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Last modified on Wed 17 Feb 2021 00.56 EST
The federal treasurer’s plan to permanently water down laws supposed to ensure companies keep shareholders properly informed could scare off investment needed to recover from the coronavirus recession, investors say.
The Australian Council of Superannuation Investors, which represents 39 large local and international pension funds, on Wednesday dismissed Josh Frydenberg’s claim the law needed to be weakened to combat class action litigation.
Frydenberg’s bill would make it easier for directors of companies to avoid legal liability for misleading the market by requiring proof that they acted with “knowledge, recklessness or negligence” when they did so.
Treasurer Josh Frydenberg moves to permanently water down ASX continuous disclosure rules
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WedWednesday 17
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ThuThursday 18
Federal Treasurer Josh Frydenberg was quizzed about the changes at a Parliament House press conference.
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Much of the news you see reported in the financial press comes from company announcements to the stock exchange.
Key points:
The government will move legislation to permanently relax disclosure obligations on ASX-listed companies and their directors
Experts say the changes will make it harder to run shareholder class actions and may lead to an increase in insider trading
Labor says it will try and convince Senate cross-benchers to join it in opposing the change
Perich family to support Freedom Foods recap after Oaktree talks end
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The Perich familyâs pledge to invest up to $200 million in troubled Freedom Foods after recapitalisation negotiations with a hedge fund fizzled did little to quell investor concerns at an uneasy annual meeting for the troubled milk and plant-based foods manufacturer.
Tony Perichâs family vehicle Arrovest will invest up to $200 million in the recapitalistion.Â
Jacky Ghossein
Ahead of the meeting,
AFR Weekend revealed Oaktree Capital was no longer in discussions with the group, which has been suspended since last year after the departure of its chief executive and chief financial officer and revelations it had miscounted its cereals and UHT stock and misallocated expenses, forcing write-downs of $591.5 million. An extensive accounting report has also raised the prospect of fraud.