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Corona NZ used the photo, which it has since taken down, as part of a promotion on social media where it has shared images taken by an Australian on his "first NZ roadie".
Corona was quick to take the photo down after social media users slammed the brand over what appeared to a breach of Department of Conservation guidelines for keeping distance from the endangered species.
One user said the photo was "outrageous" and another said it was "reckless".
Kate Ryan said: "Way to turn an otherwise cool campaign into something really reckless and dumb Corona NZ.
"Our wildlife is unique and precious, and yes really flipping cool to observe, but this is not the way to do it."
Corona removed the photo this morning saying:
"Several people have drawn our attention to one of our photographs in this post showing a group of surfers near to an endangered yellow eyed penguin.
"The surfers in this photo stumbled across the yellow eyed penguin on the way to the beach and the unexpected moment was captured by our photographer.
"We value NZ’s unique and precious wildlife and did not intend to cause any disrespect or distress; we understand and completely accept that no-one should have been in close proximity to the penguin.
"We have removed the photograph from our social media pages and will follow up to ensure the whole team understands the importance of following appropriate protocols when interacting with our wildlife.