Non-executive directors who decline to approve the release of an incomplete or unverified draft prospectus to analysts act consistently with their duties under ss 180-183 of the Corporations Act, even where the founders wish to proceed. A solicitor retained for an IPO does not owe a duty to facilitate completion of the IPO irrespective of the state of documentation, and the scope of the retainer does not extend to advising individual directors in their personal capacity. Where a client continues to instruct a solicitor after new retainer terms are communicated, the later retainer may govern the fee arrangement.
The full text is available to signed-in members, including the 33 later cases that cite this judgment.
1 of the 33 citing cases carry a classified treatment. How each court treated it is available to signed-in members.