Disclosure changes to keep focus on jobs

Permanent changes to protect businesses and jobs from opportunistic class action lawsuits and outdated red-tape will deliver much needed certainty as we recover from the pandemic, Business Council chief executive Jennifer Westacott said.

“These are sensible changes that will let company directors focus on our biggest challenge, creating the jobs we need to fuel our economic recovery.

“Temporary changes to continuous disclosure rules were a crucial measure that helped give businesses the certainty they needed to keep functioning through the pandemic. As we recover permanent changes will be critical to building the confidence to power our recovery with new jobs. 

“Making it harder to bring opportunistic class actions against employers and keeping the market informed are not mutually exclusive.

“These permanent changes mean business will continue to have a disclosure regime that gives them the confidence to keep the market better informed, without the risk of spurious legal action if circumstances change.

“The threat of opportunistic class actions would have hampered business confidence at a time when business needs certainty to invest, expand and create new jobs.

“We also welcome the continued suspension of outdated, unnecessary red tape that makes it harder to do business, including by allowing businesses use new technology to process documents and hold AGMs online for a further 6 months.

“Businesses look forward to working with the government as these changes are implemented over the next 12 months.”