Shares of listed property developer Winton Land have been suspended by NZX's market regulator after the company fell short of the exchange's governance requirements.NZ RegCo said Winton no longer met the minimum requirements for the number of independent directors on its board, and for the make-up of its audit committee.The suspension follows last week's resignations of chairman Steven Joyce and independent director Guy Fergusson, who said they had a "fundamental misalignment of expectations" with the company's majority shareholder over corporate governance.Fergusson also chaired Winton's audit and financial risk committee. His departure leaves Winton with only one independent director, Glen Tupuhiri.A third director, Julian Cook, announced his resignation on Friday. James Kemp, who represents 22 percent shareholder Macquarie, resigned as chair of the remuneration committee but remains on the board.Chris Meehan resigned as chief executive and chair of Winton Land in July.Supplied / Winton CapitalThe company also said its long-serving chief financial officer, Jean McMahon, had resigned last week.Winton's shares had fallen 6 percent before being suspended and are nearly 24 percent lower over the past week.Winton develops and sells residential land, house-and-land packages, townhouses and apartments, and also has retirement village and commercial property interests. Its projects include large master-planned communities in New Zealand and Australia.The company's last traded price before the suspension was $1.05, giving it a market value of about $311 million. Its shares are down about 49 percent over the past year.Winton paid its most recent dividend, an interim dividend of 0.55 cents a share, in March 2024, and has not paid one since.For the year ended June, Winton reported revenue of $188.8 million, EBITDA of $45.6 million and net profit after tax of $22.7 million.Winton is majority-owned by interests associated with founder Chris Meehan, who stepped aside as chair and chief executive in July and was replaced by Joyce.The former politician lasted barely seven weeks in the role.With Joyce and Fergusson finishing today, Winton's sole independent director is Tupuhiri. The other directors are Chris Meehan, Michaela Meehan and James Kemp.