20 Jan 2015

Pyne Gould 'should be suspended'

5:52 am on 20 January 2015

The Shareholders Association says Pyne Gould deserves to be suspended after the company was publicly censured and fined by the stock market's disciplinary arm for the second time in three months.

The investment concern would pay penalties and costs of nearly $52,000 for filing its annual report more than a month late.

The Shareholders Association criticised the George Kerr-controlled company over its lack of transparency and accountability at Pyne Gould's annual meeting last month.

Association chief executive John Hawkins said the latest punishment was fully deserved.

"This is just another example of the really casual attitude that Pyne Gould seems to have towards its obligations, not only to the sharemarket but to its investors.

"The penalties were actually fully deserved."

Mr Hawkins said this type of behaviour cast doubt in investors minds about the integrity of the market, and trust was essential for capital markets to work properly.

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