OK, so how many times do we hear people screaming ASIC/ASX should investigate? Does ASIC have enough people to fully monitor all these companies and even understand their businesses (Not talking about OGC)? What happens to ASIC if it doesn't investigate a possible breach? What happens to anyone at ASIC? Frankly I don't think there are to many consequences. IMO the system is not functioning well and perhaps its no ones fault, its just the way this system functions.
I think there is easy fix to it. Why not make the Auditor responsible for investigating any breaches at companies expense? They know the business. They could then report results of any investigation to ASIC for further follow up. If there were simple penalty unit fines for Directors and companies and also a point system like in car licences than perhaps we would be having a better system? We as shareholders could see how many points the company has and see how well it is govern. I am sure most directors would try to keep clean slate for obvious reasons.
Of course ASIC could still independently launch and investigation in which case the auditor would just move aside.
This is only in my opinion, not offered or to be taken as financial advice, do your own research.
OGC Price at posting:
$4.08 Sentiment: None Disclosure: Held
