The Wage Subsidy is based on the hours worked in the business;
20 hours or more, or less than 20 hours.
It would be hard to prove a shareholder who does the books would work more than 20 hours a week. Being a Shareholder does not mean you can automatically apply either, you must work in the business to be eligible to claim the Wage Subsidy.
The Wage Subsidy obligations are in the declaration you agreed to when you applied. You can find these obligations in the following link: https://www.workandincome.govt.nz/covid-19/wage-subsidy/making-payments.html#null
On 6 April 2020 the Ministry of Social Development (MSD) released details of the employers that have claimed the subsidy and how much they claimed. MSD and the Government made it clear from the beginning they will be doing audits on the Wage Subsidy; they have already started this process and investigations have begun.
If you have incorrectly applied for the subsidy, you no longer meet the eligibility criteria or you provided false or misleading information in your application you will be required to repay a portion or all of the subsidy.
Be prepared to be audited and be prepared to repay it if you no longer meet the requirements.