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Securities class action reform should be a New Year priority The Australian Institute of Company Directors (AICD) has backed calls by an influential Parliamentary Joint Committee for substantial reform to Australia’s securities class action settings. 22 December 2020 SHARE THIS The Australian Institute of Company Directors (AICD) has backed calls by an influential Parliamentary Joint Committee for substantial reform to Australia’s securities class action settings. The Committee found that shareholder class actions are ‘generally economically inefficient and not in the public interest’ with shareholders in net terms no better off. AICD Managing Director and CEO, Angus Armour, said, “Australia has become a lucrative market for litigation funders capitalising on our strict liability disclosure settings to reap major financial rewards. We welcome the Committee’s finding that reform is needed to re-balance the no-fault disclosure laws driving the outcomes.

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