ASIC clears Super Retail board, pursues Heraghty alone
ASIC will sue former CEO Anthony Heraghty alone. The claims say he misled the board about a workplace relationship.
ASIC has closed its investigation into Super Retail Group without taking action against the board, directors or staff. The regulator is pursuing only Heraghty, fired in September last year and stripped of multimillion-dollar bonuses after admitting he misled fellow directors about an alleged relationship with HR manager Jane Kelly.
ASIC says he failed to disclose conflicts of interest, continued supervising Kelly and took part in employment and redundancy decisions affecting her. Heraghty also participated in board discussions about complaints from the alleged relationship.
Super Retail will pay for his legal defence, though this protection drops if he is found breaking the law. If found guilty, he must repay all legal costs within 90 days.
Heraghty faces a possible ban from managing companies and fines up to $1.56 million per breach of the Corporations Act. The case goes before the Federal Court as Super Retail holds its annual shareholder meeting this week.
- Jane Kelly
- HR manager
- September last year
- Dismissal date
- 40 million dollars
- Previous legal costs
- 1.56 million dollars
- Maximum fine per breach
Why it mattersThe company's legal bill could climb sharply if courts find against Heraghty. Shareholders will demand accountability for how much this costs.
AustraliaSuper Retail shareholders face potentially significant legal costs to defend a fired CEO, and the case will test whether corporate directors face real consequences for relationship disclosures.
✓ Claims checked against the source. checked 2 h ago
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