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No bonus for former PGC managing director

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.