Business Integrity Trust

The Trust was established in April 2002 following the out-of-court settlement of an insider trading case taken by a private consortium of Fletcher Challenge shareholders against former Fletcher Challenge chairman Kerry Hoggard.

With the confirmation of a court order, proceeds from the settlement were placed in the Trust to be used to seek legal remedies for shareholders and others wronged by business wrongdoing. Support may be in the form of financial assistance, advice or advocacy.

The Trust aims in particular to assure participants in the New Zealand securities market that potential wrongdoers cannot count on a dishonest act going unremedied because enforcement of the law has become too expensive or cumbersome, or unrewarding and therefore unlikely.