It’s time to confess the truth. Almost every listed company breaks the law in its briefings to institutional analysts. Newcrest has been pinged but it could have been any large company on the ASX.
It’s now time for directors to stop their chief executives and chief financial officers from breaking the law and recognise that the current practices are not only illegal but morally wrong. There is also a chance (and I have no inside information) that the institutions that benefited from the illegal practices of Newcrest will also be pinged, and those beneficiaries could be institutions owned by big banks. Directors of these institutions should be aware they are benefitting from illegal behaviour by people acting on their behalf.