Billcan,
You are right, they don't have a fiduciary duty (legal responsibility) as employees but look where that got them last time, company was basically bankrupt because no one stopped the previous leadership, I think jobs were lost, employees probably didn't get rewarded financially through that difficult period and no doubt there was probably a lot of stress on their families during this time.
They don't need to stand up to the Board directly, IF they have that information, they could provide it to ASIC anonymously or with whistle-blower protections....they are happy enough to spill the beans to MM and have him disperse the information, so why not a regulatory body with some authority to do something about it?
Employees are most likely awarded shares as part of their remuneration as well, so again, they have a vested interest in making sure the company is run by a successful executive team that the market has confidence in.
Sticking your head in the sand and rattling off the points you made are just some of the reasons why we read about companies going belly up in the paper, employees should not be complicit IF the executive team are not upholding their legal responsibilities.
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