The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Nick Sherry

Nick Sherry

Minister for Superannuation and Corporate Law

3 December 2007 - 8 June 2009

Media Release of 23/04/2009

NO.035

Minister Welcomes James Hardie Decision

Senator Nick Sherry, Minister for Superannuation and Corporate Law, has today welcomed the NSW Supreme Court decision finding that former directors of James Hardie breached their duties by making misleading statements about the company's ability to pay asbestos compensation.

"We welcome the decision and commend the Australian Securities and Investments Commission for their hard work in pursuing the case against former James Hardie directors."

"The Rudd Government extends its sympathy to asbestos sufferers and acknowledges the legacy of Bernie Banton, a tireless campaigner on this issue,' Minister Sherry said.

In December, 2008, the Rudd Government announced that it would provide $2.5 million to establish the Bernie Banton Centre of Research Excellence into Asbestos Related Diseases.

"The Commonwealth is concerned to ensure asbestos victims receive the compensation to which they are entitled."

"I understand the NSW Government has today raised the issue of its contribution to the Asbestos Injury Compensation Fund."

"This is principally a matter for the NSW Government."

"The Commonwealth has received no formal request."

"However, the Minister for Superannuation & Corporate Law will write to the NSW Attorney-General to seek an update on the matter."

23 April, 2009
CANBERRA