question..is hedging the same as margin loans, page-4

Sorry to labour on about this reporting/disclosure re Directors shareholdings.

Taken from the US case and SEC rules found on the link I gave..
"Rule 13d-3(a). That provision defines beneficial ownership to include a party’s power to control either the voting or disposition of the securities in question. The opinion concedes that the long party in a cash-settled TRS does not have the legal power to control either of those attributes, but Judge Kaplan cited various SEC pronouncements for the proposition that the word “control” in context should be read with an “influence” component. It is in this respect that the opinion departs most significantly from the views expressed by the SEC staff."

I know our rules maybe different ...and we should have global rules imo...
Anyway

The ASX require directors to make disclosure re buying and selling...very simple and inadaquate disclosure imo,
if Directors can hedge/margin/insure/option??? shares might this involve the loss of "control/influence" ie ownership over those shares.

A better requirement would be to ask for disclosure on the shares that they own/control because they appear to
DISOWN ie lose control of
shares when hedging etc.

The issue of ownership..beneficial? etc has caused much confusion for many investors in Australia and should be clarified,imo.

Directors might buy shares but not be the 'owner' if they then margin /hedge them...is that correct?

The issue is highlighted in MFS case as the halt to trade was complicated by the number of Directors shares due to receive margin calls.