SMH online polling A.M. (above) and P.M. (below) on 10 June 2010
According to ABC News on Thursday, the Australian Securities and Investment Commission has given a timely reminder to mining companies that their rhetoric needs to be in line with their advice to the stockmarket, institutional investors, shareholders and creditors:
The corporate regulator says mining companies need to ensure they comply with continuous disclosure rules, when making statements during the debate about the proposed resources super profits tax.
The Australian Securities and Investments Commission says the directors of resources firms need to work out whether they have enough information to form a view on the impact of the tax, when making statements to financial markets.
ASIC's deputy chairman Belinda Gibson says responsibility for compliance with the stock exchange's continuous disclosure rules ultimately lies with directors.
"The rules require that: a) that the market is fully informed; and, b) that the market is not misled," she said.
"Now it's up to directors when they make statements about their companies, whether it's in relation to the resources tax, that their statements are accurate and that all material information is given to the market."
Elsewhere it has been suggested that the Australian Electoral Commission also had some stern words about one of the anti-RSPT advertisements that the mining industry was running.
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