Air New Zealand censured and ordered to pay $40,000 for NZX rules breach

Cash-strapped Air NeZ must pay NZ$40,000 for a "serious" breach of NZX rules covering the disclosure of material information. The NZ Markets Disciplinary Tribunal has found the airline earlier this year didn't release market-sensitive information when it became aware of it and making information public before informing the NZX. In its ruling the tribunal details information released about the impact of Covid-19 on the airline leading up to the afternoon of June 5 when Air NZ chief executive Greg Foran told staff, Airpoints members and "selected media" about a three-phase plan for the next 800 days. The three phases were labelled Survive, Revive, and Thrive. A key facet of the Survive phase was Air New Zealand's plans to further reduce its labour costs. This release was not announced via NZX's market announcement platform (MAP). Instead, it was released sequentially to staff, to selected media, and to New Zealand-based Airpoints members between 12.46pm and 3.26pm on the afternoon of 5 June. Story has details.<br/>