The Morrison Government is trying to use the cover of COVID to water down the obligations on companies and company directors to provide accurate and timely information to shareholders. A thread. 1/6
https://twitter.com/lawyerlymedia/status/1410384227284123648
The Senate Economics Committee has found that the Morrison Government’s proposal to water down Australia’s world-leading continuous disclosure laws is a “solution in search of a problem” and based on dodgy “evidence”. The Committee is spot on. 2/6 
As the Committee notes, Mr Morrison wants to make it harder for shareholders to hold company directors accountable for withholding price sensitive information from the market: “That is not some unintended consequence - that is the government's explicit policy objective". 3/6
The Committee concluded that the proposed changes would have a “disproportionate and negative impact" on retail investors, including self-funded retirees, mum and dad investors and the growing number of younger Australians who are participating in the share market. 4/6
The full report can be read here. aph.gov.au/Parliamentary_… 5/6
Scott Morrison is not on your side. He thought he could push these new laws through the Parliament under the cover of COVID without anyone noticing, but he was wrong. Labor will fight to stop this “foolish and dangerous” proposal from passing the Senate. 6/6
• • •
Missing some Tweet in this thread? You can try to
force a refresh
