6 months after ASIC’s successful High Court appeal the NSW Court of Appeal has imposed penalties against the former company secretary and former non-executive directors and general counsel. ASIC Chairman Greg Medcraft said the matter reinforced the importance of companies providing the market with correct and accurate information. ‘Directors must engage with the most important announcements,’ he said. The recent decision is an important reminder to all directors of the importance of director’s duties and there engagement with disclosure.
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