Nahh, wouldn't be used like that. Its a catch all rule in case one of the other rules were poorly written or could be argued on a technicality.
Its not the ASX's job to determine competence. Just compliance with the rules.
Its the job of investors to determine the competence of management and rate their decisions, actions and / or inaction's. Shareholders have a range of actions which they can take to deal with incompetent management but in reality most take the easy path an vote with their feet. Poor management stay on because its easier for investors to sell out than fight the battle to make the company better. Management have benefited from this fact for many years.
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