changing spot here, shifting spot there,

Part of metamorphosis, but lessons not learned
Drag on, ASIC.
======================================================
Nod as good as a wink to a blind ASIC interviewer

Date July 13, 2013 Elizabeth Knight Business columnist

A nervous eye twitch, a loosening of the collar, shifting in one's chair - it's the body language of dishonesty or evasiveness. The science of detecting misinformation or recognising omission can be lucrative.

The Fox network anchored a successful television series around the character of psychologist Cal Lightman, whose clients are typically government agencies who analyse mannerisms to detect emotions such as fear, anger, joy and, of course, dishonesty. //
On the other side of the coin, the investor relations professionals and public relations practitioners who manage corporate communications are growing disciplines whose services are increasingly relied on. Presenting and managing the message is a large part of the corporate game.

This explains why the allegations around selective leaks by gold company Newcrest a few weeks ago has gained import and momentum.

The investor relations industry is paranoid about the image it projects and even more nervous that the backlash could involve the prohibition of individual briefings with investors or analysts. //

Newcrest briefed investment banking analysts in the week leading up to a general ASX announcement on a profit and production downgrade. This hamfisted attempt at massaging market expectations was at the extreme end of poor communications management and prompted one investor (who was tipped off by an investment bank) to complain to the company. A copy of the fund manager's email was published in the Financial Review.

The tip-off was so explicit it's worth repeating. The email recommended that Mr (Prasad) Patkar ''stay short'' on Newcrest on the basis that the banking contact's colleague had "met with mgmt [management] to gain siting [sic] on potential FY2014 production outlook. Bottom line: FY2014 production downgrades".

Also detailed was the fact that production in 2014 was likely to be about 2.25 million ounces of gold, instead of the 2.6 million ounces the market had been expecting, and net profit would fall by 15-20 per cent.

How much more smoke does the regulator need to see from that gun?

Apparently this is still not enough, which means the Australian Securities and Investments Commission doing something about less overt and more routine hosing down of profit expectations for it be a bridge too far.

Instead ASIC has decided to undertake spot checks on analyst meetings, at which clearly none of the participants will be inclined to stay close to the line. Apparently ASIC already sits in on some broader briefings, so its announcement this week seems all the more tepid. The regulator is also said to be undertaking an investigation but experts don't hold out much hope this will come to anything.

Read more: http://www.smh.com.au/business/nod-as-good-as-a-wink-to-a-blind-asic-interviewer-20130712-2pvjd.html#ixzz2YwAXkPzY