On Friday 13 May 2011, the High Court granted ASIC special leave to appeal the decision of the NSW Court of Appeal handed down last December in the James Hardie matter.

ASIC's application for special leave concerns the former non-executive directors, the former company secretary and general counsel of James Hardie Industries Limited.

ASIC is seeking to uphold the finding of the trial judge that the directors of James Hardie approved an ASX announcement made by the company which said that an asbestos fund was "fully funded", and, in doing so, the non-executive directors, the former company secretary and general counsel of the company had breached their duties to the company.

The date of the High Court Appeal is still to be confirmed.

We will continue to keep you advised of any further developments with respect to the James Hardie case and how this will affect officers, particularly directors, of companies.

For more information on this case or the obligations of directors, please contact HopgoodGanim's Corporate Advisory and Governance practice.

Nicole Radice, Partner
Tel: 07 3024 0327
n.radice@hopgoodganim.com.au

Brian Moller, Partner
Tel: 07 3024 0336
b.moller@hopgoodganim.com.au

Michael Hansel, Partner
Tel: 07 3024 0328
m.hansel@hopgoodganim.com.au

Michele Muscillo, Partner
Tel: 07 3024 0342
m.muscillo@hopgoodganim.com.au

Liz Cameron, Associate
Tel: 07 3024 0341
l.cameron@hopgoodganim.com.au