'Christmas present for corporate criminals': inquiry's support for weakening regulation condemned

Investors and Labor criticise report amid warning that undermining class actions could damage Australia's ability to attract investment

Investor groups and class action lawyers have denounced a Liberal-dominated parliamentary inquiry's recommendation to permanently water down laws requiring listed companies to keep the market fully informed.

The Keep Corporations Honest group, an alliance of class action lawyers and litigation funders, said the inquiry's recommendations were an early Christmas present for corporate criminals". One of Australia's leading proxy advisers, Dean Paatsch of Ownership Matters, warned that undermining private lawsuits could damage the country's ability to attract investment.