ASIC acted properly at all times in the James Hardie case
An opinion piece by ASIC Chairman, Tony D'Aloisio, published in the Australian, p22 on Tuesday 21 December 2010
There has been criticism of the Australian Securities and Investments Commission following the Court of Appeal’s decision in the James Hardie case last Friday.
Some commentators have questioned the way in which ASIC conducted the trial, which concerned the approval of the draft ASX release by non-executive directors.
Let me assure you that ASIC, as a Commonwealth agency, conducted the case as a model litigant under the Legal Services Directions. It used external lawyers and experienced Counsel. It complied with rules of fairness in accordance with the case law as it stood prior to the Court of Appeal’s decision.