AICD urges caution of ASX study
Peak body the Australian Institute of Company Directors (AICD) has urged investors to “keep in perspective” the results of an investigation by the ASX into company trading during blackout periods.
The study uncovered 795 trading breaches by company directors in the three months to March 30 this year, with 70 referred to ASIC for investigation.
AICD chairman John Story said the institute is concerned that investor confidence in directors and the market is being undermined without due cause, as late disclosure and trading in blackout periods has been mistakenly confused as evidence of actual insider trading.
While welcoming the “need [for regulators] to be vigilant and act forcefully when they have evidence that inappropriate trading activity is occurring, he said “some interest groups have sought to discredit directors by drawing conclusions without complete consideration of the regulatory framework governing share trading practices and the fiduciary duties of directors”.
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