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JRSelvedge

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05/11/20

20:04

Post #: 48672287
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Originally posted by tdog1865: ↑

Guys I have seen the posts re Australian super and having a fin services compliance background can safely say there is nothing wrong with AS investing in companies as part of their business of maximising returns for members However

The corporations act states directors must complete their fiduciary duty of due diligence and highlight potential conflicts of interest

AS had altura in their member direct fund and once a loss becomes apparent any member has the right to make a regulated complaint for loss to AS and then have the right to take this to AFCA (EDR)once AS reject their claim through their IDR service

the interesting piece here would be if AFCA who will liaise with and inform ASIC then ask why AS indirectly contributed to the loss by investing in PLS when they have members that would be directly impacted hence conflict of interest that needed to be raised at board level for discussion and sign off

the other question then will be asic requesting sight of any due diligence given by the board of AS given a potential conflict of interest has taken place and loss occurred for AS member direct investors

If the board of AS has not completed this then a breach of the corps act has taken place which gives way to potential Redress for investors disadvantaged and wider litigation Claims

so my thoughts are if you have a member direct fund with AS and had AJM shares then you have a right to make a internal dispute resolution complaint and have the right to take this to external dispute resolution if rejected

I hope this helps clarify

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But, don’t you think Aus Super would have already got it’s legal team involved to ensure compliance before making the “proposal”?

We don’t know all the details obviously - but I just don’t see them leaving anything to chance given the circumstances.

Cheers

DYOR IMO

AJM Price at posting: 7.0¢ Sentiment: None Disclosure: Held
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[email protected], page-80

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