Business News
Watchdog wants less flesh and more facts in prospectuses
Apr 13, 2011, 7:55 GMT
Sydney - Australia's corporate regulator is telling companies seeking funds from investors to take glossy photographs of fashion models out of their prospectuses and put easier-to-understand financial models in their place.
The advice from the Australian Securities and Investment Commission came after retail giant Myer Ltd included three snaps of former Miss World Jennifer Hawkins in the offer document for its initial public listing.
'First and foremost, a prospectus is a disclosure document aimed at informing investors,' commissioner Belinda Gibson said. 'Sales and marketing statements - and the extensive use of promotional photography - are secondary.'
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