A CEO's failure to independently verify management's characterisation of a regulatory dispute and to provide the board with adequate information for assessing materiality constitutes a breach of the s 180(1) duty of care and diligence, and the standard expected of an executive director in the continuous disclosure context is higher than that of non-executive directors who are dependent on management for information.
The full text is available to signed-in members, including the 27 later cases that cite this judgment.
3 of the 27 citing cases carry a classified treatment. How each court treated it is available to signed-in members.