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The government has announced proposals to introduce a ‘proper purpose’ test regarding access to companies’ share registers. CSA welcomes the news as we have campaigned on reform in this area for many years... more
ASIC will appeal against the decision of the Federal Court in the Fortescue Metals case. It considers that Gilmour J’s judgment raises issues about continuous disclosure that need to be clarified... more
The government has announced that ASIC’s information gathering powers are to be strengthened and penalties for market misconduct increased. Exposure draft legislation is to be released later this year... more
The ASX has issued an information paper on the Australian and overseas experience with capital raisings during the global financial crisis. In the main, the flexibility afforded by arrangements in Australia functioned very well and allowed companies to source funding when it was required... more
The government has announced its intention to introduce legislation to reverse the affect of the decision in the Sons of Gwalia case which resulted, in some instances of a corporate winding up, in shareholders' claims being ranked equally with creditors' claims... more
The Productivity Commission’s final report on executive remuneration has been released. Its draft recommendation to require a spill of a company’s entire board if there is a 25 per cent no vote against the remuneration report two years in a row has been supplemented with a proviso for the majority of shareholders voting to favour a spill... more