Horse of the Year shareholders are not worried by the dwindling number of board members saying the situation will "come right".
Currently HOY (Hawke's Bay) has four sitting board members, one less than its constitution stipulates, with one other signalling their intent to resign at the end of this financial year - leaving the company with a total of three.
"The number of directors shall not at any time be fewer than five nor more than eight," the constitution reads.
So we are just in between years really and it will work out.
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Board chairwoman Cynthia Bowers said she had written to all the shareholders - Hastings District Council, Equestrian Sports New Zealand and Showjumping Hawke's Bay - advising them HOY was in breach of the above clause.
However, she had yet to hear back from them in relation to this matter.
She said the HOY board had advertised for new board members through various channels, but that given the situation with the $170,000 loss and the subsequent independent review initiated by the council, none would be appointed at present.
"Part of the review is a governance review so it would be shortsighted of us I think to rush and appoint new directors prior to hearing the outcome," she said.
Hastings Mayor Lawrence Yule said the council had been advised HOY was looking for two new board members.
"I think we have just got to wait until that report has been done by the independent reviewer and then work out where we go from there," he said.
"It is a temporary thing at the moment. I don't actually think it actually has any major materiality and I am just waiting for the review to be completed."
Showjumping HB chairman John Pearce said he was happy with the board situation at present.
"I am quite comfortable with that and I have advised our executive or our committee of that situation it is not really an issue I don't think," he said.
He said there had not been any HOY board meetings where there has not been a minimum number of required board members and he suspected that the numbers would be righted before the next meeting.
"So we are just in between years really and it will work out. [We have] no issue at all with the situation, it will come right."