Wisetech looks to bolster audit & risk board committee
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The news: WiseTech Global expects to appoint at least one independent director in the next four weeks to enable its Audit & Risk board committee to be compliant with ASX listing rules.
The numbers: The technology company’s Audit & Risk committee is currently comprised of only two members after four independent directors including the chairman resigned last month. over White’s continued involvement. ASX listing rule 12.7 requires a minimum of three non-executive directors on the panel.
Wisetech shares were up 1.2% to $91.11 in early trading.
The context: Wisetech said its Audit & Risk committee did satisfy ASX listing rules at the time the half-year results were approved, but do not currently comply with the rules. The company said it intends to appoint additional independent directors as soon as practicable and at least one appointment will occur within four weeks.
Meanwhile, the current audit committee, which comprises interim Chair Charles Gibbon and director Mike Gregg, will meet in the next week to receive a briefing from the auditor, the interim CEO and the interim CFO, the company said.
Four of WiseTech’s six-person board resigned late last month over White’s continued involvement with the business after former employee Caroline Heidemann filed legal action against founder Richard White, his wife Zena Nasser and RealWise Management, even as WiseTech confirmed it had received two new confidential complaints relating to White. The company's board cleared him of inappropriate conduct late last year.
The source: ASX
