Acclime Corporate Snapshot – June 2026.
Acclime Corporate Snapshot provides you with an overview of current corporate governance matters including regulatory changes, trends and other important issues.
To discuss how these may affect you, please contact us on infoaustralia@acclime.com
ASX discusses dilutive acquisitions feedback
ASX has released its response to feedback it has received about shareholder approval of dilutive acquisitions and changes in admission status. In an October 2025 consultation paper, ASX had focused on the issue of shares under a regulated takeover or merger; dual-listed companies changing to ASX Foreign Exempt Listing status or proposing to delist from the ASX; and changes to the nature or scale of a listed company’s activities.
45 submissions were received in response to the consultation paper, representing an array of market participants; asset managers, industry bodies, law firms, investment banks and listed entities.
ASX’s response paper summarises the feedback in those submissions, and sets out ASX’s proposed strategies in the areas listed above. The response paper also includes an exposure draft of proposed Listing Rule amendments.
Trading through fuel market disruption
Commercial law firm Allens have responded to turbulence in international supply chains by launching a specialised client hub, ‘Risk and readiness amid ongoing disruption in fuel markets’. The hub is designed to monitor emerging risks and key governance considerations as each new day brings unexpected developments out of the Middle East.
The hub collects insights into market and sector consequences, highlights items for board attention, and suggests oversight strategies to encourage clear communication with stakeholders during times of disruption.
The initiative by Allens illustrates the phase we are now in, where faraway conflict is having everyday, practical effects on businesses here in Australia, requiring a nimble and well-informed suite of responses.
ASX Inquiry Panel final report
ASIC has released the ASX Inquiry Panel’s Final Report into the Australian Securities Exchange group, a long-awaited step toward bolstering Australia’s critical infrastructure. The release comes three months after the Panel’s interim report.
The three expert Panel members were Chair Rob Whitfield, alongside Christine Holman and Guy Debelle, collectively offering substantial experience across global markets, banking, regulation, risk management and technology. The Panel found that “ASX has become disconnected from (its) important stewardship role. The cumulative effect of decisions made, and actions taken over many years has led to long-standing and deeply embedded shortcomings.”
ASX had already provided ASIC with its plan for addressing the report back in February. Now the way is clear for ASX to “deliver meaningful and enduring change,” according to their website. The specifics of that change are likely to emerge over coming months, but it is fair to say there is some work to be done.
Greenwashing cases continue to make headlines
Ashursts have reported that over the past year, ASIC and the ACCC have successfully sought civil penalties for greenwashing against major entities including investment companies, superannuation trustees and consumer product manufacturers. Those penalties have ranged from $8-15 million.
The regulators are aiming to secure more penalty orders over the remainder of the calendar year, with a focus on failures in governance and statutory compliance. A Senate inquiry report into greenwashing, due imminently at the time of writing, will further increase pressure on boards to play by the rules. Legislative reform is likely to ensue when the Senate inquiry report is released.
Ashursts’ comprehensive survey of the recent cases, and an overview of the regulatory landscape, are available here.
Legal constraints are lagging behind AI, but that doesn’t mean it is a free-for-all
Gilbert+Tobin have posted a short piece pointing out that the federal government has abandoned plans for AI-specific legal reforms, meaning the existing regulatory regime will have to suffice in a fast-changing landscape. But there is a caveat, rather wonderfully expressed as “What is clear is that ‘my robot did it’ will not be an excuse.”
A longer G+T Insight piece examines overseas trends and offers a useful perspective on directors’ and officers’ duties. And brace yourself: the “washing” suffix (commonly “greenwashing” or “sportswashing”) now has an odious new sibling, “AI-washing.”
Listed entity disclosure is more important than ever
A recent Mallesons paper discusses the Brambles, Nuix and Worley cases, all of which concern board oversight of disclosure.
The Brambles litigation was a successful shareholder class action that stretched all the way back to a financial performance guidance given by the company in 2016. Nuix was the subject of a 2020 IPO that featured contentious financial forecasts: ASIC’s action against Nuix was unsuccessful. And Worley’s marathon security-holder class action, concerning a 2013/14 profit guidance, was decided in favour of the plaintiffs on appeal.
Each judgment discusses the grave obligations imposed on boards to ensure thorough oversight of profit guidances and other forms of disclosure.
Sources of information: Allens, Ashursts, Gilbert+Tobin, Australian Securities Exchange Ltd (ASX), Australian Securities and Investments Commission (ASIC), King & Wood Mallesons, Australian Institute of Company Directors.
Disclaimer: Acclime Corporate Snapshot is only intended to provide a general overview on matters of interest. It is not intended to be comprehensive and is not legal advice. Acclime Australia attempts to ensure that content is current but we do not guarantee its currency. You should seek legal and/or professional advice before acting or relying on any content.
