Penny Wong (SA, Australian Labor Party, Shadow Minister for Corporate Governance and Responsibility) Share this | Hansard source

My question is to Senator Coonan, representing the Minister for Finance and Administration, Senator Minchin. Can the minister confirm that the Australian Securities and Investments Commission was consulted during the drafting of the T3 prospectus? Can the minister indicate whether the disclosures in the prospectus about the risks facing Telstra arising from the Cousins appointment resulted from these consultations with ASIC over disclosure requirements under the Corporations Law? Further, can the minister confirm that disclosures about the risks presented to the business by the proposed Cousins appointment would not have been made but for ASIC’s advice? Can the minister confirm that the government’s preference was for lesser disclosure than the Telstra board considered was required under the Corporations Act on the risks faced by the company in relation to the proposed Cousins appointment?