An independent corporate governance lawyer has been appointed to look into the management practices of an ASX company. Assess whether or not LWP and its management are complying with or are in breach of, their responsibilities to run an ASX listed company.
So, I consider and ask, is this Attestation Statement (Q&A format) a reasonable and responsible report to bring to the market on the activity progress currently underway by "said" independent expert at this time???
As there are many shareholders both current and no longer holding with many questions, I would ask if this statement release is a reasonable response to the main query of all holders? Is LWP management co-operating with investigations and are they answering the questions relating to the business governance of an ASX listed company???
We don't have answers about icecream machines...Graphenera activities and court cases....but those are questions which will have to be answered at some time...
So...is this information we need to hear now???
Some definitions and a quick look at the definitions of a Corporate Governance Statement.
CORPORATE GOVERNANCE - LWP's website (Corporate Governance Introduction)
Corporate Governance is the system by which companies are directed and managed. It influences how the objectives of the Company are set and achieved, how risk is monitored and assessed and how performance is optimised.
INVESTOPEDIA
Corporate governance
is the system of rules, practices and processes by which a company is directed and controlled.
Corporate governance
essentially involves balancing the interests of a company's many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community.
Corporate governance - ASIC
Directors and company officers play an essential role in establishing and maintaining the standard of a company's corporate governance.
Corporate governance is a driver of the performance of a company. The term 'corporate governance' is broad and has many components.
Ready, willing and able to enforce
The conduct of directors remains an ongoing area of focus for ASIC and our recent enforcement outcomes demonstrate ASIC’s commitment to taking action where misconduct is identified.
As readers would know, ASIC’s strategic priorities include promoting investor trust and confidence, and ensuring fair, orderly, transparent and efficient markets. We rely on gatekeepers, including directors, to comply with their regulatory obligations to achieve these goals.
When a gatekeeper fails in their role, it can have serious consequences for investors and our markets. This is why we take enforcement action to hold gatekeepers to account.
Over the past financial year, ASIC has:
- commenced 19 criminal and 74 civil litigations
- obtained convictions against 22 people
- disqualified 39 people from directing companies
- secured $212 million in compensation and remediation
- issued 110 infringement notices (primarily for National Credit Act breaches, and also for breaches relating to continuous disclosure and ASIC ASX24 Market Integrity Rules)
- banned 141 people from financial services
- commenced 206 investigations
- completed 175 investigations.