Australia: What happened in 2020 and significant events in 2021
ASIC updates fees and costs disclosure regime: In September, ASIC released revised fee and cost disclosure requirements for superannuation and managed investment scheme product disclosure statements and periodic statements.
Company 'officer', even without the official title: In June, the High Court's consideration of the meaning and scope of the term 'officer', as defined in s9 of the Corporations Act 2001 (Cth), contains important (non-binding) observations on how the term may catch bankers and other third parties.
Executive remuneration practices: In June 2020, ASIC issued practical guidance for boards on oversight and discretion in relation to variable executive remuneration practices.
Offshore oil and gas decommissioning inquiry: Proposed changes to the framework for decommissioning infrastructure in Commonwealth offshore waters should be released in late 2020.
Rights issues and compulsory acquisition rights: In April, the Takeovers Panel released reasons for its decision in Strategic Minerals Corporation NL 06, reaffirming that a company should carefully consider any proposed rights issue if that issue is likely to lead to a compulsory acquisition of the company's shares.
Report on directors' liability: The Australian Institute of Company Directors asked Allens to prepare a comparative report on director criminal and civil liability in Australia and other key jurisdictions. It concludes that the frameworks are similar in imposing direct, accessorial and deemed liability, but there are also some key differences.