Boardroom Brief: Week commencing 19 February 2024

This is a service specifically targeted at the needs of busy non-executive directors (NEDs). 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 discuss the introduction of legislation enabling consumers to make complaints to the Australian Competition and Consumer Commission (ACCC). We also examine the decision of the Takeovers Panel (Panel) decision to decline to conduct proceedings on an application from Ignite Limited (Ignite) in relation to its affairs, penalties imposed on Mazda Australia Pty Ltd (Mazda) for misleading and deceptive conduct, and a Supreme Court of Western Australia decision in relation to the receipt of adverse shareholder intention statements during schemes of arrangement. In Risk Radar, we discuss the need for corporate executive oversight in preventing and tackling harms either by its own officers or outsiders in light of the recent Australian Tax Office (ATO) TikTok fraud scheme.