Former Pyne Gould Corporation managing director John Duncan was not entitled to a two million share bonus, the Employment Relations Authority has ruled.
PGC says it welcomes the ruling.
In a statement the company says:
“Events around the bonus payment led to the departure of Mr Duncan in April 2012 following a breakdown in trust between him and the PGC board. This occurred after he and the former Financial Controller, James West, paid themselves and others $1.92 million of cash bonuses, as was referred to in the 2013 annual report.
The ERA has ruled: - Mr Duncan is not entitled to a claimed bonus of 2 million PGC shares or its cash equivalent. - There was no relevant change of control entitling him to redundancy compensation.
PGC has to pay him around $4000, comprising holiday pay interest and a small penalty of $2000.