The corps act states that if there is a conflict of interest this has to be disclosed at the board meeting documented, with remedial actions documented if there is indeed a conflict
as ajm was in the member direct fund this would need to have been brought to the attn of the board as a conflict and documented before being instigated
when ASIC request this documentation I hope for their sake they have this in place
Also it will show the timeline of the funding arrangement
separately the trustees have a fiduciary duty under the corps act and APRA to act in the best interests of its members
again ASIC and APRA have the power to see if they have fulfilled their fiduciary obligations
conflict of interest and conflict of conduct are huge breaches
yes we will never get to see any reports but given AFCAs final letter it gives latitude for ASIC to investigate
Karen Chester Deputy chair at ASIC is also worth copying into any correspondence
watch his space
AJM Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
