the best interests of all shareholders, irrespective of their holding. As the largest shareholder, I am uniquely placed to ensure the right people who can develop strategy and drive change are identified and I make no apology for that: NZAI has underperformed and this must be remedied for the benefit of all shareholders.
“I fully support the appointment of independent directors. Using advisers to ensure full transparency, I have worked hard to find experienced directors with the appropriate expertise to effect the significant change required within the company.”
Shaw and Stiassny are set to join the board from August 21 before retiring and standing for election at the company’s annual shareholders’ meeting on August 25.
