Submission to Treasury on Access to Share Registers and the Regulation of USO Options Paper
- Date:23 Jul 2009
- Type:Policy & Advocacy: Submission
Currently companies are unable to refuse access to share registers where the directors of the company believe the information will be misused. A ‘proper purpose’ test would fairly balance the need to facilitate corporate governance and commercial dealings on the one hand and the protection of shareholders on the other. AICD supports the introduction of a proper purpose test in relation to requests for access to share registers and amending the legislation to align the fee payable for a copy of a company register with the market cost.
AICD also supports the introduction of consumer protection mechanisms such as cooling off periods, consumer warning statements/flyers, compulsory disclosure requirements or the introduction of prescribed forms for unsolicited off-market offers to better protect shareholders who fail to understand the terms of or risks associated with unsolicited offers.
Submission to Treasury on access to share registers and the regulation of USO options paper