Inquiry into Treasury Laws Amendment Bill

As mentioned earlier, the share market disclosure laws will be permanently changed after the Federal Government’s share market disclosure reforms were passed by the Parliament on Monday 9 August.

As a result, companies and directors will be liable for continuous disclosure law breaches only where they have acted with ‘knowledge, recklessness or negligence’ in market sensitive updates. In the past, lawsuits only needed to prove companies and their officers failed to disclose information to the market, regardless of intention. The Government has flagged that dealing with proxy advisers would be the next issue they would like members of the G100 to consider, more details will follow in coming weeks