Question

I am doing a project by examining the impact of covid 19 on quantas airline.

there is a question which is Discuss whether it is a requirement that the board of directors approve all announcements made under Listing Rule 3.1.
I have discussed about that and i have come to the conclusion that the board of the directors there is no need to approve announcements under the listing rule 3.1
please provide me details with those two below cases. i need a comprehensive answer.
Asic V Mackdonald (No11) [2009] NSWSC 287
Morley v ASIC [2010] NSWCA 331

Answer 1

Under Listing Rule 3.1, the board of directors is not required to approve all announcements made by a company. This conclusion is supported by the cases ASIC v Mack Donald (No11) [2009] NSWSC 287 and Morley v ASIC [2010] NSWCA 331.

Step-by-step explanation:

Under Listing Rule 3.1, it is not a requirement for the board of directors to approve all announcements made by a company. This is highlighted in two cases: ASIC v Mack Donald (No11) [2009] NSWSC 287 and Morley v ASIC [2010] NSWCA 331.

In ASIC v Mack Donald the court held that the board of directors should exercise reasonable care and diligence in the discharge of their duties, but it did not explicitly state that board approval was required for all announcements. Similarly, in Morley v ASIC, the court emphasized that the responsibility of ensuring compliance with the Listing Rules lies with the company as a whole, not just the board of directors.

Therefore, based on these cases, it can be concluded that there is no requirement for the board of directors to approve all announcements made under Listing Rule 3.1.