Another concern to shareholders from COVID, it is being used by the Institute of Directors to further shirk responsibilities to retail investors.
Ben ButlerMon 25 May 2020 A surprise move by treasurer Josh Frydenberg to make shareholder class actions harder has been slammed by lawyers as cronyism that gives company directors the green light to hide bad information from investors
“If bad directors take advantage of this change to lie to shareholders and people whose savings are in superannuation, the treasurer will share responsibility,” Jacob Varghese, the chief executive of law firm Maurice Blackburn, told Guardian Australia.
Ben Phi, the managing director of class action firm Phi Finney McDonald, said the move was “completely to be expected from a government with a strong and improving track record of cronyism
