This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead - all in two minutes or less.
In this Edition, we consider ASIC’s enforcement update for the second half of 2020, the Australian Shareholders’ Association’s focus areas, a Federal Court ruling on a director’s right to privileged company information and consultation on offshore petroleum legislative amendments. We also consider the impact of the Labour Force data on the stock market.
GOVERNANCE & REGULATION
ASIC publishes enforcement update for the H2 2020. Enforcement Update
The Australian Shareholders’ Association announces focus areas. ASA media release
LEGAL
A director’s right (or lack of) to access privileged company information. Hammond v Quayeyeware Pty Ltd [2021] FCA 293
Consultation on proposed amendments to the OPGGSA 2006. DISER OPGGSA 2006 Offshore Petroleum and Greenhouse Gas Storage Amendment (Titles Administration and Other Measures) Bill 2021 exposure draft consultation page
OVER THE HORIZON
A revived labour market and stock market. Last week, the Australian Bureau of Statistics reported the national economy had created over 70,000 new jobs in March 2021 alone. This has resulted in a decrease in the monthly unemployment rate to 5.6% (which is also an improvement on the rate’s forecasts). With this good news seems to be positive investor sentiment, with the Australian stock market extending its 50% rise since March 2020, notwishtanding the looming end of the JobKeeper wage subsidy. Australia’s pandemic response and low rates of community transmission continue to be the envy of the world.