“The contravention arose out of the conduct of the most senior management within Dover, being Mr McMaster.” While not satisfied that McMaster was consciously aware the client protection policy contained a false or misleading statement, Justice O’Bryan observed that he had been aware of all the relevant facts making it so and that “McMaster’s behaviour following the institution of these proceedings indicates that he has only a limited appreciation of the seriousness of the contravening conduct and little if any contrition for the wrongdoing”. Danielle Press, Australian Securities and Investments Commission (ASIC) commissioner, said the purpose of Dover’s client protection policy was to exclude or limit Dover’s liability to clients to its own financial benefit.