I agree with your comments but one point must be taken into account. Shareholders rely on and trust the company announcements. ASX and ASIC are responsible and must make sure that companies do not give empty and sometimes misleading information and promises.
I do not agree with the slogan "Locke it or lose it" which you see in some public parking areas. An organisation that places that sort slogan, in fact admits on its failure on imposing the law of the land.
Majority of Shareholders are not market experts and they rely and trust company announcements alone. Announcements like " the company is on the road of developing a drug for XX disease", or "we are going to produce food products for the global
market" attract ordinary people to invest in the company. If the company in question couldn't deliver those promises then BOD have mislead the shareholders and public and must be accountable.
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