We welcome the Treasurer’s decision to grant company directors relief from their continuous disclosure obligations, meaning they can keep markets well informed and focus on keeping their businesses open and Australians employed, Business Council chief executive Jennifer Westacott said.
“These changes will make it harder to bring opportunistic class actions against employers during the COVID-19 pandemic while keeping the market informed and functioning effectively.
“This gives company directors the space they need to more confidently provide guidance to the market during this uncertain period.
“Left unchecked this issue would have hampered business confidence and performance which would have adversely impacted on the broader community at a time when business needs certainty to power the recovery, rehire workers and create more jobs.
“As a community our priority must be on keeping Australians in work and laying the groundwork to create new jobs, this announcement will help businesses do that.
“Our recovery must be jobs focussed and that means every resource businesses have should be focussed on getting Australian’s safely back to work and creating new opportunities.
“We congratulate the Treasurer for acting to help protect Australians from the uncertainty caused by the COVID-19 pandemic.”