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- Release Date: 25/07/13 11:27
- Summary: GENERAL: PGC: Employment Relations Authority Disallows Bonus
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PGC
25/07/2013 09:27
GENERAL
REL: 0927 HRS Pyne Gould Corporation Limited
GENERAL: PGC: Employment Relations Authority Disallows Bonus
NZX ANNOUNCEMENT - FOR IMMEDIATE RELEASE
25 July2013
Employment Relations Authority Disallows Bonus
The Employment Relations Authority (ERA) has ruled that former Pyne Gould
Corporation ("PGC") financial controller James West was not entitled to a
bonus of $140,000.
The ruling follows a claim lodged by the former executive against PGC. The
bonus was paid on March 29th 2012 but then recovered by PGC due to its
concerns that payment had not been properly authorised. The bonus was
disallowed by the ERA.
PGC chairman Bryan Mogridge said PGC welcomes the Authority's ruling.
"We vigorously refuted the claim to this bonus payment and welcome the
Authority's clear ruling on this matter.
"This is a sad situation. PGC considers that the payment to Mr West was never
authorised by the PGC board, as it was required to be, and he then processed
the payment despite the lack of proper authorisation."
PGC has been ordered by the ERA to pay Mr West $150,000 in lost remuneration
and compensation. However, the company is now seeking costs which are in the
same order as what it is required to pay Mr West, Mr Mogridge said.
"Following the ruling that Mr West was not entitled to the bonus, coupled
with the fact that the payments PGC has been ordered to pay are less than
what was offered to Mr West as compensation, we believe we have strong
grounds for seeking costs. This case could have been resolved between the
two parties."
For media enquiry contact David Lewis +64-21-976 119
End CA:00238951 For:PGC Type:GENERAL Time:2013-07-25 09:27:06
