NZ Automotive Investments' (NZAI) executive director and largest shareholder, David Sena, has hit back at concerns raised by the regulator regarding the nomination of independent directors to the board.
NZ Automotive Investments owns the nation-wide chain 2 Cheap Cars. Photo: Google Maps
"I firmly believe the principles of good governance and significantly improved, cost-effective management of the company are essential if NZAI is to regain its footing in the market," Sena said.
In a market statement, NZ RegCo indicated it was not satisfied nominated directors Gordon Shaw and Michael Stiassny would qualify as independent and was requesting additional information from Sena.
"As the largest shareholder I am uniquely placed to ensure the right people who can develop strategy and drive change are identified and I make no apology for that," Sena said.
"I am confident that Gordon Shaw and Michael Stiassny qualify as independent directors and that this will be borne out by the NZAI's board assessment due to be provided to NZ RegCo today."