The Australian Institute of Company Directors hit out strongly at claims that directors have been “insider trading” shares in companies which they oversee. AIDC boss, John Storey, criticised the findings of research complied by leading corporate governance advisory service, Regnan, which noted that “directors of 32 of Australia’s largest 200 companies actively purchased shares within eight weeks prior to material earnings upgrade or takeover announcement.” Regnan also found that “directors of 23 of Australia’s 200 largest listed companies actively traded shares during the period between books-close and results release.”

Despite the damning figures, Storey claimed that: