Listed company Skellerup has been fined for not having enough independent directors for almost a year.
The stock market's disciplinary tribunal has ordered the plastics and industrial couplings maker to pay a total of $25,000.
In June last year, managing director Donald Stewart stood down and independent director David Mair became acting chief executive.
That left the company with one independent voice, Liz Coutts, but Skellerup received a three month reprieve from the stock market to comply with the rules of having at least two independents.
It was not until last week that Skellerup remedied the matter, appointing Dr Ian Parton nearly a year after the initial breach.
The NZX disciplinary tribunal said the breach is very serious and the fine, at the upper end of the scale, reflects that.
It reprimanded Skellerup for not acting to remedy the situation quickly, and for not recognising the importance of having enough independent directors to represent investors' interests and ensure the integrity of the market.