In new code of conduct designed to build better relations between analysts and listed companies, Australian corporates have agreed not to withdraw or restrict investment banking business from a firm if its analysts publish critical or unfavourable reports on their stock.
The principles, which were issued in draft form by the Financial Services Institute of Australasia Finsia and the Australasian Investor Relations Association last week, establish guidelines for the flow of information between companies and analysts and aim to restore some integrity in the research process.
The principles were drafted by a working group of research analysts and investor relations managers, and follow a similar format to a code already in practice in the US...
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