Key Points Directors are obliged to act in good faith and in the best interests of the company in Papua New Guinea (PNG) when exercising or performing his or her duties. It is imperative for prospective and existing directors to understand how good faith is defined to ensure directors avoid penalties and fully comply with the law. Directors of company groups must be aware of these variations and balance their duties to their various companies appropriately. Introduction
Key points In May 2016, the Australian Securities Exchange (ASX) released a consultation paper setting out proposed changes to the ‘ASX Listing Rules.’ The end result: key changes in various listing rules which were finalised on 2 November 2016 and are due to come into effect on 19 December 2016. The revisions to the Listing Rules include increasing the financial thresholds for listing, introducing a 20% free float requirement, and changes to the spread test, amongst others.