EROAD says it no longer employs a person convicted of insider trading this week.
Chief executive Steven Newman says the person, who was an employee at the time he was charged with offences following an FMA investigation, no longer works for the company.
The employee was not a senior employee in EROAD’s business as has been reported by some media outlets.
Newman says that the company had carried out a disciplinary employment process resulting from information brought to light by the FMA charges, but that this was a private matter.
“We’re disappointed this has occurred, and have fully supported the FMA as well as applying our employment standards on the conduct and values expected at our firm,” he says.
EROAD’s conduct was not part of the FMA’s investigation. Both the FMA and the Court commented on the strength of EROAD’s internal controls in protecting material information.
The FMA also directed the Court’s attention to the diverse and extensive internal training offered to all staff before, and since, EROAD’s listing on the NZX.
In evidence, the FMA drew extensively on the training and materials EROAD provided employees emphasising the importance of protecting content information and the consequences of insider trading.
“We’re pleased the Court, and the FMA have recognised EROAD’s commitment to safeguarding the integrity of New Zealand’s financial markets. We continue to offer all staff extensive compulsory training on the importance of complying with the law when trading in EROAD securities”, says Newman.
