DISCLOSURE OF INFORMATION – AUSTRALIA

Medibank must release hack reports

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Original article by Angelica Snowden
The Australian – Page: 17 : 8-Apr-25

The Federal Court has ruled that Medibank’s customers should be given access to cyber-security reports that were prepared by Deloitte in the wake of the health insurer’s data breach in October 2022. Medibank had contended that the reports were subject to legal professional privilege. Justice Helen Rofe noted that Medibank had consistently stated that it would share the results of the external review, although she concluded that chairman Mike Wilkins had in fact never intended to do so. Customers who were affected by the cyber-attack are pursuing a class action against Medibank.

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, FEDERAL COURT OF AUSTRALIA, DELOITTE TOUCHE TOHMATSU LIMITED

Juukan payments stay secret

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Original article by Peter Ker
The Australian Financial Review – Page: 3 : 1-Apr-25

The Juukan Gorge Legacy Foundation has been given permission by the Australian Charities & Not-For-Profits Commission to redact most of the information from its annual accounts. The Foundation was established by Rio Tinto and the Puutu Kunti Kurrama and Pinikura people in 2023 as part of an agreement to remedy the iron ore miner’s destruction of Indigenous heritage at Juukan Gorge in 2020, with the Foundation receiving a multimillion-dollar payment from Rio each year. Confirming that the Australian Charities and Not-For-Profits Commission had given it permission to redact its accounts, a Foundation spokesman said it was done to "avoid pricing heritage destruction".

CORPORATES
JUUKAN GORGE LEGACY FOUNDATION, AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION, RIO TINTO LIMITED – ASX RIO

MinRes forced to defend disclosure standards

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Original article by Brad Thompson
The Australian – Page: Online : 25-Feb-25

Mineral Resources has been issued with a number of questions by the ASX in relation to its half-year results, which it released last week. Mineral Resources announced it had recorded a loss of $807 million, compared to a net profit after tax of $530 million for the previous corresponding period, and the ASX queried whether the market had been fully informed ahead of the release of its results. It is not the first time that Mineral Resources has been called on to defend its disclosure standards, as it deals with the fallout from various scandals involving MD Chris Ellison that include tax evasion.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, ASX LIMITED – ASX ASX

ASX diversity guidelines face axe as new proposal emerges

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Original article by Perry Williams, Janet Albrechtsen
The Australian – Page: 13 & 19 : 19-Feb-25

Tanarra Capital founder John Wylie says the ASX Corporate Governance Council should abandon a proposal to require directors of listed companies to disclose personal information such as their sexual orientation and religious ­beliefs. He says it is a gross invasion of people’s personal privacy to have to disclose their sexual identity in order to be eligible for a board position. A number of corporate directors have released a joint statement backing Wylie’s stance. Wylie has proposed his own reforms, which include requiring directors of listed companies to stand for re-election annually rather than every three years.

CORPORATES
TANARRA CAPITAL PTY LTD, AUSTRALIAN SECURITIES EXCHANGE. CORPORATE GOVERNANCE COUNCIL

Dark money totalling $67.2m flowed to Labor, Coalition and Greens in 2023-24

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Original article by Dan Jervis-Bardy, Sarah Basford Canales
The Guardian Australia – Page: Online : 4-Feb-25

Data from the Australian Electoral Commission shows that Labor, the Coalition and the Greens declared a total of $156m in political donations for the last financial year. Labor and its state branches received $67.5m worth of political donations in 2023-24; the Coalition received $72.2m and the Greens received $17.1m. However, the four major political parties did not declare the source of a combined $67.2m worth of donations. These financial contributions were below the disclosure threshold of $16,300 which the federal government wants to reduce this to just $1,000. Rob Keldoulis was the biggest individual political donor in 2023-24, contributing $1.1m to the Climate 200 organisation personally and via his private investment company.

CORPORATES
AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, CLIMATE 200 PTY LTD

ANZ had early warning of probe

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Original article by David Ross
The Australian – Page: 13 & 19 : 27-Nov-24

The ANZ Bank is continuing to attract scrutiny over its role in a $14 billion government bond placement in April 2023. The bank formally informed shareholders in mid-May 2024 that it is being investigated by the Australian Securities & Investments Commission with regard to the bond placement. ASIC had served ANZ with a formal notice of investigation in February, but sources have indicated that the bank’s senior management had been aware of the regulator’s interest in the bond deal in August 2023, when it requested access to documents concerning ANZ’s role in the transaction.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

MinRes admits it failed to disclose related-party transactions

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Original article by Mark Wembridge
The Australian Financial Review – Page: Online : 13-Nov-24

Iron ore and lithium producer Mineral Resources has conceded that transactions involving a British Virgin Islands-registered company should have been disclosed to investors at least two years ago. MinRes has acknowledged that the deals with Far East Equipment Holdings were related-party transactions and therefore should have been disclosed before June 2022. The deal for Far East to sell mining equipment to MinRes at inflated prices was part of a tax evasion scheme that has embroiled MD Chris Ellison. The contracts with Far East were made prior to MinRes listing on the sharemarket in 2006.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, FAR EAST EQUIPMENT HOLDINGS

‘Wilful blindness’: Big fines for tech giants that ignore abuse material

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Original article by Angus Thompson
The Age – Page: Online : 24-Jul-24

Technology companies are currently required to report to the federal government on steps they are taking to minimise harmful content on their platforms. However, eSafety commissioner Julie Inman Grant says her office will further crack down on companies such as Google and Meta to ensure compliance. Amongst other things, they will be required to report their progress on combating child exploitation and sex abuse material on their platforms, with such reports to be submitted every six months for the next two years. The first reports must be submitted by 15 February, and they can incur a fine of up to $782,500 for each day they fail to comply.

CORPORATES
AUSTRALIA. OFFICE OF THE ESAFETY COMMISSIONER, META PLATFORMS INCORPORATED, GOOGLE INCORPORATED

Climate plans of Australian companies would be exempt from private litigation for three years under proposal

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Original article by Adam Morton
The Guardian Australia – Page: Online : 16-Jul-24

Legislation currently before the Senate aims to expand the amount of information that companies provide about the risk the climate crisis poses to their business and what they intend to do about it. The legislation provides a grace period of three years in terms of certain statements by companies, directors and auditors being subject to legal challenge, unless the company is being accused of criminal behaviour or is the target of action by the Australian Securities and Investments Commission. Although the legislation has been praised for targeting corporate climate responsibility, concerns have been expressed that the exemption will allow polluting companies to avoid public scrutiny for longer

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

More staff come forward in Super Retail legal case

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Original article by Carrie LaFrenz, Ayesha de Kretser
The Australian Financial Review – Page: 15 : 30-Apr-24

Harmers Workplace Lawyers has confirmed that it is acting for four female employees at Super Retail Group who are seeking compensation over alleged governance breaches, including an undisclosed relationship between CEO Anthony Heraghty and its former head of HR, Jane Kelly. Harmers has stated that more staff have come forward to join the action after Super Retail Group disclosed the relationship in an announcement on Friday, with the company stating that it expected two employees to bring a claim for between $30 million and $50 million alleging governance failures, including the non-disclosure of the romance between Heraghty and Kelly.

CORPORATES
SUPER RETAIL GROUP LIMITED – ASX SUL, HARMERS WORKPLACE LAWYERS