Shipley, Gomm and Tilby owe $6m each of the $36m total. Richard Yan has to pay the rest because he was responsible for influencing the other directors.
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It seems that insurance may not cover the full $36m.
https://www.nzherald.co.nz/business/...ectid=12207440
I would view ex politicians who become company directors in the same light as ex all blacks who give financial advice. Avoid
In so far what Jenny Shipley personal liability may be if directors insurance does not cover the full $6miilion I would note that starting from 2009 when she was appointed Chairman of Genesis was paid, according to the annual report $69000. Last year, according to the Annual, report ahe was paid $177000. As a board member of China Construction Bank she was also remunerated but it was was in denominated in Renimbi. I dont know what her renumeration was for Mainzeal.Former NZ Prime Minister also apparently are paid a life long entitlement
Jenny Shipley was on the board of Richina Pacific when it effectively disenfranchised minority shareholders by delisting in New Zealand. The register was moved to Bermuda.
As a shareholder, how do you extract your money from Bermuda ?
What were Shipley (and the NZ Stock Exchange) thinking when they approved such a move ?
She is not unintelligent so draw your own conclusions ...
As for Richard Yan, whom I have reported before was sponsored out of China by Rotary as a boy, given accommodation and support by well-meaning NZ families, and assisted all the way through his education years including at Harvard in the United States.
I will also leave you to draw your own conclusions from his story.
With regard to Insurance, why should the directors be protected if they were found to have traded "recklessly" ?
I believe that this was one of the terms used by the judge.
If I was in the insurance company's boots I would NOT be protecting them. Trading recklessly clearly falls outside the gambit of "reasonable" behaviour.